Induction Hobs: Introduction
Induction hobs have the ability to directly heat the pan and not the hob ring. After starting the hob, a magnetic field underneath the surface get activated. This process heats the surface faster than other cooking appliances.
Key Drivers of the Global Induction Hobs Market
- Increasing requirement for energy efficient and time saving cooking appliances at the global level is propelling the sales of induction hobs. The millennial population wants to decrease their time spent on cooking, which is one of the trends that boosts product sales. Moreover, higher adoption of modular kitchens in fast growing economies such as India and China is driving product demand.
- The household segment accounted for major share of the induction hobs market at the global level. Online sale of induction hobs is growing at a fast pace globally.
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Rising Demand for Safe Kitchen Appliances to Create New Market Opportunities
Rising consumer awareness about safe kitchen products is creating new opportunity in the induction hobs market. The technology of induction hobs generates an electromagnetic field which can transfer heat directly to the metal surfaces including iron and steel.
High Product Price to Restrict Market Growth
Induction hobs are considered as premium products and key manufacturers sell this product at a higher price. Availability of alternate cooking appliances at a lower cost works as a restraint for the induction hobs market.
Asia Pacific the Dominant Market for Induction Hobs
- Asia Pacific was the fastest growing induction hobs market in 2019. Increasing number of small and medium production units in developing economies such as China, India, Bangladesh, and Sri Lanka is expected to boost the market growth.
- North America and Europe accounted for significant share of the induction hobs market, with major players operating their global market from these regions. The U.S. accounted for major market share in North America. Induction hob sales in Brazil and South Africa are also increasing at a significant pace.
Key Players Operating in the Global Induction Hobs Market
The global induction hobs market is fragmented in nature. Companies are working on product innovation and development to increase their customer base. For instance, a Germany based company Robert Bosch GmbH introduced Bosch Induction Cooktops, which allows consumers to synchronize their hobs with the wall hood. It can also be deployed automatically when the cooktop is turned on.
Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the key players operating in the global induction hobs market are listed below:
- Whirlpool Corporation
- LG Electronics Inc.
- Electrolux AB
- TTK Group
- Smeg
- Koninklijke Philips N.V.
- Robert Bosch GmbH
- Panasonic Corporation
- Sub-Zero Group, Inc.
- Miele
Global Induction Hobs Market: Research Scope
Global Induction Hobs Market, by Product
- Built-in
- Free-standing
Global Induction Hobs Market, by Power Source
- Electric
- Gas
Global Induction Hobs Market, by Application
- Residential
- Commercial
Global Surface Grinding Machine Market, by Distribution Channel
- Online
- Company Website
- Third Party Website
- Offline
- Hypermarkets & Supermarkets
- Specialty Stores
- Other Retail Stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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