Induction Hobs Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

Induction Hobs Market Analysis Forecast 2021-2025

The induction hobs market size 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). 

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.

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.

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.

Europe emerged as the leading contributor to the global induction hobs market revenue in 2020. The region's market growth can be attributed to factors such as economic recovery following the global financial crisis of 2008-2009, urbanization, the rise of dual-income households, and the growing preference for modular kitchens. Europe experienced a significant adoption rate of induction hobs compared to other regions in 2020. Countries like Germany, the UK, and France showcased a strong demand for induction hobs due to factors like higher disposable incomes, the popularity of online retail, and the prevalence of compact living spaces. The market in Europe is further driven by the increasing demand for energy-efficient appliances, the trend of modular kitchen designs, and the emphasis on convenience. These factors are expected to continue driving the growth of the induction hobs market in Europe during the forecast period.

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.Free-standing induction hobs offer the advantage of portability, eliminating the need for dedicated space. They are available in both single and multiple heat zone options. These hobs are commonly used by consumers during travel or in small living spaces. The market growth is driven by the portability of these products, especially the single-plate, over-the-counter induction hobs. Price is a significant factor in this segment, as induction cooktops are considered high-end compared to gas cooktops. However, free-standing hobs are priced lower than built-in models, which positively influences consumer purchasing decisions. Increasing living standards, a growing middle-class population, and the rising demand for electric kitchen appliances contribute to the increasing demand for free-standing induction cooktops.

The demand for built-in cooktops is on the rise in countries like India, parts of Europe, and Canada, where smaller home spaces are becoming more prevalent. These space-efficient cooktops are particularly suitable for compact homes. The growing popularity of modular kitchens further contributes to the increasing sales of built-in induction hobs. These cooktops are designed with ceramic glass and offer various features, including flexible cooking zones to accommodate different cookware sizes, sensor-touch technology for easy heat adjustment, a pause function for temporary interruptions, child lock technology for safety, and easy cleaning features. Electrolux's EW36IC60LS induction cooktop is an example of a product that provides a simplified cooking experience with temperature control and power assist functions. The rising adoption of modular kitchens and smart kitchens has led to the increased demand for built-in induction cooktops. Factors such as compact spaces, user-friendly design, and convenience have fueled the preference for these cooktops. Manufacturers are also focusing on innovative technologies to enhance their market presence and generate higher revenues. The market for built-in induction hobs is driven by the need for compact and time-saving solutions in smaller kitchens, as consumers' busy schedules limit the time available for household chores.

Who are the Major Induction Hobs Market Vendors?

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. 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.

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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