Published: Aug, 2016
The competitive landscape of the global household induction cook-tops market features the dominance of a handful of big players such as AB Electrolux, LG Corporation, Panasonic Corporation, and Whirlpool Corporation, and Philips Electronics that have the advantage of technological expertise due to their long-established presence. However, the market is also marked by the presence of a large number of small players vying for appropriate growth opportunities, according to a new report by Transparency Market Research.
A TMR analyst says, “Mergers and acquisitions for market entry is one of the major growth strategies that leading companies are focusing on. This is mainly to enter into potential markets and minimize the impact of new markets at the beginning.”
Enhancing market penetration in North America is on the growth agenda of top players in the global household induction cook-tops market. An example of the same is Daewoo Electronics Corporation. The company is planning to expand its presence in North America by means of doubling its sales in the home appliances segment in this region. Strategic alliances also form a crucial component of the growth strategy of companies leveraging business expertise by partnering with other players to strengthen their distribution networks and supply chain resources.
The global household induction cook-tops market is expected to reach a valuation of US$5.2 bn by 2018. The integrated (built-in) induction cook-tops product segment contributed the larger share of revenue to the global market in 2012.
Rising Purchasing Power to Create Demand for Advanced Cooking Equipment
An increasing global population along with rising number of nuclear family set-ups is one of the major factors driving the global household induction cook-tops market. The rising population is having a positive influence on the demand for cook-tops to feed the people. In addition, the shifting trend towards nuclear families is further driving the demand for induction cook-tops due to low volume cooking and safety reasons.
The increasing per capita income of individuals/families is also having a positive impact on the growth of this market. Due to increasing purchasing power, consumers are opting for advanced products for domestic cooking needs. Not only this, affluent families tend to own a range of cooking devices, which is further propelling the growth of this market.
Investments Involved in Specialized Cookware for Induction Cook-tops Impedes Market Growth
Need for specialized cookware suitable to be used on induction cook-tops is restraining the market’s growth. Induction cook-tops require special ferromagnetic material cookware, which is more expensive than regular cookware made of porcelain or stainless steel. Thus, investment in new cookware is acting as a deterrent to the market’s growth to some extent.
Growing preference for ovens/microwaves and the increasing trend of eating out is also hampering the growth of this market, says a TMR analyst. Consumers are increasingly preferring microwaves and ovens as they are suitable for the cooking needs of working singles and couples in urban areas. The increasing perception about health benefits of oven-cooked food is also slowing the demand for induction cook-tops among the health conscious population.
Europe and the Middle East display a high demand for integrated cook-tops due to the large sizes of homes that have ample kitchen area. On the other hand, free-standing cook-tops are likely to hold the majority market share in Asia Pacific as they are suitable for the changing lifestyle of the emerging economies in this region.
The information presented in this review is based on a Transparency Market Research report, titled “Household Induction Cook-tops Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019.”
The global household induction cook-tops market is segmented as follows:
Global Household Induction Cook-Top Market, by Product
- Integrated household induction cook-top
- Free-standing household induction cook-top
Global Household Induction Cook-Top Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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