According to MarkNtel Advisors study the Global Induction Cooktops Market size is valued at around USD 17.65 billion in 2023 and is estimated to grow at a CAGR of about 7.12% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Induction Cooktops market

Global Induction Cooktops Market Driver:

Rising Inclination for Energy Efficiency Driving the Market Growth – Energy efficiency is a pivotal driver in enhancing the growth of the Induction Cooktops Market. Unlike traditional gas or electric stoves, induction cooktops utilize electromagnetic fields to heat cookware directly, which translates into minimal energy wastage. This efficiency benefits the environment and appeals to cost-conscious consumers seeking to reduce energy consumption and lower utility bills.

As the global focus on sustainability and energy conservation intensifies, the demand for induction cooktops continues to rise, particularly among eco-conscious households. This demand aligns with the broader market shift towards more energy-efficient and environmentally friendly kitchen appliances, making induction cooktops a preferred choice for modern consumers and a prominent option in the evolving culinary landscape, which assists in the overall market growth of induction cooktops.

Global Induction Cooktops Market Challenge:

Alternatives like Ovens & Microwaves to Hinder the Induction Cooktops Demand – As the growing preference for ovens and microwaves is increasing with their convenience & time efficiency, it presents a significant challenge for the Induction Cooktops Market growth. This is primarily due to its availability as an alternative option for induction stoves. Due to this, consumers opt for these versatile kitchen appliances, affecting the demand for induction cooktops.

Moreover, reliance on a stable electrical connection for induction cooktops to function effectively makes them less suitable for areas with frequent electricity fluctuations, particularly in rural regions. Additionally, as electricity costs continue to rise, the higher unit rates may deter consumers from using energy-intensive appliances, potentially hampering the appeal and market growth of household induction cooktops.

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Scope of the Report and Induction Cooktops Market Segmentation:

By Product Type

• Free-standing (Portable) - Market Size & Forecast 2019-2030F, USD Million
• Integrated (Built-in)- Market Size & Forecast 2019-2030F, USD Million

By Application

• Household- Market Size & Forecast 2019-2030F, USD Million
• Commercial- Market Size & Forecast 2019-2030F, USD Million

By Style

• Multi-element- Market Size & Forecast 2019-2030F, USD Million
• Single-element- Market Size & Forecast 2019-2030F, USD Million

By Distribution Channel

• Hypermarkets/Supermarkets- Market Size & Forecast 2019-2030F, USD Million
• Specialty Stores- Market Size & Forecast 2019-2030F, USD Million
• Online- Market Size & Forecast 2019-2030F, USD Million

The Free-standing (portable) product type has been witnessing greater demand compared to integrated models.

Induction Cooktops Market Competitive Landscape

• Eurodib
• Inalsa
• Haier Group
• Cal-Mil
• Bajaj Electricals
• Avantco Equipment
• Miele Group
• Robert Bosch Gmbh
• Whirlpool Corporation
• LG Electronics Inc.
• Koninklijke Philips N.V.
• Daewoo Electronics Corporation
• Panasonic Corporation
• Sub-Zero Group, Inc.
• Smeg S.p.A

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region stands out with the highest demand for induction cooktops globally.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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