Induction Cooktop Market Size, Share & Trends Analysis Report Forecast 2024-2031.
Induction Cooktop Market Size, Share & Trends Analysis Report Forecast 2024-2031.
Blog Article
Induction cooktop market is anticipated to grow at a significant CAGR of 9.1% during the forecast period. Induction cooktop offers some of the features such as faster cooking, safety, control options, and others which give it an edge over other cooking options which is fueling the market growth of the induction cooktops. These features have interested the consumers to purchase the induction cooktop as these are very convenient, and useful.
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Impact of COVID-19 Pandemic on Global Induction Cooktop Market
The COVID-19 pandemic had impacted most of the industries owing to the imposition of lockdown in most nations. This lockdown restricted most of the industries manufacturing production including induction cooktops. The governments continued the lockdown for a few months to reduce the spread of the virus. It impacted a lot to most of the industries but the induction cooktop market was not impacted much. For instance, Whirlpool, one of the key market players of the induction cooktop market, reported total revenue of $19,580 million in 2020 which was 4% less than the total revenue of 2019. But as the situation got normal, induction cooktop demand rose significantly as people shifted back to their workplaces, and preferred to use more personalized, and portable products.
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by Type (Built-In, and Free-Standing),
by Application (Household and Commercial), and
by Distribution Channel (Online and Offline)
Market Players Outlook
The major companies serving the global induction cooktop market include Electrolux AB, LG Electronics Inc., Philips International B.V., SMEG S.p.A., Whirlpool Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2021, Stove Kraft announced the launching of a new range of upgraded products of home and kitchen appliances for the Onam festival such as mixer grinder & wet grinder, pressure cookers, cast iron cookware, sleek glass cooktop 2, 3, and 4 burners, double-walled kettle, hand blender, hand mixer, induction stove, desk lamp, turbo food processor, shears and cutting board.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global induction cooktop market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market
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