The induction hobs market is expected to grow by USD 3.51 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Induction Hobs Market 2020-2024 (Graphic: Business Wire)
Vendors in the market are introducing innovative products integrated with new technologies to attract customers. Some of the latest features introduced in induction hobs include faster heating and cooling-down, temperature controls, power levels, child lock, timer, and sensory panels. In 2019, AB Electrolux introduced a wide range of kitchenware that combine technology with human-centric Scandinavian design. The kitchen range includes the SenseFry induction hob that features intuitive hob touchscreen and sensors and assisted cooking programs. The induction hob identifies and maintains an even temperature across the surface of the pan. The introduction of such innovative products is attracting consumer interest, which is crucial in driving the growth of the global induction hobs market.
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As per Technavio, the increasing demand for convenient home appliances with changes in lifestyle patterns will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Induction Hobs Market: Increasing Demand for Convenient Home Appliances with Changes in Lifestyle Patterns
Changing lifestyles and time-pressed schedules of consumers in the urban regions have increased the adoption of products that are easy to use and time-saving. Induction hobs help address such consumer needs as they quickly heat the food and are also energy efficient compared to traditional gas stoves. Globally, the rate of urban population has been growing at a steady rate. This is expected to boost the sale of induction hobs during the forecast period.
“Advent of voice-controlled kitchen assistants and the increasing adoption of induction technology in cooking appliances will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Induction Hobs Market: Segmentation Analysis
This market research report segments the induction hobs market by product (built-in and free standing), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).
The European region led the induction hobs market in 2019, followed by North America, APAC, South America, and MEA. However, during the forecast period, APAC is expected to register the highest incremental growth due to the increasing adoption of modular and smart kitchens in the region.
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Some of the key topics covered in the report include:
- Free standing
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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