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According to the Market Statsville Group (MSG), the global induction cooktops market size is expected to grow from USD 22.5 billion in 2022 to USD 52.9 billion by 2033, at a CAGR of 8.1% from 2023 to 2033.
The global induction cooktops market has grown steadily in recent years, driven by the rising popularity of energy-efficient and convenient kitchen appliances. Induction cooktops are becoming more common in households due to their ability to heat food quickly and precisely while using less energy than traditional gas or electric cooktops. The increasing adoption of smart home appliances is the major driving factor for market growth. With the rise of connected homes, consumers are looking for appliances that can be controlled remotely or programmed to operate automatically. Induction cooktops with Wi-Fi connectivity, voice control, and mobile app integration are gaining popularity among tech-savvy consumers. Another factor driving the growth of the induction cooktops market is the rising trend of open-plan kitchens. Open-plan kitchens are gaining popularity as they provide a more social and functional space for cooking and entertaining. Induction cooktops offer several benefits for open-plan kitchens, including their sleek design, easy cleaning, and safety features.
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Induction cooktops are kitchen appliances that use electromagnetic fields to heat up pots and pans directly rather than heating the surface underneath. They require specialized cookware that is made of magnetic material, such as cast iron or stainless steel, which allows the magnetic field to generate heat within the cookware. The electromagnetic field is created by passing an alternating current through a coil of copper wire beneath the ceramic glass surface of the cooktop. Induction cooktops are well known for their energy efficiency, precise temperature control, and quick heating capabilities. They also offer several safety features, such as automatic shut-off when there is no cookware on the surface, and their smooth, flat surface makes them easy to clean.
The study categorizes the induction cooktops market based on product type, application and distribution channel area at the regional and global levels.
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Based on the product type, the market is divided into built-in and free-standing. The built-in segment accounted for the largest market share in 2022 in the global induction cooktops market. Built-in induction cooktops are designed to be installed into kitchen countertops or islands, creating a seamless and integrated look. They offer a sleek and modern design that is popular in high-end and smart/modern kitchen designs. The built-in induction cooktops are also known for their precise temperature control, energy efficiency, and safety features, which make them a popular choice among homeowners. They offer a flat, smooth surface that is easy to clean and maintain. Additionally, the built-in induction cooktops segment is expected to continue its dominance in the market due to the growing trend of open-plan kitchens and smart homes. As consumers seek to create more functional and connected living spaces, built-in induction cooktops offer a versatile and sophisticated solution.
Based on the regions, the global induction cooktops market has been segmented across Europe, North America, Asia-Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest market share in 2022. Asia-Pacific region is the largest market for induction cooktops due to the growing population, rapid urbanization, and rising disposable income levels in countries such as China and India. These factors have increased demand for home appliances, including induction cooktops, as consumers seek to upgrade their living standards.
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The induction cooktops market is a significant competitor and extremely cutthroat in the sector is using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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