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Induction Cookers & Radiant Cookers With Touch Control Market - Forecast(2024 - 2030)
Induction Cookers & Radiant Cookers With Touch Control Market Overview
Induction Cookers & Radiant Cookers With Touch Control Market is expected to reach $27.5 billion by 2026 at a CAGR of 7.1% during the forecast period 2021-2026. Rising demand for time saving and energy efficient cooking appliances, shift towards modular kitchen in emerging economies, increasing awareness about safety has been attracting consumers all over the world to procure advanced cooking appliances.
The technology behind these cooktops involves the generation of an
electromagnetic interference and heat transfer directly to the metal cookware
that is made of ferrous metals. Thus the increased magnetic permeability of
ferrous metals decreases the electrical resistance. In addition, thermal efficiency and thermal conduction capability of induction and radiant cookers is more efficient compared to traditional
cooker which will drive the adoption of these cooktops. Furthermore, these products automatically shut off when cookware is not
present on the top thus driving the market amidst the increased need for safety.
Induction Cookers & Radiant Cookers with Touch Control Market Report Coverage
The
report: “Induction Cookers & Radiant Cookers with Touch Control Market report – Forecast (2021-2026)”, by IndustryARC
covers an in-depth analysis of the following segments of the Induction Cookers & Radiant Cookers with Touch Control Market.
By Type: Induction Cootop, Radiant Cooktop
By Type of Cooktops: Single Element, Double Element, Quad Element
and Others
By Touch Control Technology: Wire
Resistive, Surface Capacitive, Projected Capacitive, Surface Acoustic Wave, Infrared
and Others
By Integration: Built in,
Standalone
By Application: Commercial,
Consumer
By Geography: : North America (U.S, Canada, Mexico), Europe(Germany, UK,
France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Australia
and Others), South America(Brazil, Argentina and others), and RoW (Middle east
and Africa)
Key Takeaways
- In 2020, Europe dominated the Induction Cookers & Radiant Cookers with Touch Control Market share by more than 36%. Rapid urbanization and adoption of energy
efficient kitchen appliances by consumers are the key drivers impacting
the market growth in the region.
- Induction
Cooker is growing at a highest CAGR of 7.6% in the forecast period owing
to its energy-efficiency and time-saving benefits.
- Growing
adoption of smart home and building automation system in major regions of
world is creating opportunities for Induction Cookers & Radiant Cookers with Touch Control Market
- Induction Cookers and Radiant Cookers with Touch Control top 10 companies include Whirlpool Corporation, SMEG S.p.A., LG Electronics, Inc., Koninklijke Philips N.V., TTK Prestige Ltd, Electrolux Group, Robert Bosch GmbH, Sub-Zero Group, Inc., Panasonic Corporation, Miele Group among others.
Induction Cookers & Radiant Cookers With Touch Control Market, By Region, 2020
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Induction Cookers & Radiant Cookers With Touch Control Market Segment Analysis - By Type
Induction Cooker is growing at a highest CAGR of 7.7% in the forecast
period owing to its energy-efficiency and time-saving benefits. In addition,
rise in demand for modular kitchens and implementation of stringent government
regulations regarding energy saving contributes to the market growth. Similarly,
growth in sales of household kitchen appliances further drives the household
induction cooktops market growth. Moreover, introduction of eco-friendly and
energy-efficient induction cookers with additional benefits such as the
inclusion of more burners, noiseless operations, and advanced touchscreen
functionalities will drive market adoption.
Induction Cookers & Radiant Cookers With Touch Control Market Segment Analysis - By Integration
The rising focus on modular kitchens both in consumer and commercial applications will drive the demand for built in induction and radiant cookers. This segment is projected to grow at a faster rate of 7.9% during the forecast period. Rise in fuel prices for conventional gas cooktops and growth in trend for comfortable & safety benefits to the users are the major factors that accelerate the Induction Cookers & Radiant Cookers with Touch Control Market size in the forecast period.
For instance, Morphy Richards introduced its Chef
Xpress 800 built in Induction Cooktop, which has different power levels with
touch control that allow varying the cooking temperature and has six auto cook
options and an auto off feature for safety purposes. Similarly several other
companies have been introducing induction cookers with advanced touch and other
features. Hence these advancements are analysed to drive the market in the
forecast period 2021-2026.
Induction
Cookers & Radiant Cookers With Touch Control Market Segment Analysis - By Geography
In 2020, Europe dominated the market with a market share of more than 36%, Rapid urbanization and adoption of energy efficient kitchen appliances by consumers are the key drivers impacting the market growth in the region. Moreover, changing lifestyle, increasing prices of conventional cooking fuel and increasing adoption of innovative smart kitchen appliances are some of the reasons for market growth in this region. The introduction of a wide range of enhanced models has significantly contributed to the market size.
Whirlpool Corporation introduced its 6th Sense European-made induction cooker. The Induction cooker offers two sensors, which sense the weight of the food and temperature inside the cookware. Similarly several other companies in this region have been developing several induction and radiant cookers with advanced touch features. Hence these developments are analysed to drive the market in the forecast period 2021-2026.
Induction Cookers & Radiant Cookers With Touch Control Market Drivers
Growth of Smart home and building automation system
Growing adoption of smart home and building automation system in major regions of world is creating opportunities for Induction Cookers & Radiant Cookers With Touch Control Market. According to EUROACE, there are 31.2 million smart homes in Europe at the end of 2019 and are expected to reach up to 84.4 million homes by 2025. Similarly, smart home and building automation penetration in North America and APAC is rapidly growing in the forecast period. Hence the rising popularity of modular kitchens in smart homes and building automation enhance the market for these cooker in the forecast period 2021-2026.
Advancements and safety features related to Induction Cookers and Radiant Cookers
Induction Cookers and Radiant Cookers with Touch Control are being increasingly adopted to help improve the efficiency of legal variety of industries. Adding to this, rising awareness among people to choose kitchen appliances which are energy efficient along with enhanced safety features and advancements in heating technology are the major factors for the induction cooktops market.
Owing to electromagnetic
field technology, these cookers heat 50% faster than traditional gas cookers
and allow instantaneous temperature changes as the power level is adjusted. In
addition to that, due to the absence of open flames, induction cookers are
comparatively safer than LPG cylinders. Hence these benefits are analysed to
drive the market in the forecast period 2021-2026.
Induction Cookers & Radiant Cookers With Touch Control Market Challenges
High costs and limited choice in the vessels while cooking
Although Induction Cookers & Radiant Cookers With Touch Control Market is analyzed to grow at a
significant rate, high costs and limited choice in the vessels while cooking hamper
the growth. These cookers work with cooking vessels made of magnetic materials.
As vessels suited for use with induction cookers are limited in size and
quality, this will hamper the growth. In addition to this high cost related to
these cookers are set to hamper the growth in the forecast period 2021-2026.
Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Induction Cookers & Radiant Cookers With Touch Control Market. In 2019, the market of Induction Cookers and Radiant Cookers with Touch Control has been fragmented with several companies vying for top share. Induction Cookers and Radiant Cookers with Touch Control top 10 companies include Whirlpool Corporation, SMEG S.p.A., LG Electroncis, Inc., Koninklijke Philips N.V., TTK Prestige Ltd, Electrolux Group, Robert Bosch GmbH, Sub-Zero Group, Inc., Panasonic Corporation, Miele Group among others.
Acquisitions/Technology Launches
- In April 2021, Thermador, the iconic American luxury home appliance brand, introdduced a new model of affordable luxury with its all-new Leap Into Luxury Appliance Packages. This includes a 36-Inch Masterpiece Liberty Induction Cooktop.
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