In this 21st century, mankind is blessed with multifarious advanced technologies for nearly everything which makes life simpler. Similarly, there are cooking appliances, which make cooking easy, convenient and environment-friendly. Induction cooktops can be considered as one of the advanced technological innovations that work on electricity and is extremely safe to cook food effortlessly.
Induction cooktops, also known as induction hobs, use induction technology to generate electromagnetic field and transfer heat directly to the bottom of the metal vessel that must be made of ferrous metals such as cast iron or steel. Since, the cooking pan or vessel is heated by a magnetic field rather than heating the bottom of the cooking vessel with an electric heating element or flame, energy wastage by heating up the surrounding air around the cooking vessel is very less and it makes the induction cooktop energy efficient. The cooking surface of induction cooktops are generally made from tough, heat resistant ceramic or glass.
There are numerous advantages of using induction cooktops. Firstly, they are more energy efficient appliances (around 90 percent) when compared to other traditional cooking appliances. Induction cooktops help cook food quicker than conventional ones. Moreover, they are usually built from glass or ceramic cooktops that are strong, durable and very easy to clean. Induction cooktops can cook food even at low temperatures. Additionally, these induction cooktops come with a safety function feature and shut off automatically when cooking vessel is not present on the top.
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Induction Cooktops: Market Dynamics
Rapid urbanization and rising awareness among consumers to opt for energy efficient kitchen appliances with advanced safety features are the major driving factors for the induction cooktops market. In addition to that, induction cooktops are relatively safe than LPG cylinders because of the absence of open flames. Owing to the rising prices of conventional cooking fuel, people are choosing induction cooktops as an alternative option. Moreover, induction cooktops have become a part of lifestyle standards for healthy and safe cooking.
However, cost is the major restraint for induction cooktops market as they are two to three times more expensive than an ordinary gas or electric cooktop. Moreover, induction cooktops can work properly with cooking vessel made up from cast iron or steel. Aluminium, copper pans and glass cookware do not work on induction cooktops, which is also a restraint to the market growth.
Induction Cooktops: Market Segmentation
Based on product type, the global induction cooktops market is segmented into the following:
- Free standing induction cooktops
- Integrated induction cooktops
Based on size, the global induction cooktops market is segmented into the following:
Based on surface, the global induction cooktops market is segmented into the following:
- Flat surface
- Concave surface
Based on Power, the global induction cooktops market is segmented into the following:
- Less than 5 KW
- Between 5 KW- 10 KW
- More than 10 KW
Based on Distribution Channel, the global induction cooktops market is segmented into the following:
- Specialty Stores
- Online Stores
Based on application, the global induction cooktops market is segmented into the following:
Induction Cooktops: Regional Outlook
In terms of geography, Europe holds a major market share in the global induction cooktops market. However, Asia Pacific region is becoming a fast growing region in the global induction cooktops market owing to rising disposable incomes and rapid urbanization that lead to increase in sales of induction cooktops majorly in India and China.
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Induction Cooktops: Market Participants
Examples of some of the market participants identified across the value chain of global induction cooktops market include:
- Avantco Equipment
- APW Wyott
- Bajaj Electricals
- Philips India
- TTK Prestige Ltd.
- LG Electronics
- Haier Group
- Bon Chef