Cooktop Market: Introduction
- A cooktop is commonly found in kitchens for heating and cooking purposes. It is generally used for heating the base of pots and pans. Cooktops are available in various types and are powered by gas, electricity, or induction to heat the food. Traditionally, cooking happened over an open fire. Gradually, with the development of pottery and utensils, regulated heat became essential. When cultures began to leave behind their wandering ways, more consideration was given to refine culinary techniques, leading to the creation of cooktops. Cooktops can be found integrated with an oven or they may be standalone devices. The market for cooktops is expected to witness huge growth during the forecast period.
Key Drivers and Opportunities of the Global Cooktop Market
- Consumers are opting for energy-efficient kitchen products that help minimize utility bills and are relatively cost effective. Also, induction cooktops are comparatively safer to use than LPG cylinders due to the absence of open flames. They can cook even at low temperatures at reduced time and energy usage. People are compelled to opt for alternatives such as energy efficient cooktops due to the rising cost of conventional cooking fuel. This is expected to drive the cooktop market during the forecast period.
- Growing urbanization and the newly launched kitchen appliances with better safety features is significantly contributing to the increased adoption of induction cooktops, globally. Growing western kitchen styles is driving the appliances market comprising microwaves and cooker hoods. Western style kitchen appliances reduce unpleasant issues such as cooking smoke and encourage safe and healthy cooking methods. Advanced technological innovations such as flame-less cooking and development of temperature control is the primary focus of manufacturers globally.
- Growth in working class population coupled with trend of fast food consumption has increased health consciousness among customers. Of late, demand for induction cooktops that cook food easily with less oil has increased, which in turn is likely to positively impact the induction cooktop market during the forecast period.
- Cooktops can function properly with cooking vessels made of cast iron or steel. However, aluminum, copper pans, and glass cookware do not work on induction cooktops, which is expected to restrain the growth of the market during the forecast period.
North America and Europe to Hold Major Share of the Global Cooktop Market
- In terms of region, the cooktop market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America and Europe are expected to boost the cooktop market during the forecast period. Rising awareness among people regarding safety features of kitchen appliances including cooktops is expected to drive the demand for the product in these regions.
Key Players Operating in the Global Cooktop Market
- CG Power and Industrial Solutions Limited
- Electrolux AB
- Fisher & Paykel Appliances Holdings Limited
- Frigidaire Appliance Company
- Koninklijke Philips N.V.
- LG Group (Corporation)
- Robert Bosch GmbH
- Smeg Group S.p.A.
- TTK Prestige Limited
- Whirlpool Corporation
Global Cooktop Market: Research Scope
Global Cooktop Market, by Product Type
- Gas Cooktops
- Electric Cooktops
- Induction Cooktops
- Others (Coil-type Cooktops, etc.)
Global Cooktop Market, by Category
- Built-in (Integrated)
Global Cooktop Market, by Control Type
- Digital Touchpad
Global Cooktop Market, by End-user
Global Cooktop Market, by Price
Global Cooktop Market, by Distribution Channel
- E-commerce Websites
- Company-owned Websites
- Supermarkets / Hypermarkets
- Specialty Stores
- Multi-brand Stores
- Other Retail Stores
Global Cooktop Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.