Induction Hobs Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product (Free-Standing, Built-in); Application (Residential, Commercial); Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Other Retail Stores, Online); and Region/Country
Increasing requirement for energy-efficient and time-saving cooking appliances, Rising consumer awareness about safe kitchen products, and emerging demand for premium products are some of the prominent factors that are driving the demand for induction hobs. Moreover, the increasing number of residential and non-residential development projects, along with the increasing number of food chain and restaurants across the globe is also propelling the market growth. As per a report by IHG, The global hotel industry is a $525bn industry, made up of 18 million rooms in 2018. 54% of rooms are affiliated with a global or regional chain (‘branded’), up from 50% in 2012.
As per the U.S department of agriculture, the food service and food retailing industries supplied about US$1.79 trillion worth of food in 2019. In 2020, the food service and food retailing industries supplied about US$1.69 trillion worth of food. Also, The growth of commercial spaces like cafés, and restaurants as a place to socialize and spend time with different and innovative food consumption has altered food consumption habits As per the world bank, Adjusted net national income per capita (current US$) reached US$ 9,483.84 in 2019 from US$ 8,544.82 in 2015.
The Global Induction Hobs market is expected to register a CAGR of more than 5% over the period of 2021-2027. The booming construction sector across the globe is propelling the demand for induction hobs. The rising number of residential, commercials, restaurants, eateries, etc., is contributing to the growing market for induction hobs. The improved profitability and performance of the restaurant business are generating sufficient prospects for the market as people continue to patronize fast-food restaurants. The rise in fuel expenses for conventional gas cooktops, as well as the growing trend of modular kitchens due to the comfort and safety benefits, are driving the household induction cooktops market
Furthermore, the gradual shift from gas cooktops has benefitted the market in the past, and an increasing number of consumers are inclined toward installing induction cooktops in their houses or large-scale residential projects. This is due to an increase in awareness regarding its benefits over gas cooktops.
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., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst products, the free-standing category accounted for the majority share in the market in 2020”
Based on the product, the market is fragmented into free-standing and built-in. The built-in segment grabbed the major market share and dominated the market in 2020. The growing demand for smart homes and smart offices is contributing to the growing market. Further, The built-in hob is sleek, sophisticated, and has a seamless look because it is installed at the same level as the kitchen countertop.
“Amongst applications, the commercial segment is expected to witness the highest CAGR during the forecast period”
Based on the application, the market is fragmented into residential and commercial. The commercial segment grabbed the major market share in 2020 and dominated the market. A growing number of home bakers, higher appeal of artisanal bakers, and the launch of new products will up the consumption of cocoa in this industry are contributing to the growing market.
“Amongst distribution channels, the online segment is expected to witness exhibit growth in the forthcoming years”
Based on the distribution channel, the market is fragmented into Hypermarkets & Supermarkets, Specialty Stores, Other Retail Stores, and Online. The supermarkets/ hypermarket segment grabbed a significant market share in 2020. The booming number of these stores globally is contributing to the growth of this segment
“Asia-Pacific dominated the global induction hobs market in 2020”
For a better understanding of the market adoption of the Induction Hobs market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific region grabbed the major market for the Induction Hobs Market industry in 2020. However, the Europe region would witness a considerable CAGR during the forthcoming years.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Induction Hobs Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global induction hobs market were the three major steps undertaken to create and analyze the adoption of induction hobs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global induction hobs market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the induction hobs market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the induction hobs market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product, application, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Induction Hobs market. Further, we conducted factor analysis using dependent and independent variables such as the surging HoReCa sector, growing partying culture among millenniums, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Induction Hobs market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Induction Hobs market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of Induction Hobs market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global induction hobs market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global induction hobs market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and distribution channel in the global Induction Hobs market.
The main objective of the Global Induction Hobs Market Study
The current & future market trends of the global induction hobs market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the induction hobs market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, application, and distribution channel
- Define and analysis of the regulatory framework for the induction hobs market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the induction hobs market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the Induction Hobs market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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