Induction Cookers and Radiant Cookers with Touch Control Market is expected to reach $3.5 billion by 2025 at a CAGR of 7.8% during the forecast period 2020-2025. 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 transfer heat 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 of induction and radiant cookers is more efficient compared to traditional cooker. Furthermore, these products automatically shut off when cookware is not present on the top. 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 and Radiant Cookers with Touch Control Market size in the forecast period 2020-2025.
By Type- Segment Analysis
Induction Cooker is growing at a highest CAGR of 6.2% 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. For instance, Morphy Richards introduced its Chef Xpress 800 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 2020-2025.
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By Geography – Segment Analysis
In 2019, Europe dominated the market with a market share of more than 35%, 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 2020-2025.
Drivers – Induction Cookers and Radiant Cookers with Touch Control Market
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 and Radiant Cookers with Touch Control Market. According to EUROACE, there are 30.5 million smart homes in Europe at the end of 2018 and are expected to reach up to 83.2 million homes by 2023. 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 2020-2025.
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 2020-2025.
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Challenges – Induction Cookers and Radiant Cookers with Touch Control Market
High costs and limited choice in the vessels while cooking
Although Induction Cookers and 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 2020-2025.
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Induction Cookers and 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.
In August 2018, Electrolux has launched sensor-enabled induction cooker. With its intuitive hob touchscreen and sensors, it maintains an even temperature across the surface of a pan to deliver great frying results and enhances the cooking experience.
In 2019, Europe dominated the Induction Cookers and Radiant Cookers with Touch Control Market share by more than 35%, 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 9.2% 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 and Radiant Cookers with Touch Control Market.
A. Commercial Kitchen Equipment/Appliances Market
B. Smart Energy Devices Market
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