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Cooktop Market

Published Date : Jun 2024 | Forecast Year : 2019

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Cooktop Market Size, Share & Trends Covers Analysis By Product Type (Touch Screen Type, Touchtone Type), By Application (Home Use, Commercial Use), By Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) Growth, Demand, Regional Outlook, And Forecast 2024-2032

Report ID: AG816

Published : Jun 2024

Pages : 154

Category : Energy & Power

Format : Cooktop Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 43.92 Billion
MARKET SIZE (2023)USD 21.75 Billion
CAGR (2023-2029)10.9%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPETouch Screen Type
Touchtone Type
BY APPLICATIONHome Use
Commercial Use
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSMidea, SUPOR, Joyoung, Philips, POVOS, Galanz, Fusibo, Sunpentown, Panasonic, Haier Group, AB Electrolux, Bosch, Whirlpool, Semikron, Waring, Fisher & Paykel, Smeg, True Induction.

Introduction:

Welcome to Cooktop Market, the complete guide to navigating the diverse and ever-evolving world of cookware. In today's kitchens, the cooker is not only a functional necessity, but also a focal point that combines style, efficiency and cutting-edge technology. Whether you're an experienced chef, a passionate home cook or someone just starting a kitchen renovation, it's important to understand the current range of oven options.

Cooktop Market

Size, by Product, - (USD Billion)

Touch Screen Type

Touchtone Type

Others

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

10.9%

The Forecast Market

Size for in USD:

$43.92 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Global Cooktop Market Size Was Estimated At USD 21.75 Billion In 2023 And Is Projected To Reach USD 43.92 Billion By 2032, At CAGR Of 10.9% During Forecast Period (2024-2032)

The cooker market offers a wide range of options, from traditional gas and electric models to advanced induction and smart cookers. Each type has its own advantages to suit different cooking habits and lifestyles. Loved for their precise heat control and familiarity, gas cooktops remain popular with professional chefs and cooking enthusiasts alike. On the other hand, electric ovens have evolved from conventional spiral models to smooth glass or ceramic surfaces that offer easier cleaning and modern aesthetics.

Market Overview:

When a cookware containing iron is placed on an induction cooktop, an electromagnetic field is created, which causes a current in the cookware. Compared to traditional gas or electric ovens, this method heats cookware quickly and precisely, which speeds up cooking time and improves energy efficiency. As customers prioritize energy savings and sustainability, induction cooktops have become a center of competition and innovation. The market for induction cookers is mainly driven by the general trend to renovate kitchens, increasing awareness of environmental aspects and the need for faster and more precise cooking processes. To improve product performance, safety features and design aesthetics, manufacturers in this market are constantly devoting resources to research and development. The development of induction technology, such as integrated sensors and intelligent controllers, also influences the development of the market.

Key Players:

  • Midea
  • SUPOR
  • Joyoung
  • Philips
  • POVOS
  • Galanz
  • Fusibo
  • Sunpentown
  • Panasonic
  • Haier Group
  • AB Electrolux
  • Bosch
  • Whirlpool
  • Semikron
  • Waring
  • Fisher & Paykel
  • Smeg
  • True Induction

Market Trends:

  • Rise of Induction Cooktops
  • Integration of Smart Technology
  • Growing Demand for Energy Efficiency
  • Customization and Personalization
  • Enhanced Safety Features
  • Sustainability and Eco-Friendly Materials
  • Multi-functionality and Integrated Cooking Solutions

    Cooktop Market

    Share, by end user, (USD Billion)

    Analytica Global 21.75 Billion %

    Home Use

    Commercial Use

    Others

    Other End-Users

    b0d51e3055fd6f23ff6a384a6e091406.svg

    43.92 Billion

    Total Market Size

    USD (Billion),

    10.9%

    CAGR

    -

Market Drivers:

Advances in Technology: Constant innovations in cooking technologies, such as induction heating and smart connections, are increasing consumer interest and increasing the adoption of modern kitchens.

Changing consumer lifestyles: fast-paced lifestyles and growing interest in home cooking have increased the demand for efficient and easy-to-use kitchen appliances that save time and enhance the cooking experience.

Focus on energy efficiency: rising energy costs and environmental awareness are driving demand for energy-efficient cooktops, such as induction models, which use less energy than traditional gas or electric cooktops.

Design and aesthetic appeal: Consumers are increasingly looking for kitchens that not only function well, but also complement their kitchen design, encouraging manufacturers to offer stylish and customizable options.

Safety and Convenience Features: Advanced safety features like auto-off sensors and parental controls appeal to safety-conscious households, while features like touch controls and Wi-Fi add convenience.

Market Insights: 

Shift to induction technology: Consumer preferences for induction cookers have changed significantly due to their efficiency, precise control and safety features. Induction technology is gaining traction as consumers become aware of its benefits, such as faster cooking times and energy savings.

The impact of smart home integration: The integration of smart technologies into kitchens, including Wi-Fi connectivity, app controls and compatibility with voice assistants, is changing the world of kitchen appliances. Intelligent functions increase user comfort and enable remote monitoring and control of cooking processes, which appeal to technicians.

Different consumer preferences: Consumers have different preferences for cookware, influenced by things like cooking styles, kitchen design, aesthetic preferences and budget considerations. Manufacturers are responding by offering a variety of options, from traditional gas and electric models to advanced induction and hybrid cooktops.

Sustainability and energy efficiency: Sustainable development and energy efficiency are emphasized in the kitchen market. Consumers are increasingly choosing devices that reduce energy consumption and environmental impact. Manufacturers are responding with energy-efficient models and environmentally friendly materials that meet consumer preferences for a greener lifestyle.

Market Challenges:

High initial costs: Advanced technologies such as induction cookers and smart devices often have higher upfront costs, which can deter price-conscious consumers.

Consumer education and awareness: consumers must be educated about the benefits and differences between different types of stoves and technologies (gas, electric, induction), and myths and misconceptions must be dispelled.

Cooker compatibility: Induction cooktops require compatible cookware with magnetic properties, which can force consumers to replace existing cookware, increasing overall costs.

Installation Requirements: Installation of certain types of cookers, such as gas stoves or induction cookers with special electrical requirements, may require professional installation, which can increase complexity and cost.

Differences in performance: Some consumers may perceive differences in cooking or sensitivity between traditional gas ovens and newer technologies such as induction that influence their purchasing decisions.

Market Opportunities:

  • Growth in Smart Home Integration
  • Rising Demand for Energy-Efficient Appliances
  • Expansion of Induction Cooktop Adoption
  • Customization and Personalization Trends
  • Technological Advancements in Cooking Technologies
  • Expansion in Emerging Markets
  • Focus on Design and Aesthetics
  • Health and Wellness Trends
  • Integration with Kitchen Ecosystems
  • Educational Content and Consumer Engagement

Recent Development:

  • Fisher and Paykel Healthcare Corp. Ltd. engages in the designing, manufacturing and marketing of medical device products and systems for use in respiratory care, acute care and the treatment of obstructive sleep apnea. It operates through the following segments: New Zealand, North America, Europe and Asia-Pacific.
  • Jun 25, 2024 Panasonic Holdings Corporation has issued a press release entitled "Partial Correction in Consolidated Financial Forecast for Fiscal Year ending March 31, 2025"

Cooktop Market

Size, by Product, - (USD Billion)

APAC $ 24

The Market will Grow

At the CAGR of:

10.9%

The Forecast Market

Size for in USD:

$43.92 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Research Methodology

The qualitative and quantitative data of the Induction Cooktop Market is prepared through various research considerations such as subject matter expert advice, primary and secondary research. Primary research leverages valuable information from face-to-face and/or telephonic interviews and surveys, questionnaires, industry expert opinion, KOLs, customers, and others. Primary interviews are conducted regularly with industry experts to create in-depth expert information on the market and to substantiate the existing analysis of the data.

Secondary research done by Verified Market Reports research team through various sources such as

  • Company websites, annual reports, financial reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent, and regulatory databases
  • National government documents, statistical databases, and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market
  • Paid database

Market Segmentation:

By Type

  • Touch Screen Type
  • Touchtone Type

By Application

  • Home Use
  • Commercial Use

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

    Cooktop Market TO (USD BN)

    Cooktop Market

    CAGR OF

    10.9%

    Cooktop Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 43.92 Billion %

Stakeholders in the Cooktop market can include: 

  • Manufacturers
  • Retailers
  • Consumers
  • Designers and Architects
  • Regulatory Bodies
  • Industry Associations
  • Technology Providers
  • Service Technicians
  • Environmental Organizations
  • Media and Review Platforms

FAQ (Frequently Asked Questions):

Q.1 How big is the Cooktop market?

Ans: - Cooktop Market Size Was Estimated At USD 21.75 Billion In 2023 And Is Projected To Reach USD 43.92 Billion By 2032, At CAGR Of 10.9%.

Q.2 Who are the major players in the Cooktop market?

Ans: - Midea, SUPOR, Joyoung, Philips, POVOS, Galanz, Fusibo, Sunpentown, Panasonic, Haier Group, AB Electrolux, Bosch, Whirlpool, Semikron, Waring, Fisher & Paykel, Smeg, True Induction.

Q.3 Which segments are covered in the report of Cooktop market?

Ans: - The Cooktop market is Segmented On The Basis Of Type, Application, And Geography

Q.4 Which regions are covered in the report that having a potential scope for the Cooktop market?

Ans: - On the basis of Geography, The Cooktop market is classified into North America, Europe, Asia Pacific, and the Rest of the world.

Conclusion:

In short, the kitchen appliance market is a dynamic and evolving landscape driven by technological innovation, changing consumer preferences and efficiency and sustainability. From the proliferation of induction cooktops and the integration of smart technologies to growing consumer demand for customizable design and energy-efficient appliances, the industry continues to adapt to different needs. Consumers are increasingly prioritizing convenience, safety and environmental responsibility in their kitchen appliances, so manufacturers are responding with innovative solutions that improve the cooking experience while reducing energy consumption and environmental impact. Whether you're a culinary enthusiast, a professional chef, or someone looking to update your kitchen, understanding these trends and advancements will help you make informed decisions about the right kitchen for your home.

Cooktop Market - Global Outlook & Forecast 2024-2029

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