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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Global Induction Stove Market Outlook

The global induction stove market attained a value of nearly USD 18.00 billion in 2024. The market is estimated to grow in the forecast period of 2025-2034 at a CAGR of 6.40% to reach about USD 31.50 billion by 2034.

induction stove market

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Europe Represents a Considerable Market for Induction Stove

Europe holds a significant share in the global induction stove market on account of the rising popularity of induction cooking due to the increasing awareness regarding its energy benefits. The increasing adoption of induction stoves in homes, the expansion of key market players like Robert Bosch GmbH, and the introduction of innovative marketing strategies by the leading companies are influencing the market growth of induction stove in the region. Meanwhile, the Asia Pacific region is expected to witness significant growth on account of the surging demand for clean and hassle-free cooking technology owing to rapid urbanisation and the increasing disposable income of consumers. The increasing preferences for contemporary appliances and the rising adoption of modular kitchens in emerging countries like China and India are expected to aid the market, which is anticipated to significantly contribute to the market for induction stove in the forecast period.

Market Segmentation

An induction stove refers to a cooking surface that heats by shifting currents from an electromagnetic field placed below the glass surface directly to the magnetic induction cookware placed above. Induction stoves heat faster than electric and gas counterparts, due to which it facilitates fast cooking results. Moreover, induction stove posits various benefits such as easy cleaning, energy-efficiency, and cost-effectiveness.

induction stove market by segments

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The market for induction stove, by product, is divided into:

  • Built-in
  • Free-standing
  • Portable

The market can be broadly categorised on the basis of distribution channels into:

  • Supermarkets/Hypermarkets 
  • E-Commerce Store

Based on application, the market is segmented into:

  • Residential
  • Commercial

The EMR report looks into the regional markets of induction stove like Latin America, North America, Europe, the Asia Pacific, and the Middle East and Africa.

Expansion of the Commercial and Residential Sectors to Boost the Market Growth of Induction Stove

The induction stove market is expected to grow on account of the increasing commercial and residential expansion projects and the growing demand from home and professional chefs for pro-style gas ranges. With an increase in the number of restaurants and the growing food industry, the adoption of induction stoves is expected to propel. The changing lifestyle and increasing demand for a safe way to cook among consumers are also boosting induction stove demand as it does not release gas into the air and does not catch fire, which is expected to bolster the market growth in the forecast period. Based on application, the residential segment is expected to fuel the market growth as induction stove is increasingly preferred in homes due to their excellent cooking results, cool cooking surfaces, and enhanced energy-efficiency.

Key Players in the Global Market for Induction Stove

The report presents a detailed analysis of the following key players in the global induction stove market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Robert Bosch GmbH 
  • Samsung Electronics Co., Ltd.
  • Whirlpool Corporation 
  • LG Electronics Inc.
  • Panasonic Corporation 
  • Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Distribution Channel
  • Application
  • Region
Breakup by Product
  • Built-in
  • Free-standing
  • Portable
Breakup by Distribution Channel
  • Supermarkets/Hypermarkets 
  • E-Commerce Store
Breakup by Application
  • Residential
  • Commercial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Robert Bosch GmbH 
  • Samsung Electronics Co., Ltd.
  • Whirlpool Corporation 
  • LG Electronics Inc.
  • Panasonic Corporation 
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the global induction stove market attained a value of nearly USD 18.00 billion.

The market is assessed to grow at a CAGR of 6.40% between 2025 and 2034.

The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach almost USD 31.50 billion by 2034.

The major market drivers are rapid urbanisation, the rising awareness regarding energy benefits of induction stove, and the increasing demand for safer cooking.

The key market trends include the growing adoption of induction stove in commercial and residential sectors, the rising preference for clean and hassle-free cooking technology, and the increasing adoption of induction stoves in the foodservice industry.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The various products of induction stove in the market are built-in, free-standing, and portable.

The different distribution channels of induction stove include supermarkets/hypermarkets and e-commerce stores.

The different applications of induction stove in the market are residential and commercial.

The major players in the market are Robert Bosch GmbH, Samsung Electronics Co., Ltd., Whirlpool Corporation, LG Electronics Inc., and Panasonic Corporation, among others.

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