Press Release
Press Release
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.
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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.
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