APAC Induction Hobs Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Induction Hobs Market Analysis
The Asia-Pacific induction hobs market is expected to register a CAGR of more than 5% during the forecast period. The lockdown in countries due to the COVID-19 pandemic affected them adversely. The majority of the manufacturing sectors, including induction cooktop manufacturing, were hampered by these restrictions. The governments maintained the lockdown for a few months to stop the virus's spread. While it had a significant impact on other industries, the market for induction cooktops was less affected. However, once things returned to normal, demand for induction cooktops considerably increased as people migrated back to their places of employment and chose to utilize more individualized, portable devices.
Asia was the primary contributor with 2.5% of the global increase in clean cooking availability over the past ten years, Asia was the primary contributor. 90% of Asians will have access to pure cooking methods by 2030. More significantly, during the forecast period, the induction stove market is expected to multiply in Asia-Pacific. The region's concentration of top consumer induction cooktop suppliers is a significant contributing factor. According to experts, induction and electric appliances will account for 100% of the revenue of the top six cooktop manufacturers by 2030. Local manufacturers like Bajaj in India, which provide induction stoves at costs that most people find cheap, will also be a significant factor in the move. The assessment period is projected to significantly increase the number of small and medium-sized manufacturing units in developing countries like China, India, and Japan.
Inductions Hobs work on electromagnetism, which provides energy-efficient solutions to customers. As opposed to all other hobs on the market, induction hobs heat the pan directly rather than the hob ring. A magnetic field is activated beneath an induction hob's surface when turned on. The circuit is finished when a pan is placed on the stove, heating the pan's base. Because of this, induction cooking is quick and effective. Every other hob warms the ring, the pan, and the food. However, the process is eliminated by induction.
The fastest method of cooking in the market is induction. It can even outperform a kettle at heating water since it moves faster than gas. The market experienced a boost from several changes, such as kitchen appliance makers upgrading outdated mechanical controls and displays to reduce after-sale costs. Additionally, the market graph may experience a considerable uptick during the projection period because of the rising demand for environmentally friendly appliances and improved access to electricity. In addition, rising demand for modular kitchens is anticipated to support induction hob demand. The advantages of induction hobs, such as their speed, responsiveness, energy efficiency, and convenience of use, have significantly fueled the market's growth.
When compared to conventional electric cooktops, induction cooking has a potential energy savings of between 5% and 20%, and it has an energy savings of over 65% compared to gas.
APAC Induction Hobs Market Trends
This section covers the major market trends shaping the APAC Induction Hobs Market according to our research experts:
Rising Disposable Income and Affluent Standard of Living is Driving the Market
The major trend of the market in the area is rapid urbanization and rising disposable income. Additionally, the preference for modern appliances is assisting in surging the demand for induction hobs. The technical advancement in appliances is anticipated to present the region's major firms with considerable potential. For instance, Panasonic's induction features exact temperature, four cooking zones, and an LED display with a slider regulator with cutting-edge technology.
Rising high-tech appliance use is anticipated to promote market expansion throughout the forecast period. The market experienced a boost from the widespread use of e-commerce, particularly in emerging nations.
Significant demand for the product is anticipated from the residential sector, likely to drive the market over the forecast period. It is projected that the household segment will make up a sizeable portion of the induction. Induction hob sales online are also increasing, opening up the profit potential for the market.
Increasing Focus Among Health and Wellness Products Among People is Surging the Market’s Growth
When fossil fuels are burned, a variety of pollutants are created that, in high enough concentrations, are known to be detrimental to human health. Many childhood asthma cases in Australia are related to gas cooking. The risk of developing asthma for a child living in a gas-cooked home is comparable to that of a youngster who smokes. Additionally, gas cooking has been related to a higher risk of respiratory infections, slight declines in children's lung function, and rhinitis.
Air pollutants like nitrogen oxides (NOx), which are released within just a few minutes of using a gas stove, can dramatically raise the risk of causing respiratory ailments if there is inadequate ventilation.
Additionally, homes with gas stoves have nitrogen dioxide (NO2) concentrations that are 50% to 400% greater than those with electric stoves. The pollution resulting from the gas stoves frequently approaches levels prohibited outside. For instance, the annual limit of NO2 was reduced from 40 mg per cubic m. to 10 mg by the most recent WHO air pollution recommendations. However, in kitchens, those could reach levels of 2,000 mg.
Natural gas is also a very polluting fuel. Although it produces more methane than coal, it emits 50-60% less carbon dioxide (CO2). Its warming potential is 84 to 86 times greater than carbon dioxide during 20 years. When gas stoves are turned off, they emit more than 75% of their methane emissions. Annual methane emissions from all gas stoves in US homes over 20 years have an equivalent climatic impact to 500,000 cars' CO2 emissions each year. These are the main concerns of consumers nowadays, which is driving the induction hobs market.
APAC Induction Hobs Industry Overview
The Asia Pacific induction hobs market is very competitive with domestic and foreign competitors. The players are occupying the established space in a fragmented market. Businesses are shifting to selling their goods online as e-commerce grows. A few companies, Bosch, General Electric, and Whirlpool Corporation, dominate the market.
APAC Induction Hobs Market Leaders
Bosch
Whirlpool Corporation
Samsung
True Induction
Panasonic Corporation
*Disclaimer: Major Players sorted in no particular order
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APAC Induction Hobs Market News
- In August 2022, Kent RO Systems Ltd, based in India, launched the KENT Jewel Induction Cooktop. The product features 2000W power consumption and eight preset menus, including fry, roti, curry, soup, water, keep warm, rice, and milk boiling.
- In August 2021, Smeg announced the launch of the Area Induction Hob. It is considered the most intelligent hob product with features such as smart-follow-pot technology, which uses 38 sensors to recognize the individual pans on the hob. The induction has a capacity of 12 pans of varying sizes without any predetermined cooking zones.
APAC Induction Hobs Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porters' Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Freestanding
5.1.2 Portable Induction Cooktops
5.1.3 Build - In
5.2 Distribution Channel
5.2.1 Home Centres
5.2.2 Speciality Stores
5.2.3 Online
5.2.4 Other Distribution Channels
5.3 Application
5.3.1 Household
5.3.2 Commercial
5.4 Geography
5.4.1 Japan
5.4.2 China
5.4.3 India
5.4.4 South Korea
5.4.5 Australia
5.4.6 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bosch
6.1.2 Whirlpool Corporation
6.1.3 Samsung
6.1.4 True Induction
6.1.5 Panasonic Corporation
6.1.6 LG Electronics
6.1.7 Electrolux
6.1.8 IFB
6.1.9 Fotile
6.1.10 Prestige
6.1.11 Robam*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER
APAC Induction Hobs Industry Segmentation
The report provides a thorough background analysis of the Asia Pacific induction hobs market, including a qualitative and quantitative evaluation, emerging market trends by segments, essential changes in the market dynamics, and a market overview.
The Asia Pacific induction hobs market is segmented by product type (freestanding, portable induction cooktops and build-in), by application (household and commercial), by distribution channels (supermarkets and hypermarkets, specialty stores, online, and other distribution channels), by regions (China, India, Japan, South Korea, Australia and Rest of the Asia Pacific countries). The report offers Market size and forecasts for Asia Pacific Induction Hobs Market in value (USD Million) for all the above segments.
| Type | |
| Freestanding | |
| Portable Induction Cooktops | |
| Build - In |
| Distribution Channel | |
| Home Centres | |
| Speciality Stores | |
| Online | |
| Other Distribution Channels |
| Application | |
| Household | |
| Commercial |
| Geography | |
| Japan | |
| China | |
| India | |
| South Korea | |
| Australia | |
| Rest of Asia Pacific |
APAC Induction Hobs Market Research FAQs
What is the current Asia Pacific Induction Hobs Market size?
The Asia Pacific Induction Hobs Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Induction Hobs Market?
Bosch, Whirlpool Corporation, Samsung, True Induction and Panasonic Corporation are the major companies operating in the Asia Pacific Induction Hobs Market.
What years does this Asia Pacific Induction Hobs Market cover?
The report covers the Asia Pacific Induction Hobs Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Induction Hobs Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Pacific Induction Hobs Industry Report
Statistics for the 2024 Asia Pacific Induction Hobs market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Induction Hobs analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
