November 19, 2019
According to the recent study titled ‘Global Induction Cooktop Market: 2018 World Market Review and Forecast to 2023 - Analysis By Type (Built-In, Freestanding), By Sales Channel (Retail Outlets, Online), By Region, By Country (2013-2023)’ available with Market Study Report LLC, the global induction cooktop market is estimated to grow with a CAGR of 6.53% through the year 2023.
Induction cooktop is generally digitally-controlled, heating induction stove that provides fast and controlled heating with improved thermal efficiency. Factors such as fostering trend of cooking as a social activity, effective advertisement, widespread replacement of cooking appliances, and consumer preference for modular kitchen are propelling the growth of induction cooktop market.
The study encompasses details about segmental shares, and offers insight about the expansion strategies adopted by manufacturers. It provides information about the challenges, drivers, trends, and restraints impacting the market growth. The report analyses the competitive landscape of induction cooktop market using SWOT analysis and Porter’s Five Force analysis methods.
Based on type, induction cooktop market is segmented into built-In and freestanding, wherein the former segment is presumed grow significantly over the forecast period. While speaking of sales channel, the industry is divided into retail outlets and online.
Considering the geographical landscape, the global induction cooktop market is fragmented into regions including Europe, North America, APAC and rest of the world, with focus on countries like Canada, U.S., Germany, Mexico, Denmark, France, China, Japan, and India.
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As per the report, Europe induction cooktop market registered the largest share in 2018, owing to technological advancement in cooking appliances, higher disposable income, rising consciousness towards using energy efficient appliances, and improving lifestyles of consumers across the region.
Some of the vendors that operate in induction cooktop market are TTK Prestige Limited, The Vollrath Company, Electrolux AB, Smeg, LG Electronics, Panasonic Corporation, Fulgor Milano, Hatco Corporation, Whirlpool Corporation, and Bajaj Group.
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