Household Induction Cook Tops (Hobs) Market Trends, Size, Share, Growth and Demand Forecast to 2020 by P&S Market Research
The global household induction cook tops (hobs) market is escalating, at a swift pace. Compared to the traditional cooking surface, induction cookers avoid gas combustion, respond quickly, are very energy efficient, and limit the risk of burns. Advanced features, product innovation in terms of design, and ability to be used over multiple surfaces are some of the opportunities, which are expected to give a major boost to the global household induction cook tops market, during the forecast period.
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The induction element gives a similar cooking performance to a gas burner, but is considerably more energy-efficient. Induction cooking provides improved thermal efficiency, faster heating, and more stable heating, than cooking by thermal conduction with clear-cut control, similar to gas. Induction stoves are easy to clean, since the cooking surface is smooth and flat, and does not get too much hot, thus avoids the spilled food stick or burn. Induction cooking involves heating a cooking vessel by magnetic induction, as an alternative to thermal conduction from a flame. Induction cooking allows instant control of cooking power, similar to gas burners. The control system in an induction plate shuts down the element, if a pot is not present, or not large enough.
Europe is the largest market for household induction cook-tops, and accounts for more than one third of the global induction cook-tops market. Asia-Pacific market is the fastest growing, and is expected to account for the highest growth share of the global market for induction cook-tops, due to increasing acceptance of induction cooking, as a part of lifestyle standards. Increasing transformation in developing countries, such as Brazil, India, China, and few Latin American countries is anticipated to serve, as a growth factor for the household induction cook-tops market. Moreover, with the increasing trend of modular kitchen being promoted by real estate developers for their plans, the demand for cook tops is further expected to fuel, in the near future.
The restraining factors for global household induction cook tops market include increasing trend of outside dining, growing preferences for ovens/microwaves, and need for specialized magnetic ware. The switching costs of magnetic cookware and first-time purchase of domestic induction sets is very high, which inhibits a huge section of audience from switching to induction based cooking.
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The major competitors in the global household induction cook tops market include LG Electronics, Panasonic Corporation, Koninklijke Philips N.V., Robert Bosch GmbH, Whirlpool Corporation, Dongbu Daewoo Electronics Corporation, Videocon Electronics and Haier Inc. Among these, Philips Electronics, Panasonic, and Whirlpool Corporation are enjoying heavy brand loyalty from consumers in Asia-Pacific, and have successfully entered the region of the household induction cook-tops market.
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