Induction Hobs Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR40466
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The induction hobs market has the potential to grow by USD 3.95 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 8.83%.

This induction hobs market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (free-standing and built-in), distribution channel (offline and online), and geography (Europe, APAC, North America, MEA, and South America). The induction hobs market report also offers information on several market vendors, including AB Electrolux, Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Smeg Spa, Sub-Zero Group Inc., TTK Prestige Ltd., and Whirlpool Corp. among others.

What will the Induction Hobs Market Size be in 2021?

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Induction Hobs Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The product innovations and new designs are notably driving the induction hobs market growth, although factors such as high cost limiting the adoption in the mass segment may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the induction hobs industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • Product innovations and the introduction of new designs will significantly drive the growth of the induction hobs market size.
  • Constant product innovation by vendors has encouraged consumers to shift from gas stoves to induction hobs.
  • Market vendors are incorporating innovative features and technology upgrades in their products, such as faster heating-up and cooling-down, temperature controls, power levels, child lock, timer, and sensory panels to attract customers.
  • The launch of upgraded products shortens the replacement cycle for the product category. 
  • The demand for convenient home appliances, including induction hobs is increasing, especially in urban regions due to changing lifestyles and time-pressed schedules of most consumers.
  • Factors such as the rise in the number of working women and smaller living spaces can be attributed to the changing lifestyle patterns and buying behaviors.
  • Consumers prefer induction hobs because they are easy to use and require low maintenance.
  • Significant changes in lifestyle and the growing need for convenient appliances are expected to drive the growth of the market during the next five years.

This induction hobs market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Induction Hobs Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AB Electrolux
  • Koninklijke Philips NV
  • LG Electronics Inc.
  • Panasonic Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Smeg Spa
  • Sub-Zero Group Inc.
  • TTK Prestige Ltd.
  • Whirlpool Corp.

 

This statistical study of the induction hobs market encompasses successful business strategies deployed by the key vendors. The induction hobs market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The induction hobs market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Induction Hobs Market?

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39% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for induction hobs in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.

An increase in the number of dual-income households and the growing interest in modular kitchens will facilitate the induction hobs market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Induction Hobs Market?

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The induction hobs market share growth by the free-standing segment will be significant during the forecast period. Most consumers use free-standing induction hobs during travels or in confined living spaces. Thus, one of the major drivers for the growth of the market, especially for single-plate, over-the-counter induction hobs, is the portability of these products. Factors such as improving living standards, expanding the middle-class population, and increasing demand for electric kitchen appliances have increased the demand for free-standing induction cooktops.

This report provides an accurate prediction of the contribution of all the segments to the growth of the induction hobs market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Induction Hobs Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive induction hobs market growth during the next five years
  • Precise estimation of the induction hobs market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the induction hobs industry across Europe, APAC, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of induction hobs market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The induction hobs market growth will increase by $3507.07 million during 2019-2024.
The induction hobs market is expected to grow at a CAGR of 8.61% during 2019-2024.
Technavio has segmented the induction hobs market by product (Built-in and Free standing) ,other 1 (x86, ARM, PowerPC, and Others) , and geographic (Europe, North America, APAC, South America, and MEA).
AB Electrolux, Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd. , Smeg Spa, Sub-Zero Group Inc., TTK Prestige Ltd., Whirlpool Corp. are a few of the key vendors in the induction hobs market.
APAC will register the highest growth rate of 36.09% among the other regions. Therefore, the induction hobs market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the induction hobs market growth are:
  • Product innovations and new designs
  • Advent of voice-controlled kitchen assistants
The induction hobs market vendors should focus on grabbing business opportunities from the built-in segment as it accounted for the largest market share in the base year.
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