Portland, OR -- (SBWire) -- 09/28/2017 --Growth in acceptance of innovative cooking technologies, smart kitchen appliances and energy efficient solutions primarily drive the Household Induction Cooktops Market. In addition, the health and safety benefits provided by the adoption of induction cooktops further supplements the market growth. Factors such as rise in disposable income of consumers and increase in price of fuels used for conventional cooking such as gas and electricity encourages the adoption of energy efficient cooking solutions, thus propelling the household induction cooktops industry growth.
Household Induction Cooktops Market Report, Published by Allied Market Research, the household induction cooktops market size was valued at $9,160 million in 2015 and is projected to reach $13,538 million by 2022, growing at a CAGR of 5.8% from 2016 to 2022. Europe is expected to be the leading contributor to the global household induction cooktops market followed by Asia-Pacific and LAMEA.
The household induction cooktops have witnessed rapid adoption in the recent years, owing to rise in demand for energy-efficient and time-saving cooking appliances. Moreover, the boom in demand for modular kitchens and implementation of stringent government regulations regarding energy saving contribute to the household induction cooktop market growth. In addition, increase in GDP along with growth in sales of household kitchen appliances further drives the household induction cooktops market growth. However, need for specialized cookware and high initial investment hamper the growth of household induction cooktops industry.
Advancements in online marketing and increase in use of digital media for product marketing are the key factors that contribute to the growth of the global household induction cooktops industry. Increase in adoption of technologically advanced and high-tech products is projected to contribute to the growth of e-commerce websites for kitchen appliances, thereby enhancing the market size for household induction cooktops market.
The global household induction cooktops market is segmented based on type, mode of sale, and geography. The built-in induction cooktops segment has a major share in the household induction cooktops industry, followed by free-standing & portable induction cooktops. The manufacturers focus on the quality and innovation in the product, owing to which the market is estimated to witness a surge in the demand for all the segments.
Key Findings ofHousehold Induction Cooktops Market
- In 2015, built-in induction cooktops accounted for the maximum revenue, and is projected to grow at a notable CAGR of 5.4% during the forecast period.
- France possessed the largest customer base in Europe household induction cooktops market in 2015, and is anticipated to dominate the market throughout the forecast period.
- Online mode of sale segment is expected to grow at a highest CAGR of 7.6% during the forecast period.
- Japan is the major shareholder in the Asia-Pacific household induction cooktop market, accounting for more than 25% share in 2015.
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Household Induction Cooktops Market Growing Steadily at 5.8% CAGR to 2022
The demand for household induction cooktops is high among the urban population especially in the developing nations, due to factors such as high purchasing power, better infrastructural facilities, and increase in working population. Rise in fuel prices for conventional gas cooktops and growth in trend for modular kitchens along with comfortable & safety benefits to the users are the major factors that drive the household induction cooktops market.