Induction Cooktops Market Outlook, Share, Trends And Forecast 2030

According to the Market Statsville Group (MSG), the global induction cooktops market size is expected to grow from USD 22.5 billion in 2022 to USD 52.9 billion by 2033, at a CAGR of 8.1% from 2023 to 2033.

The global induction cooktops market has grown steadily in recent years, driven by the rising popularity of energy-efficient and convenient kitchen appliances. Induction cooktops are becoming more common in households due to their ability to heat food quickly and precisely while using less energy than traditional gas or electric cooktops. The increasing adoption of smart home appliances is the major driving factor for market growth. With the rise of connected homes, consumers are looking for appliances that can be controlled remotely or programmed to operate automatically. Induction cooktops with Wi-Fi connectivity, voice control, and mobile app integration are gaining popularity among tech-savvy consumers. Another factor driving the growth of the induction cooktops market is the rising trend of open-plan kitchens. Open-plan kitchens are gaining popularity as they provide a more social and functional space for cooking and entertaining. Induction cooktops offer several benefits for open-plan kitchens, including their sleek design, easy cleaning, and safety features.

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Definition of the Global Induction Cooktops Market

Induction cooktops are kitchen appliances that use electromagnetic fields to heat up pots and pans directly rather than heating the surface underneath. They require specialized cookware that is made of magnetic material, such as cast iron or stainless steel, which allows the magnetic field to generate heat within the cookware. The electromagnetic field is created by passing an alternating current through a coil of copper wire beneath the ceramic glass surface of the cooktop. Induction cooktops are well known for their energy efficiency, precise temperature control, and quick heating capabilities. They also offer several safety features, such as automatic shut-off when there is no cookware on the surface, and their smooth, flat surface makes them easy to clean.

Scope of the Global Induction Cooktops Market

The study categorizes the induction cooktops market based on product type, application and distribution channel area at the regional and global levels.

By Product Type Outlook (Sales, USD Million, 2019-2033)

Built-in

Free-standing

By Application Outlook (Sales, USD Million, 2019-2033)

Household

Commercial

By Distribution Channel Outlook (Sales, USD Million, 2019-2033)

Hypermarkets & Supermarkets

Specialty Stores

Online

By Region Outlook (Sales, USD Million, 2019-2033)

North America

US

Canada

Mexico

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Built-in segment accounts for the largest market share by product type

Based on the product type, the market is divided into built-in and free-standing. The built-in segment accounted for the largest market share in 2022 in the global induction cooktops market. Built-in induction cooktops are designed to be installed into kitchen countertops or islands, creating a seamless and integrated look. They offer a sleek and modern design that is popular in high-end and smart/modern kitchen designs. The built-in induction cooktops are also known for their precise temperature control, energy efficiency, and safety features, which make them a popular choice among homeowners. They offer a flat, smooth surface that is easy to clean and maintain. Additionally, the built-in induction cooktops segment is expected to continue its dominance in the market due to the growing trend of open-plan kitchens and smart homes. As consumers seek to create more functional and connected living spaces, built-in induction cooktops offer a versatile and sophisticated solution.

Asia Pacific accounted for the largest market share by Region

Based on the regions, the global induction cooktops market has been segmented across Europe, North America, Asia-Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest market share in 2022. Asia-Pacific region is the largest market for induction cooktops due to the growing population, rapid urbanization, and rising disposable income levels in countries such as China and India. These factors have increased demand for home appliances, including induction cooktops, as consumers seek to upgrade their living standards.

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Competitive Landscape: Global Induction Cooktops Market

The induction cooktops market is a significant competitor and extremely cutthroat in the sector is using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global induction cooktops market are:

Whirlpool Corporation

Electrolux AB

Robert Bosch GmbH

LG Electronics Inc.

Samsung Electronics Co., Ltd.

Panasonic Corporation

Haier Group Corporation

Midea Group Co., Ltd.

Fisher & Paykel Appliances Holdings Limited

Groupe SEB

BSH Home Appliances Corporation

Kenmore

Viking Range, LLC

True Induction, LLC

NuWave, LLC

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Recent Development

In February 2023, Kenmore introduced a new initiative aimed at assisting customers in switching to zero-emission electric appliances, with the ultimate objective of electrifying one million households. By teaming up with SPAN, a top electrification technology company, Kenmore is broadening its range of available products and removing barriers to home electrification and decarbonization. As a result, homeowners will save over $1 billion over the next decade.

In January 2023, GE Appliances launched new induction cooktop line-up manufactured at its Plant in Walker County.

In August 2019, Electrolux AB launched new Electrolux SenseFry induction hob across Europe.