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Induction Hobs Market

The global induction hobs market is expected to foresee significant growth. Asia-Pacific to lead the growth!

The Global Induction hobs market is expected to register a CAGR of more than 5% over the period of 2021-2027. A surge in disposable income coupled with the promulgating spending on the luxury products such as home and kitchen appliances among consumers is contributing to the growing market of induction hobs. As per Statista, Over the past decade, the mean annual household expenditure on miscellaneous household appliances in the United States has varied between 2 and 18 U.S. dollars. In 2020, the mean household expenditure on miscellaneous home appliances in the U.S. amounted to 13 U.S. dollars per consumer unit. Furthermore, changes in living standards around the world and a growing interest in smart connected home appliances are driving the demand for high-end kitchen appliances including induction hobs. Also, the demand for energy-efficient appliances with user-friendly interfaces is another factor driving the market growth.

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Based on product, the market is classified into free-standing and built-in. The built-in segment grabbed the major market share and dominated the market in 2020. The built-in hob is sleek, sophisticated, and has a seamless look because it is installed at the same level as the kitchen countertop. Built-in hobs are ideal for small kitchens, as they help save on space. Freestanding Induction hobs take up countertop space and look bulkier, therefore, the end-users are more inclined towards the built-in hobs.

Based on application, the market is categorized into residential and commercial. The commercial segment grabbed the major market share and dominated the market in 22020. However, the residential segment would witness a considerable CAGR during the forthcoming years. The demand for household induction cooktops is high among the urban population especially in the developing nations, due to factors such as high purchasing power, better infrastructural facilities, and an increase in the working population

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For a better understanding of the market adoption of the Induction hobs industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. The Asia-Pacific region grabbed the major market share and dominated the market in 2020.  A rise in the café, hotels, and restaurants across in Asia pacific region coupled with the rising attractiveness of Quick Service Restaurants (QSRs) among millennials is also acting as a growth catalyst to the industry. As per Statista, the number of foodservice establishments worldwide varied greatly by region in 2020. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second-highest number of food service establishments was Latin America with over 2.3 million.

Some of the major players operating in the market include are Whirlpool Corporation, LG Electronics Inc., Electrolux AB, TTK Group, Smeg, Koninklijke Philips N.V., Robert Bosch GmbH, Panasonic Corporation, Sub-Zero Group, Inc., Miel, etc., 

Global Induction hobs Market Segmentation

Market Insight, by Product

  • Free-standing
  • Built-in

Market Insight, by Application

  • Residential
  • Commercial

Market Insight, by Distribution Channel

  • Hypermarkets & Supermarkets
  • Specialty Stores
  • Other Retail Stores
  • Online

Market Insight, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • UK
    • France
    • Germany
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • Whirlpool Corporation
  • LG Electronics Inc.
  • Electrolux AB
  • TTK Group
  • Smeg
  • Koninklijke Philips N.V.
  • Robert Bosch GmbH
  • Panasonic Corporation
  • Sub-Zero Group, Inc.
  • Miel

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