Induction Cookers and Radiant Cookers With Touch Control Market Size Expected to Reach $27.5 Billion by 2026
Growing Adoption of Smart Home and Building Automation System Driving the Growth of Induction Cookers and Radiant Cookers With Touch Control Market.
Hyderabad, India – July 23, 2021 /MarketersMedia/ —
Induction Cookers and Radiant Cookers with Touch Control Market is expected to reach $27.5 billion by 2026 at a CAGR of 7.1% during the forecast period 2021-2026. Rising demand for time saving and energy efficient cooking appliances, shift towards modular kitchen in emerging economies, increasing awareness about safety has been attracting consumers all over the world to procure advanced cooking appliances.
The technology behind these cooktops involves the generation of an electromagnetic interference and heat transfer directly to the metal cookware that is made of ferrous metals. Thus the increased magnetic permeability of ferrous metals decreases the electrical resistance. In addition, thermal efficiency and thermal conduction capability of induction and radiant cookers is more efficient compared to traditional cooker which will drive the adoption of these cooktops. Furthermore, these products automatically shut off when cookware is not present on the top thus driving the market amidst the increased need for safety.
Induction Cookers and Radiant Cookers with Touch Control Market Segment Analysis – By Type
Induction Cooker is growing at a highest CAGR of 7.7% in the forecast period owing to its energy-efficiency and time-saving benefits. In addition, rise in demand for modular kitchens and implementation of stringent government regulations regarding energy saving contributes to the market growth. Similarly, growth in sales of household kitchen appliances further drives the household induction cooktops market growth. Moreover, introduction of eco-friendly and energy-efficient induction cookers with additional benefits such as the inclusion of more burners, noiseless operations, and advanced touchscreen functionalities will drive market adoption.
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Induction Cookers and Radiant Cookers with Touch Control Market Segment Analysis – By Integration
The rising focus on modular kitchens both in consumer and commercial applications will drive the demand for built in induction and radiant cookers. This segment is projected to grow at a faster rate of 7.9% during the forecast period. Rise in fuel prices for conventional gas cooktops and growth in trend for comfortable & safety benefits to the users are the major factors that accelerate the Induction Cookers and Radiant Cookers with Touch Control Market size in the forecast period.
For instance, Morphy Richards introduced its Chef Xpress 800 built in Induction Cooktop, which has different power levels with touch control that allow varying the cooking temperature and has six auto cook options and an auto off feature for safety purposes. Similarly several other companies have been introducing induction cookers with advanced touch and other features. Hence these advancements are analysed to drive the market in the forecast period 2021-2026.
Induction Cookers and Radiant Cookers with Touch Control Market Segment Analysis – By Geography
In 2020, Europe dominated the market with a market share of more than 36%, Rapid urbanization and adoption of energy efficient kitchen appliances by consumers are the key drivers impacting the market growth in the region. Moreover, changing lifestyle, increasing prices of conventional cooking fuel and increasing adoption of innovative smart kitchen appliances are some of the reasons for market growth in this region. The introduction of a wide range of enhanced models has significantly contributed to the market size.
Induction Cookers and Radiant Cookers with Touch Control Market Drivers
Growth of Smart home and building automation system
Growing adoption of smart home and building automation system in major regions of world is creating opportunities for Induction Cookers and Radiant Cookers with Touch Control Market. According to EUROACE, there are 31.2 million smart homes in Europe at the end of 2019 and are expected to reach up to 84.4 million homes by 2025. Similarly, smart home and building automation penetration in North America and APAC is rapidly growing in the forecast period. Hence the rising popularity of modular kitchens in smart homes and building automation enhance the market for these cooker in the forecast period 2021-2026.
Advancements and safety features related to Induction Cookers and Radiant Cookers
Induction Cookers and Radiant Cookers with Touch Control are being increasingly adopted to help improve the efficiency of legal variety of industries. Adding to this, rising awareness among people to choose kitchen appliances which are energy efficient along with enhanced safety features and advancements in heating technology are the major factors for the induction cooktops market.
Owing to electromagnetic field technology, these cookers heat 50% faster than traditional gas cookers and allow instantaneous temperature changes as the power level is adjusted. In addition to that, due to the absence of open flames, induction cookers are comparatively safer than LPG cylinders. Hence these benefits are analysed to drive the market in the forecast period 2021-2026.
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Market Landscape
Induction Cookers and Radiant Cookers with Touch Control top 10 companies include Whirlpool Corporation, SMEG S.p.A., LG Electroncis, Inc., Koninklijke Philips N.V., TTK Prestige Ltd, Electrolux Group, Robert Bosch GmbH, Sub-Zero Group, Inc., Panasonic Corporation, Miele Group among others.
Key Takeaways
In 2020, Europe dominated the Induction Cookers and Radiant Cookers with Touch Control Market share by more than 36%. Rapid urbanization and adoption of energy efficient kitchen appliances by consumers are the key drivers impacting the market growth in the region.
Induction Cooker is growing at a highest CAGR of 7.6% in the forecast period owing to its energy-efficiency and time-saving benefits.
Growing adoption of smart home and building automation system in major regions of world is creating opportunities for Induction Cookers and Radiant Cookers with Touch Control Market.
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Source: MarketersMedia
Release ID: 89038215
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