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.
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.
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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
- Koninklijke Philips N.V.
- Robert Bosch GmbH
- Panasonic Corporation
- Sub-Zero Group, Inc.
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Global Induction Hobs Market: Research Scope
Global Induction Hobs Market, by Product
Global Induction Hobs Market, by Power Source
Global Induction Hobs Market, by Application
Global Surface Grinding Machine Market, by Distribution Channel
- Company Website
- Third Party Website
- 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.
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.
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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?
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