Induction Stove Market Size, Share & Industry Analysis, By Product (Built-in, Free-Standing, Portable), By Application (Residential, Commercial), By Distribution Channel (E-commerce store, Supermarket/hypermarket) And Regional Forecast, 2024-2032

Induction stove has steadily attaining market expansion as people are increasingly aware of how induction stove can help simplify there cooking process. Induction cooking has the capability to transform the cooking experience as its technology utilizes magnetic currents directly to heat the pots and pans. The escalating utilization of the product in various food outlets such as restaurants, cafeterias, coffee shops, fast-food chains, and others has a positive impact for the upsurging demand. Additionally, the rising trend of incorporating IoT technology into an induction stove act as an opportunity for market growth. For instance, Samsung is adding IoT connectivity to its smart premium cooking appliances, including an induction stove for monitoring and controlling the appliances remotely will have tremendous benefits to its user.

The massive consumption of food products around the world, resulting to escalating consumption of induction stoves has a vital contribution to market growth. For instance, according to the United States Department of Agriculture data published, is proclaiming that in 2018 the consumption of agricultural food products per person in pounds are wheat flour 132.1 pounds, corn products 35.2 pounds, and other grains product 6.2 pounds Additionally, the rising popularity of rental homes services such as Airbnb, Go to Home, Flip Key, and others offering fully furnished homes as an accommodation for weeks or days to guest is likely to foster the consumption of the product.

Nevertheless, the majority of the induction stove available in the market consumes a large amount of electricity is acting as a hampering factor for the market growth.

Key Market Driver -

The large consumption of food products across the globe act as a driving factor for the market growth

Key Market Restraint -

The high electric consumption of the product act as a restraining factor for the market growth.

Key Players Covered:

Robert Bosch GmbH, Samsung Electronics Co., Ltd., Whirlpool Corporation, LG Electroncis, Inc, Bajaj Electricals Ltd, Panasonic Corporation, SMEG S.p.A., are the key companies operating in the induction stove market.

The induction stove market is segmented into by product, application, distribution channel, and geography.

On the basis of product, the market is fragmented into built-in, free-standing, and portable. Built-in is projected to be the dominant owing to most consumers prefer using the product as a primary stove for doing most of their cookings. Likewise, the product being more durable and reliable than that of freestanding and portable assist to increase consumption.

Based on application, the market is bifurcated into household and commercial. Household is estimated to be the larger segment on an account of the larger usage of stove in the household as compared to the commercial segment. Additionally, people increasingly choosing an induction stove over a gas stove for residential use.

By distribution channel, the market is divided into an e-commerce store and supermarket/ hypermarket. Supermarket/hypermarket is anticipated to be the greater segment due to the salesman being able to guide and give suggestions to consumers on an ideal product depending upon their budget and places of use. Similarly, consumers possessing the desire to touch and feel the actual product upsurge the sales in this segment.

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Europe is estimated to be the leading market shareholder and is expected to continue throughout the forecast period 2020-2027. The rising number of single-person households leading to increasing consumption of induction stove played a significant role in the increasing demand. For instance, according to the Directorate-General of the European Commission, data issued, May 2020, is stating that in Europe single-person households is upsurge by 18.7 % between 2010 and 2019. Additionally, the increasing promotion and consumption of sustainable products which is less harmful to the environment have resulted in to increase in the induction stove consumption rate as induction stove runs on electricity instead of gas. For instance, according to the International Trade Centre and the European Commission data published, May 2019, is stating the sales of sustainable products over the past 5 years of various European countries with Germany 84%,  France 90%, Italy 84%, and Netherlands 89 %.

Asia Pacific is projected to exhibit a substantial growth in the induction stove market owing to the rising cost of LPG gas propelling people to choose induction stove as an ideal alternative. For instance, according to the data released by the Economic Times, June 2020, is proclaiming that subsidized cooking gas price has upsurge by 20 % in 2019. Additionally, the induction stove brands of this region such as Bajaj, Philips, Prestige, and others are manufacturing products at an affordable price range for consumers in this region help to escalate the demand. For instance, Bajaj Majesty ICX 3 1400-Watt Induction Cooker comes in an affordable price range of USD 26.64 in the Indian market, which is considered to be affordable to most consumer.

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Segmentation

Key Industry Developments-

• In November 2019, Robert Bosch GmbH declared the launch of its Bosch Induction Stove/Cooktops which  let user to synchronize their hobs with the wall hood for automatic deployment when the induction is switch on.


• In October 2020, Philips Hd4929 Induction Cook Top was declared to be the cheapest induction stove launched by Philips in the last 3 moths