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Global Induction Cookware Market – Industry Trends and Forecast to 2030

FMCG

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Global Induction Cookware Market – Industry Trends and Forecast to 2030

  • FMCG
  • Upcoming Report
  • May 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Induction Cookware Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 1.61 USD Billion
Diagram Market Size (Forecast Year) USD 2.64 USD Billion
Diagram CAGR %

Major Markets Players

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Global Induction Cookware Market, By Product (Built-In, Free-Standing, Portable), Instrument Type (Touch Screen, Touchtone), Type (Pan, Stockpot, Cooker, Dutch Oven, Others, Application (Household, Commercial, Restaurants), Distribution Channel (Supermarkets, Hypermarkets, E-Commerce, Specialty Stores, Others) - Industry Trends and Forecast to 2030.

Induction Cookware Market

Induction Cookware Market Analysis and Size

The market is being stimulated by an increase in dining establishments and other eating places, as well as residential and non-residential development projects. Since there is still a demand for fast food restaurants, the industry's increased performance and profitability create enough market opportunities. Rising gas cooktop fuel costs as well as the growing acceptance of modular kitchens due to their advantages in terms of comfort and safety are driving the market for household induction cooktops. The growth of home induction cooktop sales is anticipated to be influenced by the adoption of more high-tech and technologically advanced products due to the development of e-commerce websites for kitchen appliances.

Data Bridge Market Research analyses that the induction cookware market, valued at USD 1.61 billion in 2022, will reach USD 2.64 billion by 2030, growing at a CAGR of 6.4% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Induction Cookware Market Scope and Segmentation  

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Built-In, Free-Standing, Portable), Instrument Type (Touch Screen, Touchtone), Type (Pan, Stockpot, Cooker, Dutch Oven, Others, Application (Household, Commercial, Restaurants), Distribution Channel (Supermarkets, Hypermarkets, E-Commerce, Specialty Stores, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Whirlpool. (U.S.), LG Electronics (South Korea), Electrolux (Sweden), present Magento, Inc. (India), Smeg S.p.A (Italy), Koninklijke Philips N.V. (Netherlands),Robert Bosch GmbH (Germany), Panasonic Holdings Corporation (Japan), Sub Zero Wolf (U.S.), Miele & Cie. KG (Germany), TTK Prestige Ltd. (U.S.), Cuisinart (U.S.), All-Clad (U.S.), GreenPan (U.S.), Anolon (U.S.), SCANPAN (Denmark), KitchenAid (U.S.), Le Creuset. (France), Sunbeam Products, Inc. (U.S.)

Market Opportunities

  • An increasing number of customers surges the market expansion
  • Innovation in technology creates market expansion
  • Rising disposable income creates market expansion

Market Definition

Induction cooking on an electric stove uses direct induction heating instead of indirect radiation, convection, or thermal conduction to heat the cooking vessels. Instantaneous heat setting changes, high power, and rapid temperature increases are made possible by induction cooking. A copper coil that conducts a low radio frequency alternating electric current is placed over a cooking vessel with a suitable base in an induction stove. The vessel conducts electricity as a result of the electromagnetic field’s oscillation. This powerful eddy current passes through the resistance of a thin metal layer at the base of the vessel to produce resistive heating.

Induction Cookware Market Dynamics

Drivers

  • The rising cost of traditional gas creates demand for induction cookware

An increase in the cost of fuel for traditional gas cooktops: Induction cooktops are a more economical option for consumers as the cost of gas and other conventional cooking fuels rises. Compared to gas cooktops, induction cooktops are more energy-efficient and use less electricity, which results in long-term savings that are substantial. As a consequence of their ease of use and advantages for healthy cooking, induction cooktops are currently very popular among working women and the urban population. This increases demand while the high rate of gases forces a switch from traditional to induction.

  • Simple to use allows market growth

Induction cooktops use electromagnetic currents to directly heat the cookware as opposed to conventional gas cooktops. Through the even and steady heat, the food is cooked throughout. In contrast, because it takes time for the heat to move from the burner to the cookware, gas cooktops react more slowly. It’s important to consider the usability as well. Induction cooktops are straightforward and simple to use. The only steps needed are to set the temperature and place your cookware on the surface. There are no knobs, open flames, or igniters. Unlike gas cooktops, which frequently require guesswork, induction cooktops let you precisely control the temperature.

  • Government regulation creates drive in the market

Government regulation, which establishes standards and specifications for energy efficiency and safety, can influence the development of induction cookware. The government can control which materials are safe and appropriate for use in these cookware products. Induction cookware requires a specific kind of material that can interact with the magnetic field produced by the induction cooktop to generate heat. Regulations may also be implemented to encourage the use of energy-efficient cooking techniques or to require the use of induction cookware in specific industries. However, it is ultimately up to manufacturers to create induction cookware, and market demand also has a big impact on how new products are developed and adopted.

Opportunities

  • An increasing number of customers surge the market expansion

The demand for induction cooktops is anticipated to increase as a result of numerous new residential construction initiatives. The market has previously benefited from the gradual transition away from gas cooktops. An increasing number of customers are inclined to install induction cooktops in their homes or large-scale residential projects. This is because more people are aware of its advantages over gas cooktops. Induction cooktops are also common in commercial projects like restaurants and hotels. The change appears to be gradual for commercial applications, but it is anticipated to accelerate during the forecast period.

  • Innovation in technology creates market expansion

The market will grow due to several innovations, including replacing outdated mechanical controls and displays with touch-screen models by cooking appliance manufacturers. This will lower dependability issues and after-sale costs. Large-graphic touch screens are also growing in popularity. Consumers are anticipated to be driven to buy technology-driven kitchen appliances by shifting work and family schedules, rising demand for eco-friendly appliances, and better access to affordable electricity.

  • Rising disposable income creates market expansion

The population of the working class has increased as a result of increased industrialization and commercialization, especially in developing countries like China and India. As a result, people typically have more money to spend. People are seeking more effective and practical ways to cook as they have more money to spend. Consumers frequently choose induction cookware because of its quick heating and temperature control. Induction cookware is also viewed as an environmentally friendly choice because it uses less energy than conventional gas stoves, which is important given concerns about energy conservation and sustainability. As a result, there is an increasing demand for induction cookware as disposable income rises.

Restraints/Challenges

  • Adjusting to the rapid heating and cooling of induction cookware is difficult

Induction cookware is a favorite among many home cooks today because of its energy efficiency and capacity to quickly and precisely cook food. Although induction cookware heats up quickly and cools down instantly, some people might initially find it challenging to adjust to this. As a result, food may burn or cook improperly. Understanding the principles behind induction cooking is also essential and thus lack in accessibility to use the induction impede the market growth.

  • Induction cooking’s market is hampered by a small cooking surface

For induction cooking, specialized cookware made of magnetic materials is required. On an induction cooktop, conventional cookware made of aluminum, glass, or ceramic will not work. Even though there are many manufacturers of compatible cookware now, the selection is still limited when compared to conventional cookware. Customers may have trouble locating pots and pans that work with their induction cooktop as a result.

This induction cookware market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the induction cookware market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Induction Cookware Market Scope

The induction cookware market is segmented on the basis of product, type, instrument type,  application, distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Built-In
  • Free-Standing
  • Portable

Instrument Type

  • Touch Screen Type
  • Touchtone Type

Type

  • Pan
  • Stockpot
  • Cooker
  • Dutch Oven
  • Others

Application

  • Household
  • Commercial
  • Restaurants

Distribution Channel

  • Supermarkets
  • Hypermarkets
  • E-Commerce
  • Specialty Stores
  • Others

Induction Cookware Market Regional Analysis/Insights

The induction cookware market is analysed and market size insights and trends are provided by country, product, type, application, distribution channel as referenced above.

The countries covered in the induction cookware market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Europe dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are the Germany, Italy, Spain, and the United Kingdom are seeing an increase in demand for induction cooking due to the region’s predominance of cutting-edge manufacturers and technology. Additionally, the rising urbanization and rising purchasing power of consumers in the Asia Pacific region are likely to fuel market expansion.

North American will undergo the highest growth rate during the forecast period owing the adoption of cutting-edge products and technology. Furthermore, Induction cookware is becoming more and more popular in North American households due to its quickness, energy efficiency, and safety features. Induction cookware is a safer option for households with young children or pets because there are no open flames or hot heating surfaces to be concerned about.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Induction Cookware Market Share Analysis

The induction cookware market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to induction cookware market.

Some of the major players operating in the induction cookware market are:

  • Whirlpool. (U.S.)
  • LG Electronics (South Korea)
  • Electrolux (Sweden)
  • present Magento, Inc. (India)
  • Smeg S.p.A (Italy)
  • Koninklijke Philips N.V. (Netherlands)
  • Robert Bosch GmbH (Germany)
  • Panasonic Holdings Corporation (Japan)
  • Sub Zero Wolf (U.S.)
  • Miele & Cie. KG (Germany)
  • TTK Prestige Ltd. (U.S.)
  • Cuisinart (U.S.)
  • All-Clad (U.S.)
  • GreenPan (U.S.)
  • Anolon (U.S.)
  • SCANPAN (Denmark)
  • KitchenAid (U.S.)
  • Le Creuset (France)
  • Sunbeam Products, Inc. (U.S.)


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FREQUENTLY ASK QUESTIONS

The Induction Cookware Market is projected to grow at a CAGR of 6.4% during the forecast period by 2030.
The future market value of the Induction Cookware Market is expected to reach USD 2.64 billion by 2030.
The major players in the Induction Cookware Market are Whirlpool. (U.S.), LG Electronics (South Korea), Electrolux (Sweden), present Magento, Inc. (India), Smeg S.p.A (Italy), Koninklijke Philips N.V. (Netherlands),Robert Bosch GmbH (Germany), Panasonic Holdings Corporation (Japan), etc.
The countries covered in the Induction Cookware Market are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, etc.
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