Global Induction Stove Market Report and Forecast 2024-2032

Global Induction Stove Market Outlook

The global induction stove market attained a value of nearly USD 18.00 billion in 2023. The market is estimated to grow in the forecast period of 2024-2032 at a CAGR of 6.40% to reach about USD 31.50 billion by 2032.

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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.

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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.

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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