Household Induction Cook-tops Market
Household Induction Cook-tops Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019
Press Release :
The household induction cook-tops market refers to the global market for cook-tops, also known as hobs, which operate on the concept of induction heating/cooking. These are considered as one of the advanced technological innovations in the field of cooking. This type of cooking not only has energy efficiency benefits, but also provides health and safety benefits to users. Induction cook-tops, which are relatively new to many regions in emerging Asia-Pacific economies, are already enjoying fast adoption across consumers in Europe. The induction cook-tops market is experiencing a moderate single digit growth rate, and is expected to see gradual rise towards end of the forecast period. This is due to growing awareness and rapid urbanization in Asia-Pacific and Eastern Europe regions.
There are many factors driving the market growth for induction cook-tops, and the key influencer is the growing awareness and rise in disposable income. Induction cook-tops, which are currently considered as high-end consumer products, are gradually finding growing acceptance among consumers. The impact of disposable income growth is further multiplied by various macro and micro economic factors, such as rising fuel cost for conventional cook-tops (gas, electricity, and others), growing trend of modular kitchens in new houses, preference for a comfortable work environment in the kitchen, improved heat control with induction cooking, advanced technologies and their benefits towards healthy cooking, and many more.
Induction cook-tops are of two types, free-standing (portable) and integrated (built-in) cook-tops. Of these, the integrated cook-tops dominated the global household induction cook-tops market in 2012, and is expected to retain its leading position by 2019, growing at a CAGR of 5.3%. Demand for built-in hobs is largely contributed from regions such as Europe and Middle East, which have large houses (floor space and dedicated kitchen space). Even the trend of joint or large families in the region has positive impact on the built-in hobs demand.
For the same reasons, geographically too, Europe is the biggest market for induction cook-tops, and accounted for more than one third of the global induction cook-tops market. However, the Asia-Pacific market is the fastest growing, and forecast to account for the highest growth share of the global market for induction cook-tops. This is because of growing acceptance of induction cooking as part of lifestyle standards. Moreover, with trend of modular kitchen being promoted by real estate developers for their projects, this demand is further expected to go up in the mid to long term.
As a result, leading players from the white goods industry are quickly moving into the induction cook-tops market in the Asia-Pacific region. Factors, such as high competition from domestic manufacturers in Europe, which has healthy concentration of both domestic and global manufacturers, is also driving these global players to look for opportunities in the Asia-Pacific market. Renowned players in the European market are Miele & Cie. KG, Smeg, Sub-Zero Wolf, AB Electrolux, Stoves, and many more. The popular names in the Asia Pacific market are Philips Electronics, Panasonic, Whirlpool, and others. Product innovation is observed as the key strategy followed by industry leaders, who are introducing cook-tops with multiple hot surfaces, advanced auto cook features, and more trendy designs.
The global household induction cook-tops market is driven by the rise in prices of traditional fuels such as LPG and natural gas, increase in disposable income and growing consumer awareness. In addition, higher fuel efficiency offered by induction cook-tops has also immensely contributed to the market growth. However, some of the factors which hinder the market growth include the high initial cost, need for specialized cook-ware (magnetic ware) and rising trend of outdoor dining. Furthermore, growing urbanization in emerging markets such as India, Latin American countries, Brazil, China and development of new and improved products which address customer concerns such as efficiency, high maintenance cost etc. are expected to emerge as an opportunity, thereby contributing to the growth of the global household induction cook-tops market.
This market is sub-segmented on the basis of products and geography. Product segment includes free-standing (portable) and integrated (built-in) cook-tops. By products, the built-in cook-tops segment dominated the global household induction market and the trend is expected to continue over the forecast period. A detailed market analysis and forecast for these segments has been provided in this study, in terms of market revenue (USD million) for the period 2011 to 2019. The market revenue has been forecast for the period 2013 to 2019, considering 2012 as the base year
The geographic segmentation includes North America, Asia-Pacific, Europe and Rest of the World (RoW). The market share analysis of the leading players of induction cook-tops mentioned in the report exemplifies scrupulous understanding of their market shares in terms of geography. By geography, Europe was the largest contributor to the market followed by North America and Asia-Pacific respectively. Asia-Pacific is expected to be the fastest growing region due to its robust economic growth. China and India being the most populous countries are key contributors to the future potential for growth in the Asia-Pacific region. Some of the major factors driving the growth of Asia-Pacific household induction cook-tops market include urbanization, fast economic developments, rising population, and increasing costs of fuels such as natural gas, LPG, and others. Though the technology has been in the market for a long time, the region is seeing late adoption due to resistance for change to flat bottom cookware. This report provides strategic analysis of the global household induction cook-tops market, and the market growth forecast for the period 2013 – 2019. The detailed value chain analysis helps the market competitors to formulate their business strategies at every stage of their business. Moreover, the market estimates have been analyzed by keeping in mind the several factors which affect the market. Moreover, the Porter’s five forces analysis and market attractiveness included in the report provides deep understanding of the market.
The study further offers recommendations and highlights of the market, which would be useful for the present and new market players to sustain and grow in the global human reproductive technologies market. In terms of market competitiveness, with global market being dominated by regional players, there is increased trend of mergers and acquisitions, due leading white goods industry players eyeing opportunities to enter and expand their market shares. The competitive profiling of the key players included in the report helps in making strategic business decisions. The global household induction cook-tops market consists of many renowned players namely AB Electrolux, Whirlpool Corporation, Indesit Corporation and Fischer & Paykel among others. These key players focus on technological developments and strategic alliances which help them to remain competitive in the market. Such business strategies also help other competitors to sustain a steady position in the global market.