Induction Cooktops Market Report By Type (Built-in Induction Cooktops, Freestanding Induction Cooktops, Portable Induction Cooktops), By Size (Small (1-2 burners), Medium (3-4 burners), Large (5+ burners)), By Surface Material, By Application, By Distribution Channel, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Induction Cooktops Market size is expected to be worth around USD 40.8 Billion by 2033, from USD 18.6 Billion in 2023, growing at a CAGR of 8.40% during the forecast period from 2024 to 2033.

The surge in demand for cooking appliances and commercials hubs are some of the main key driving factors for the induction cooktops market.

Induction cooktops are defined as the modern kitchen appliances that are uses electromagnetic induction to heat cookware directly by providing an accelerated, more energy efficient and accurate cooking experience. Unlike other old and traditional stovetops, induction cooktops produce heat within the cookware itself by making a magnetic field when an induction- compatible pot or pan is placed on the surface.

This technology permits for quick and precise temperature regulator by decreasing cooking times and energy consumptions. Induction cooktops are also called for their safety characteristics as they remain cool to the touch by posing less burn risks. Moreover, they are stress-free to clean as the spills do not bake on the surface. While induction cooktops need compatible cookware, their efficacy and advanced features have made them quite popular in the modern kitchens.

According to an article published by GE appliances in March 2023, highlights that GE appliances, a Haier firm, launches new cooking appliances alternatives to accommodate emerging consumers desire in more choices in cooking technology.

Currently new line up of induction and radiant cooktops developed at its Roper Cooperation manufacturing plant in LaFayette, GA, a wholly owned subsidiary of GEA. The induction units are joined by 14 new ecstatic cooktops for a total of 28 new electric cooktops launching now.

Moreover, GE appliances and Roper work with more than 256 Georgia suppliers and co-ordinately contributed USD 2.4 billion to Georgia’s GDP.  A projected 4,650 extra employments have been developed in Georgia as an outcome of the economic impact of GE appliances, its workers and suppliers.

Induction cooktops have gained much attentions due to its energy efficacy, quick heating capabilities and accurate temperature regulators. As eco-friendly becomes the top priority, the decreased energy consumptions of induction cooking come into line with sustainable practices. The speed at which these induction cooktops heat up and cool down improves the whole cooking efficacy.

Moreover, their safety features like a cool surface and automatic shut off are more valued. With a sleek designs and easy maintenance, induction cooktops have become an important choice for the modern kitchens integrating functionality with fashionable living. The demand for the induction cooktops will increase due to its requirement in cooking appliances that will help in market expansion in the coming years.

Key Takeaways

• Market Value: The Global Induction Cooktops Market is forecasted to reach approximately USD 40.8 Billion by 2033, growing from USD 18.6 Billion in 2023, with a CAGR of 8.40% during the forecast period from 2024 to 2033.
• Dominant Segments:
  • Type Analysis: Built-in induction cooktops lead the market with a 35% market share, favored for their sleek design and integration into modern kitchens. Medium-sized induction cooktops, equipped with 3 to 4 burners, dominate the size segment, balancing cooking capability with spatial efficiency.
  • Application Analysis: The residential segment holds a significant share of 58.6%, driven by the adoption of induction cooktops for energy efficiency and modern kitchen aesthetics. Commercial adoption is increasing, particularly in restaurants and food service establishments, driven by efficiency and safety benefits.
  • Distribution Channel Analysis: Specialty stores dominate distribution with a 64% market share, offering expert advice and comprehensive customer service. Hypermarkets/supermarkets and online retail channels are growing, providing convenience and broad accessibility to consumers.
• Regional Analysis: Europe leads the market with a 30% market share, indicating a strong preference for induction cooktops in the region.
• Key Players: Major players in the Induction Cooktops Market include Bosch, Siemens, Whirlpool Corporation, Electrolux, Samsung Electronics, LG Electronics, Panasonic Corporation, and others, driving innovation and market expansion through product diversification and distribution strategies.
• Analyst Viewpoint: The induction cooktops market is driven by factors such as energy efficiency, safety features, and consumer preferences for modern kitchen appliances. Growth opportunities lie in catering to diverse consumer needs, expanding commercial adoption, and leveraging distribution channels effectively to reach target markets.

Driving Factors

Energy Efficiency and Cost Savings Drive Market Growth

The drive towards energy efficiency and cost savings significantly propels the induction cooktops market. Induction cooktops, renowned for their high energy efficiency, utilize electromagnetic induction to directly heat cookware, minimizing energy loss and thereby ensuring up to 90% energy efficiency. This starkly contrasts with the 65-70% efficiency rates of traditional gas and electric cooktops.

The tangible reduction in energy consumption translates into lower utility bills for consumers, positioning induction cooktops as a cost-effective and environmentally friendly cooking solution. This shift towards energy-efficient appliances is mirrored by global initiatives to reduce energy consumption and carbon footprints, aligning with consumer preferences for sustainable and eco-friendly kitchenwear. Consequently, the market sees a growing preference for induction cooktops among environmentally conscious consumers, further driving market growth.

Faster Cooking Times and Precise Temperature Control Fuel Market Expansion

Induction cooktops are at the forefront of revolutionizing kitchen efficiency and cooking precision. Their ability to rapidly heat up and precisely control temperature resonates with the modern consumer's demand for convenience and superior culinary performance. Unlike traditional cooking methods, induction cooking allows for immediate temperature adjustments and faster cooking times, attributes facilitated by advanced features like PowerBoost.

This technological superiority not only caters to the fast-paced lifestyle of contemporary consumers but also enhances the cooking experience by offering greater control over the cooking process. Manufacturers such as Thermador and Bosch leverage these capabilities to differentiate their products, further stimulating market demand. The integration of such advanced features enhances the attractiveness of induction cooktops, contributing significantly to market growth through increased adoption rates among tech-savvy and efficiency-seeking consumers.

Safety and Ease of Cleaning Enhance Market Appeal

Safety features and ease of cleaning are paramount factors elevating the market appeal of induction cooktops. The unique operation mechanism of induction cooktops, where the cooking surface remains cool to the touch unless in contact with induction-compatible cookware, significantly mitigates the risk of burns and fire hazards. This safety advantage makes induction cooktops particularly attractive to families with young children, as well as elderly users.

Furthermore, the seamless glass surface of these cooktops simplifies cleaning processes, as spills do not burn onto the surface, making maintenance hassle-free. Brands like Samsung and LG emphasize these benefits, targeting a broad consumer base prioritizing safety and convenience in kitchen appliances. The convergence of safety, convenience, and cleanliness positions induction cooktops as a preferred choice among consumers, thereby accelerating market growth. This trend is reflective of a broader consumer movement towards kitchen appliances that combine functionality with safety and ease of use, underscoring the market's responsiveness to evolving consumer preferences.

Restraining Factors

Higher Upfront Costs Restrain Market Growth

The induction cooktops market faces significant growth constraints due to higher initial purchase costs. Advanced technology and specialized components elevate the manufacturing expenses, making these cooktops more expensive than their gas or electric counterparts. For instance, a standard 30-inch model from brands like Whirlpool or KitchenAid may range between $1,000 to $1,500, potentially double the cost of similar gas or electric models. This price disparity poses a substantial barrier for budget-conscious consumers and those in price-sensitive markets, where the upfront investment can deter adoption despite the long-term energy savings and efficiency benefits induction cooktops offer.

Compatibility with Cookware Limits Market Expansion

The necessity for magnetic material cookware, such as cast iron or magnetic-grade stainless steel, uniquely challenges the induction cooktops market. This requirement compels consumers to assess their current cookware's compatibility or face additional expenditures to purchase suitable sets, which can escalate initial costs further. Renowned manufacturers like All-Clad and Cuisinart have developed cookware lines specifically for induction cooktops, but these specialized items typically carry a premium price tag compared to conventional options. The added cost and inconvenience of replacing or upgrading cookware act as significant hurdles, impeding broader market acceptance and adoption of induction technology among potential buyers.

Type Analysis

In the induction cooktops market, the "Type" segment can be broadly categorized into built-in, freestanding, and portable induction cooktops. Among these, built-in induction cooktops emerge as the dominant sub-segment, holding a significant market share of approximately 35%.

This prominence is attributed to the sleek design, seamless integration into kitchen countertops, and the overall aesthetic appeal that built-in models offer, making them a preferred choice for modern kitchen renovations and new constructions. The built-in feature appeals to homeowners looking for a premium kitchen experience, driving its demand.

Freestanding and portable induction cooktops, while not as dominant, play crucial roles in the market's expansion. Freestanding models, which come with their own set of controls and often include ovens, cater to users seeking flexibility and simplicity in installation without the need for customized kitchen layouts.

On the other hand, portable induction cooktops offer unmatched convenience for users on the go or those with limited kitchen space, such as in apartments or dormitories. These segments, though smaller, cater to specific consumer needs, contributing to the overall market growth by offering diverse options that address varying lifestyle and cooking preferences.

Size Analysis

The "Size" segment of the induction cooktops market is differentiated into small (1-2 burners), medium (3-4 burners), and large (5+ burners) categories. The medium size induction cooktops, equipped with 3 to 4 burners, stand out as the market's dominant sub-segment.

This segment's popularity is rooted in its versatility and suitability for average-sized families, balancing cooking capability with spatial efficiency. Medium-sized cooktops provide sufficient space for most cooking tasks without occupying excessive counter space, making them an ideal choice for most households.

Small and large induction cooktops, while serving niche markets, contribute to the segment's diversity and market growth. Small cooktops, with 1 to 2 burners, appeal to individuals with limited space or those requiring an additional cooking surface, making them popular in compact urban dwellings, secondary kitchens, and vacation homes.

Conversely, large cooktops with 5 or more burners cater to larger families or those who entertain frequently, offering the capacity to cook multiple dishes simultaneously. These sub-segments ensure the market caters to a broad range of consumer needs, from minimalistic cooking setups to extensive culinary endeavors.

Surface Material Analysis

When examining the "Surface Material" segment, ceramic glass, stainless steel, tempered glass, and others are the primary categories. Ceramic glass stands out as the dominant sub-segment within the induction cooktops market. Its prevalence is largely due to the material's durability, ease of cleaning, and sleek appearance, which complements modern kitchen designs.

Ceramic glass surfaces efficiently conduct the electromagnetic energy to the cookware while remaining cool to the touch, enhancing safety and energy efficiency. This combination of aesthetic appeal, performance, and safety features makes ceramic glass the preferred surface material for both manufacturers and consumers.

While ceramic glass leads in popularity, other materials like stainless steel, tempered glass, and various innovative composites play significant roles in segment diversity and market innovation. Stainless steel surfaces offer robustness and a professional kitchen look, appealing to users prioritizing durability and a classic style.

Tempered glass and other materials bring in variety with unique aesthetic and functional properties, catering to niche preferences and emerging trends in kitchen appliances. These alternative materials contribute to the market's growth by offering consumers a range of options to match their kitchen aesthetics, durability requirements, and budget constraints.

Application Analysis

The induction cooktops market, segmented by application into residential and commercial, is dominated by the residential segment, accounting for 58.6% of the market share. This dominance is primarily due to the increasing adoption of induction cooktops in home kitchens, driven by their energy efficiency, safety features, and the convenience of quick cooking times.

The residential market's growth is further bolstered by the rising interest in gourmet home cooking and the trend towards modernizing kitchen appliances for a more aesthetic and functional cooking environment.

The commercial segment, while smaller in comparison, plays a critical role in the market's expansion. Restaurants, cafeterias, and other food service establishments are increasingly adopting induction cooktops to enhance efficiency, reduce energy costs, and improve safety in commercial kitchens.

This segment's growth is supported by the need for durable, high-performance cooking solutions that can withstand the rigors of commercial food preparation and service. As the commercial sector continues to recognize the benefits of induction technology, its adoption is expected to rise, contributing to the overall growth of the induction cooktops market.

Distribution Channel Analysis

In the distribution channel segment of the induction cooktops market, specialty stores emerge as the dominant channel, holding a 64% market share. Specialty stores are preferred by consumers for their expert advice, wide range of product selections, and the ability to experience products firsthand before purchasing. These stores often offer comprehensive customer service, including installation and after-sales support, making them a go-to option for consumers looking to invest in high-quality induction cooktops.

Despite the dominance of specialty stores, hypermarkets/supermarkets and online retail channels significantly contribute to the market's growth. Hypermarkets and supermarkets provide the convenience of one-stop shopping for consumers who prefer to purchase home appliances along with their regular grocery shopping. This channel's broad accessibility and the opportunity to physically evaluate products attract a considerable customer base.

Online retail, on the other hand, has seen a surge in popularity due to its convenience, competitive pricing, and the wide availability of customer reviews. The online channel's growth is propelled by the increasing comfort of consumers with making significant purchases online, complemented by the ease of comparing different brands and models. As consumer shopping behaviors continue to evolve, the roles of hypermarkets/supermarkets and online retail in distributing induction cooktops are expected to expand, diversifying the market's reach.

Key Market Segments

By Type

• Built-in Induction Cooktops
• Freestanding Induction Cooktops
• Portable Induction Cooktops

By Size

• Small (1-2 burners)
• Medium (3-4 burners)
• Large (5+ burners)

By Surface Material

• Ceramic Glass
• Stainless Steel
• Tempered Glass
• Others

By Application

• Residential
• Commercial

By Distribution Channel

• Specialty Stores
• Hypermarkets/Supermarkets
• Online Retail

Growth Opportunities

Integration with Smart Home Technologies Offers Growth Opportunity

The integration of induction cooktops with smart home technologies unlocks significant growth opportunities within the market. This trend caters to the increasing consumer demand for convenience, efficiency, and connectivity in kitchen appliances. By incorporating features that allow for remote control and monitoring via smartphones, voice assistants, or home automation systems, induction cooktops appeal to a tech-savvy demographic.

Brands like GE Appliances are leading the way with Wi-Fi-connected cooktops compatible with Amazon Alexa and Google Assistant, enabling users to control their appliances through voice commands or remotely. This synergy between induction cooking and smart home technology aligns with the broader movement towards connected living spaces, presenting a ripe opportunity for market expansion as consumers seek out appliances that integrate seamlessly into their digitally connected lifestyles.

Expansion in Emerging Markets Offers Growth Opportunity

The rising disposable incomes and rapid urbanization in emerging markets present a fertile ground for the expansion of the induction cooktops market. As these economies grow, so does the demand for modern, energy-efficient kitchen appliances. Manufacturers can capitalize on this opportunity by introducing induction cooktops that are tailored to the preferences and price sensitivities of these new consumer segments.

In countries like India, where traditional cooking methods dominate, brands such as Philips and Prestige are making strides by offering affordable induction cooktops. This strategic market entry not only caters to the demand for modern cooking solutions but also introduces the benefits of induction cooking to a broader audience, paving the way for significant market growth in regions poised for rapid economic and infrastructural development.

Rental and Hospitality Sectors Offer Growth Opportunity

The rental and hospitality sectors provide a unique growth opportunity for the induction cooktops market, driven by the appliances' energy efficiency, safety features, and ease of maintenance. For apartment complexes and hotels, the adoption of induction cooktops offers a way to reduce energy costs while enhancing the cooking experience for residents and guests. This is particularly appealing in the hospitality industry, where guest satisfaction is paramount.

Major hotel chains, including Marriott and Hilton, are incorporating induction cooktops into their accommodations, signaling a shift towards more sustainable and guest-friendly cooking solutions. This trend not only demonstrates the sectors' commitment to innovation and sustainability but also opens new avenues for the induction cooktops market to penetrate and expand within the commercial sector.

Trending Factors

Portable and Flexible Designs Are Trending Factors

The movement towards portable and flexible designs in the induction cooktops market is gaining momentum, addressing the needs of a diverse consumer base. These compact and easily transportable cooktops cater to individuals with limited kitchen space, such as small apartment dwellers, and those in need of versatile cooking options, including outdoor enthusiasts and RV users.

Brands like Duxtop and CUSIMAX are at the forefront, offering lightweight portable induction cooktops that can adapt to various settings. This trend reflects a growing consumer preference for kitchen appliances that offer convenience, adaptability, and mobility, opening up new market segments and expansion opportunities by meeting the evolving needs of modern lifestyles.

Built-in and Integrated Designs Are Trending Factors

The trend towards built-in and integrated induction cooktop designs is flourishing, mirroring the modern consumer's desire for sleek, uncluttered kitchen aesthetics. These cooktops are designed to blend seamlessly with kitchen countertops and islands, offering a minimalist and streamlined appearance that appeals to homeowners looking to enhance their kitchen's visual appeal.

Premium appliance brands like Thermador and Gaggenau lead this trend with high-quality built-in induction cooktops that can be flush-mounted, emphasizing the luxury and sophistication of modern kitchen designs. This trend underscores the market's response to consumer demands for appliances that not only perform efficiently but also contribute to the overall beauty and functionality of kitchen spaces, signaling potential growth areas within the induction cooktops market driven by design and aesthetics.

Regional Analysis

Europe Dominates with 30% Market Share

Europe's significant 30% share in the induction cooktops market can be attributed to several key factors, including high environmental awareness, a strong preference for energy-efficient appliances, and robust government policies supporting sustainable energy use. European consumers' readiness to adopt advanced technology for greener living significantly contributes to the region's dominance. Furthermore, the presence of leading appliance manufacturers in Europe accelerates innovation and adoption rates, reinforcing its market position.

In terms of market dynamics, Europe's focus on reducing carbon footprints and enhancing energy efficiency aligns with the adoption of induction cooktops. The region's stringent energy regulations and incentives for using eco-friendly appliances further drive the market. High consumer purchasing power and a trend towards modernizing kitchens also play crucial roles.

Looking ahead, Europe's influence on the global induction cooktops market is expected to remain strong. Continued emphasis on sustainability and innovation, coupled with growing consumer demand for smart and efficient kitchen appliances, suggests Europe will maintain its leadership position, driving future market developments.

• North America: Holding a significant market share, North America is characterized by a strong inclination towards smart homes and high-end appliances, contributing to a robust demand for induction cooktops. The market is also supported by increasing energy costs and a growing awareness of energy-efficient cooking solutions.
• Asia Pacific: As the fastest-growing region, Asia Pacific's market expansion is propelled by rapid urbanization, rising middle-class incomes, and shifting consumer preferences towards modern, efficient cooking technologies. The region's embrace of innovative kitchen solutions significantly contributes to its accelerated market growth.
• Middle East & Africa: While still developing in terms of market share, the Middle East & Africa region shows potential for growth, driven by urbanization and an increasing interest in energy-efficient technologies among the growing middle class.
• Latin America: The Latin American market is gradually embracing induction cooktops, with growth driven by rising disposable incomes and a growing awareness of the benefits of energy-efficient cooking appliances. Although currently smaller in market share, increased urbanization and lifestyle changes are expected to spur growth.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

In the rapidly growing Induction Cooktops Market, companies such as Panasonic Corporation, Robert Bosch GmbH, and Koninklijke Philips N.V. lead the charge, showcasing significant impact and strategic positioning. Together with LG Electronics Inc. and TTK Prestige Ltd., these entities enhance the market's competitive landscape through innovative technologies and product offerings. Electrolux AB and Garland Group further solidify the market's framework, introducing advanced cooking solutions that cater to evolving consumer needs.

The involvement of Hatco Corporation, Lincat Limited, and Philips Electronics, alongside Fisher & Paykel Appliances Holdings Ltd., underscores the industry's commitment to energy efficiency and user-friendly designs. Kent RO Systems Ltd., Miele Group, and SMEG S.p.A. contribute to the diversity and sophistication of the product range available to consumers, emphasizing quality and durability.

Moreover, the Haier Group, Dipo Induction, and Videocon Industries Limited, along with Admiral Craft Equipment Corp. and Glen Dimplex Home Appliances Ltd., play crucial roles in broadening the market's reach. Their efforts in expanding product accessibility and incorporating cutting-edge induction technologies are pivotal for meeting the dynamic demands of today's kitchens. Collectively, these key players drive the Induction Cooktops Market forward, marking a trajectory of continuous growth and innovation.

Market Key Players

• Panasonic Corporation
• Robert Bosch GmbH
• Koninklijke Philips N.V.
• Sub-Zero Group
• LG Electronics Inc.
• TTK Prestige Ltd.
• Electrolux AB
• Garland Group
• Hatco Corporation
• Lincat Limited
• Philips Electronics
• Fisher & Paykel Appliances Holdings Ltd.
• Kent RO Systems Ltd.
• Miele Group
• SMEG S.p.A.
• Haier Group
• Dipo Induction
• Videocon Industries Limited
• Admiral Craft Equipment Corp.
• Glen Dimplex Home Appliances Ltd.

Recent Developments

• On January 2024, Impulse Labs unveiled its highly anticipated induction stove, the Impulse Cooktop, at the Consumer Electronics Show in Las Vegas.
• On January 2024, Energy Efficiency Services Ltd (EESL) initiated the bidding process to procure 1 lakh induction cook stoves under the National Efficient Cooking Programme (NECP).
• On February 2024, Whirlpool Corporation and BORA announced a collaboration to introduce revolutionary induction downdraft cooktop technology exclusively to JennAir and KitchenAid brand cooktops in North America in 2025.
• On January 2024, Thermador's Pro Harmony® Liberty® Induction Range was honored with the prestigious CES Innovation Award for its state-of-the-art induction technology and exclusive features, recognizing it as a breakthrough product in the home appliance industry.
• On November 2023, LG Electronics achieved a significant milestone by becoming the first in the industry to have its induction cooktops and ranges certified to the brand new ENERGY STAR® specification for residential electric cooking products.

Report Scope