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Global Induction Stove Market to Reach About USD 23.1 Billion by 2027, Aided by the Energy-Efficiency of Induction Stoves

According to a new report by EMR titled, ‘Global Induction Stove Market Report and Forecast 2022-2027’, the market attained a value of about USD 15.9 billion in 2021. The market is further expected to grow at a CAGR of 6.40% in the forecast period of 2022-2027 to reach a value of nearly USD 23.1 billion by 2027.

The market growth can be attributed to the energy-efficiency offered by induction stoves, which is surging their utilisation to lower utility bills. With the growing focus on the optimal air quality inside homes, consumers are adopting induction stoves to reduce indoor air pollutants. As induction stoves offer easy clean-up, keep the surrounding elements cool, prevent baked-on messes, and can be utilised for additional counter space, they are increasingly preferred in the residential sector.

 

In addition, the surging adoption of smart kitchen appliances, especially by the young population, is fuelling the market growth of induction stove. Various leading companies are increasingly launching sleek, smooth, and stylish induction stoves to enable users to enhance the aesthetic appeal of their kitchens, which is expected to provide further impetus to the induction stove market in the forecast period.

 

Samsung Electronics Co., Ltd. (KRX: 005930), one of the leading companies in the market, launched a 30” Smart Induction Built-In Cooktop with Wi-Fi in August 2021. The product aids families in preparing meals rapidly and efficiently by offering precise and fast cooking performance. It can lower emissions and reduce energy use while maintaining outstanding performance, for which it received a 2021-2022 ENERGY STAR Emerging Technology Award in the Residential Induction Cooking Tops category.

 

Moreover, the product features four burners and a Power Boost mode to facilitate time-efficiency during cooking. It also offers precise temperature control and a smooth glass surface for effective and quick cleaning. As the product is equipped with smart features and GPS-based automation, it can be controlled by the SmartThings app on smartphones and provide consumers with peace of mind.

 

Market Analysis by Product, Distribution Channel, Application, and Region:

  • The market, on the basis of product, can be divided into built-in, free-standing, and portable.
  • The distribution channels for induction stove include supermarkets/hypermarkets and e-commerce stores.
  • Based on application, the market can be divided into residential and commercial.
  • The regional markets for induction stove include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • With the rising awareness regarding the energy and cost benefits of induction stoves, their adoption is surging and aiding the market growth.
  • The growing demand for hassle-free and clean cooking technology and the rising adoption of modular kitchens are boosting the demand for induction stoves.
  • The market growth of induction stove can be attributed to the increasing demand for induction stoves in the residential sector, the surging preference for stoves for versatile cooking ranges, and the growing focus on safe and fast cooking methods.
  • The robust growth of the foodservice sector and the surging adoption of induction stoves in the sector are propelling the market growth.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for induction stove for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the products, distribution channels, applications, and major regions of induction stove.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market are Robert Bosch GmbH, Samsung Electronics Co., Ltd., Whirlpool Corporation, LG Electronics Inc., and Panasonic Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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