The global household
induction cook-tops (hobs) market is poised to reach US$10.5 bn by
2019, states a latest report by Transparency Market Research. The
report, titled, “Household Induction Cook-tops Market –
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2013 – 2019,” finds that the rising prices of cooking gas
will prompt more consumers to switch to induction cooktops. In terms
of volume, the market is predicted to stand at 21.8 mn units by 2019.
The Household
Induction Cook-Tops Market
refers to the global market for cook-tops, also known as hobs, which
operate on the concept of induction heating/cooking. These are
considered as one of the advanced technological innovations in the
field of cooking. This type of cooking not only has energy efficiency
benefits, but also provides health and safety benefits to users.
Induction cook-tops, which are relatively new to many regions in
emerging Asia-Pacific economies, are already enjoying fast adoption
across consumers in Europe. The induction cook-tops market is
experiencing a moderate single digit growth rate, and is expected to
see gradual rise towards end of the forecast period. This is due to
growing awareness and rapid urbanization in Asia-Pacific and Eastern
Europe regions.
There are many
factors driving the market growth for induction cook-tops, and the
key influencer is the growing awareness and rise in disposable
income. Induction cook-tops, which are currently considered as
high-end consumer products, are gradually finding growing acceptance
among consumers. The impact of disposable income growth is further
multiplied by various macro and micro economic factors, such as
rising fuel cost for conventional cook-tops (gas, electricity, and
others), growing trend of modular kitchens in new houses, preference
for a comfortable work environment in the kitchen, improved heat
control with induction cooking, advanced technologies and their
benefits towards healthy cooking, and many more.
Induction cook-tops
are of two types, free-standing (portable) and integrated (built-in)
cook-tops. Of these, the integrated cook-tops dominated the global
household induction cook-tops market in 2012, and is expected to
retain its leading position by 2019, growing at a CAGR of 5.3%.
Demand for built-in hobs is largely contributed from regions such as
Europe and Middle East, which have large houses (floor space and
dedicated kitchen space). Even the trend of joint or large families
in the region has positive impact on the built-in hobs demand.
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For the same
reasons, geographically too, Europe is the biggest market for
induction cook-tops, and accounted for more than one third of the
global induction cook-tops market. However, the Asia-Pacific market
is the fastest growing, and forecast to account for the highest
growth share of the global market for induction cook-tops. This is
because of growing acceptance of induction cooking as part of
lifestyle standards. Moreover, with trend of modular kitchen being
promoted by real estate developers for their projects, this demand is
further expected to go up in the mid to long term.
As a result, leading
players from the white goods industry are quickly moving into the
induction cook-tops market in the Asia-Pacific region. Factors, such
as high competition from domestic manufacturers in Europe, which has
healthy concentration of both domestic and global manufacturers, is
also driving these global players to look for opportunities in the
Asia-Pacific market. Renowned players in the European market are
Miele & Cie. KG, Smeg, Sub-Zero Wolf, AB Electrolux, Stoves, and
many more. The popular names in the Asia Pacific market are Philips
Electronics, Panasonic, Whirlpool, and others. Product innovation is
observed as the key strategy followed by industry leaders, who are
introducing cook-tops with multiple hot surfaces, advanced auto cook
features, and more trendy designs.
Online journal Of
Household Induction Cook-tops Market :
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Transparency Market
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business information reports and services. Our exclusive blend of
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is continuously updated and revised by a team of research experts, so
that it always reflects the latest trends and information. With a
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employs rigorous primary and secondary research techniques in
developing distinctive data sets and research material for business
reports.
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