The global induction cooktops market was valued at USD 5.4 billion in 2022 and is projected to expand at a CAGR of 7.6% from 2023 to 2030. Induction cooktops are becoming increasingly popular due to their superior energy efficiency and safety features. Induction cooktops use electromagnetic induction as the heat source. The magnetic field generated by the cooktop transfers heat directly to the cookware, making them more efficient compared to gas and electric cooktops.

Induction cooktops are gaining popularity over traditional cooking methods due to their superior features, such as faster cooking time, superior energy efficiency, and enhanced safety. Moreover, the availability of a wide range of induction cooktops in the market is further boosting the demand. For instance, in June 2021, Samsung launched a new line of induction ranges with five different size options and added features, such as Wi-Fi connectivity, voice control, and an app-based remote control.

The increasing demand for energy-efficient cooking appliances is a major factor driving the market. Furthermore, the growing trend of energy efficiency efforts, such as the adoption of renewable energy sources, is expected to further drive the market. Additionally, the increasing focus on modernizing kitchenware is accelerating the demand for induction cooktops. Moreover, the rising disposable income and changing lifestyle of consumers are the key factors propelling the market.

The increasing availability of smart appliances is boosting the sales of induction cooktops. Smart appliances are connected to the internet and can be controlled remotely using a smartphone or other connected device. For instance, in October 2021, Bosch launched a new line of smart induction cooktops with a range of features, such as voice-activated control, Wi-Fi connectivity, and an app-based remote control. Moreover, the increase in the number of working women is further driving the demand for induction cooktops.

Furthermore, the proliferation of several online platforms is contributing to the growth of the market. The availability of a wide range of products on these platforms is enabling customers to purchase cooktops at competitive prices. Additionally, the increasing number of promotional activities and discounts on online channels is further driving the demand for induction cooktops.

The induction cooktop segment dominated the market and accounted for a share of around 40.9% in 2022. Increasing awareness of induction cooktops among consumers, rising disposable income, and growing demand for energy-efficient products are some of the key factors driving the market. According to an article published by Business Wire, in June 2020, induction cooking is the most energy-efficient form of cooking. Furthermore, the increasing urbanization and rising demand for smart kitchen appliances are driving the growth of the induction cooktop market.

The smart cooktop segment is projected to expand at the fastest CAGR of 8.4% over the forecast period. Increasing demand for automated and high-end cooking appliances is driving the growth of the market. According to an article published by The Home Depot, in March 2020, smart cooktops are becoming increasingly popular due to their ability to connect directly to the internet, enabling users to control their cooking remotely. In addition, the growing trend of automation and the emergence of smart home appliances are expected to drive the growth of the market.

The offline segment dominated the induction cooktops market with a share of over 79.2% in 2021. Consumers prefer to purchase induction cooktops from offline retail stores, as they can physically inspect the product and make sure that it meets their requirements. Further, the availability of options at offline stores and the assistance provided by sales personnel for selecting the right product further boosts the segment growth.

The online segment is anticipated to grow at the highest CAGR of 15.2% during the forecast period. Online shopping has become increasingly popular in recent years due to the convenience it offers. The presence of numerous e-commerce websites such as Amazon, Flipkart, and Snapdeal, which offer a wide range of induction cooktops at competitive prices, is expected to contribute to the growth of the segment. Moreover, the emergence of several start-ups and local vendors that specialize in selling induction cooktops online is expected to further drive the segment growth.

The single burner segment accounted for the highest revenue share of 59.9% in the year 2022. The increasing demand for single burner induction cooktops in the commercial and residential sectors is driving the market. The growing trend of small nuclear families, along with the increasing disposable income of consumers, is leading to the growth in demand for single burner induction cooktops. Also, the rising number of working women and the time-saving and efficient features of single burner induction cooktops are supporting the growth of this segment.

The double burner segment is anticipated to expand at the highest CAGR of 8.7% over the forecast period. Increasing technological advancements and the introduction of innovative features such as automatic shut-off, temperature control, and preset menus are expected to boost the adoption of double burner induction cooktops. Moreover, the rising demand for energy-efficient cooking appliances is also driving the growth of this segment.

Asia Pacific dominated the market and accounted for the largest revenue share of over 45.4% in 2022. Increasing disposable income and growing urbanization are some of the key factors driving the regional market. Moreover, increasing awareness about energy-efficient products is expected to create significant opportunities for players operating in the market. For instance, in May 2021, TTK Prestige, based in India, launched an electric induction cooktop that uses up to 66% less energy than gas cooktops.

Europe is expected to witness the second-fastest growth in the coming years. The presence of well-established players, such as Whirlpool, Samsung, and Bosch, is expected to drive the growth of the market in the region. Additionally, rising awareness among consumers regarding eco-friendly products is expected to further boost the demand for induction cooktops in the region. For instance, in April 2021, Siemens launched an induction cooktop that reduces the CO2 emission by up to 40%.

In this part of the induction cooktops business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for an induction cooktops business comes from sales of products, customer service fees, and product warranties. Here you will find a list with a description of each of them and other possible sources of profit such as advertising and promotions, affiliate marketing, and other forms of online marketing.

Projecting Expenses
In this section, all the regular expenses related to keeping the induction cooktops business running will be described. The list of operating expenses includes wages, advertising, website hosting, product research & development, inventory costs, shipping & handling, and others.

Some of the key companies operating in the induction cooktops market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Whirlpool Corporation launched the Max 35 induction cooktop with advanced features such as the power boost function and low-heat mode for easier cooking.

– In August 2022, Electrolux launched the Masterpiece induction cooktop with features such as precise temperature control, auto shut-off, and a built-in timer.

– In October 2022, Bosch launched the Home Connect induction cooktop with advanced features such as the power boost function and low-heat mode for easier cooking.

Some of the prominent players in the induction cooktops market include:

– Whirlpool Corporation
– Electrolux
– Bosch
– Siemens AG
– Samsung Electronics Co., Ltd.
– LG Electronics Inc.
– Haier Group Corporation
– Panasonic Corporation
– Miele & Cie. KG
– BSH Home Appliances Group

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global induction cooktops products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Single Burner
– Double Burner
– Triple Burner
– Quadruple Burner

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Offline
– Online

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Benefits of Induction Cooktops?
[A]: Induction cooktops offer numerous benefits over traditional cooktops, including faster cooking times, energy efficiency, safety, and versatility. Induction cooking is about 70% more efficient than gas or electric cooking, and is safer due to the lack of open flames and hot surfaces. Induction cooktops also offer precise temperature control, allowing for even and consistent cooking.

[Q]: Who are the Key Players in the Induction Cooktops Market?
[A]: Key players in the market include Whirlpool Corporation, Haier Group Corporation, Electrolux AB, Midea Group Co., Ltd., Panasonic Corporation, LG Electronics, Inc., AB Electrolux, and BSH Home Appliances Corporation.

[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Design innovation is on the rise in the retail industry and is expected to influence the induction cooktops market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.

[Q]: What are the Factors Driving the Induction Cooktops Market?
[A]: Factors such as increasing disposable income, the growing trend of nuclear families, and the emergence of smart kitchens are driving the growth of the induction cooktops market. Additionally, the growing popularity of energy-efficient kitchen appliances is also driving the growth of the market.

[Q]: Which Region Offers the Largest Opportunity for Sales of Induction Cooktops?
[A]: Asia Pacific is expected to offer the largest opportunity for sales of induction cooktops due to the rising disposable income and growing health-conscious population. The growing commercial sector, increasing number of nuclear families, the emergence of smart kitchens, and the popularity of energy-efficient kitchen appliances are also expected to drive the market in the region.