According to a recent report published by Transparency Market Research, the global household induction cook-tops market is estimated to register a moderate growth rate initially, gradually gaining momentum towards the end of the forecast period. The report, titled “Household Induction Cook-tops Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019”, projects that the household induction cook-tops market will reach a total value of US$ 5.2 billion by 2018.
The global household induction cook-tops market can be segmented by region into North America, Europe, Asia-Pacific, and Rest of the World. Europe is the largest market for household induction cook-tops and holds over one third of the total market share. However, growing acceptance and adoption of these innovative cook-tops in Asia-Pacific countries is estimated to drive the regional market to become the fastest-growing segment of the household induction cook-tops market.
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By type of product, the market is bifurcated into integrated household induction cook-tops and free-standing household induction cook-tops. Of these, integrated cook-tops led the overall market in 2012 and the segment is projected to register a 5.3% CAGR from 2013 to 2019, garnering high demand from the Middle East and Europe.
The household induction cook-tops market is stimulated by rising global population, growing emergence of smaller households and working women, higher per capita income, and increasing tendencies toward optimized cooking. Moreover, electric household induction cook-tops have been gaining preference over fuel-based cook-tops owing to mounting fuel prices. This has had a positive impact on the global market. Rapid urbanization and growth in disposable incomes in emerging economies such as India is a factor that is expected to boost the household induction cook-tops market in the coming years.
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However, even with these driving factors, the growth rate of the market is not as high as one would have hoped. An analyst with TMR lists out the forces that prove to be a hindrance for the market. “The first-time purchase of household induction cook-tops is quite high and switching costs in terms of magnetic cookware prevent a large section of the target audience from making the change. The trend of outdoor dining and using microwaves and ovens has grown immensely in recent years, thereby threatening the growth of the household induction cook-tops market,” states the analyst.
Some of the promising players of the household induction cook-tops market are Fisher & Paykel Appliances Holdings Ltd., Sub-Zero Wolf, Smeg, Haier Group, Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), Panasonic Corporation, Miele & Cie. Kg, Daewoo Electronics Corporation, AB Electrolux, Whirlpool Corporation, LG Electronics, Videocon Industries Limited, Philips Electronics, and Robert Bosch Gmbh. Among these, Panasonic, Philips Electronics, and Whirlpool have successfully penetrated the Asia-Pacific market for household induction cook-tops, enjoying strong brand loyalty from customers in the region. Product innovation in terms of design, advanced features, and ability to be used over multiple surfaces is a significant strategy that market players have been investing in, when it comes to household induction cook-tops.
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