Induction hobs market running HOT: forecast to grow a huge 9% CAGR to 2024
The induction hobs market value is expected to increase by US$3.95bn (€3.41bn) between 2021 and 2025, progressing at a CAGR of almost 9% during the forecast period. The induction hobs market report offers an up-to-date analysis of the exact growth variance and the Y-O-Y growth rate. These are the findings of a report by Technavio released early this October.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AB Electrolux, Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Smeg Spa, Sub-Zero Group Inc., TTK Prestige Ltd., and Whirlpool Corp. are some of the major market participants.
Although product innovations and new designs and the increasing demand for convenient home appliances with changes in lifestyle patterns will offer immense growth opportunities, limitations of using only flat-surface utensils and induction-specific cookware will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
39% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for induction hobs in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
An increase in the number of dual-income households and the growing interest in modular kitchens will facilitate the induction hobs market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
- Product innovations and the introduction of new designs will significantly drive the growth of the induction hobs market size.
- Constant product innovation by vendors has encouraged consumers to shift from gas stoves to induction hobs.
- Market vendors are incorporating innovative features and technology upgrades in their products, such as faster heating-up and cooling-down, temperature controls, power levels, child lock, timer, and sensory panels to attract customers.
- The launch of upgraded products shortens the replacement cycle for the product category.
- The demand for convenient home appliances, including induction hobs is increasing, especially in urban regions due to changing lifestyles and time-pressed schedules of most consumers.
- Factors such as the rise in the number of working women and smaller living spaces can be attributed to the changing lifestyle patterns and buying behaviours.
- Consumers prefer induction hobs because they are easy to use and require low maintenance.
- Significant changes in lifestyle and the growing need for convenient appliances are expected to drive the growth of the market during the next five years.
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