Market Size of Europe Induction Hobs Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Induction Hobs Market Analysis
Europe Induction Hobs Market is poised to grow at a CAGR of 4.5% during the forecast period.
In Europe, Induction hobs sales are rapidly increasing in Germany, France, the United Kingdom, Italy, and Spain. Free-standing induction hobs account for around 46% of the total induction hobs market in 2021. With rising gas costs and a growing preference for energy-saving equipment, demand for induction hobs is expected to rise throughout Europe over the next 5 years.
The COVID-19 pandemic adversely impacted the Induction hobs market in Europe. The shutting down of businesses and the cease of economic activities have hampered the demand for Induction hobs sales. Also, the reduced demand for induction cooktops by small cafes and restaurants, owing to the imposition of the lockdown has further hindered the demand for induction hobs to some extent.
The growing e-commerce has been posing as a major competitor to other sellers due to highly competitive discounts and other offers have emerged as the fastest growing segment of the distribution channels in the year 2020 owing to the closure of physical stores for a long time due to the COVID-19 pandemic.
In Europe, demand for household induction cooktops is high among the urban population, especially in high development index (HDI) countries like Germany, Switzerland, Iceland and Norway due to factors such as high purchasing power, better infrastructural facilities, and an increase in the working population, demand for induction cooktops is also high among working women, owing to healthy cooking options and ease of operations.
