Household Induction Cooktops Market (Hobs) is Expected to Reach USD 5.2 Billion Globally by 2018: Transparency Market Research
Albany, New York (PRWEB) July 30, 2013 -- The household induction cook-tops market refers to the global market for cook-tops which operate on the concept of induction heating/cooking, and are considered as one of the advanced technological innovations in the field of cooking.
This type of cooking not only has energy efficiency benefits but also provides health and safety benefits to users. Induction cook-tops, which are relatively new to many regions in emerging Asia Pacific economies, are already enjoying fast adoption across consumers of European markets. The induction cook-tops market is experiencing a moderate single digit growth rate and is expected to see a gradual rise as the forecast period comes to an end. This is due to growing awareness and rapid urbanization in the Asia Pacific and Eastern Europe regions.
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There are many macro and micro economic factors driving the growth, such as growing urbanization and trend of modular kitchens in new houses being constructed (especially in Europe and Grade I cities of the Asia Pacific region). An important factor influencing market growth is the technological development in the field of induction cooking, which have made induction cook-tops more energy-efficient and responsive to temperature changes (during heating). Moreover, new design features with multi-functionality of induction cook-tops have contributed to their growing acceptance among consumers.
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Globally, the Asia Pacific market is estimated to be the most attractive market, followed by Europe and then North America. RoW currently is not very attractive due to low market penetration and awareness. Moreover, the growth challenges in regions such as Africa and Latin America pull down the commitment of the regional governments towards promoting energy efficient products at such a niche end-use segment level.
The global household induction cook-tops market has a healthy mix of both regional and global white goods industry players. The leading domestic players include names such as KitchenAid (By Whirlpool), Gaggenau Thermador, and AEG (only in Canada, by Electrolux). Europe, in particular, has high concentration of domestic players, while the Asia Pacific market is dominated by leading global players such as Electrolux, Videocon, and Philips Electronics, among others.
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Sheela AK, Transparency Market Research, http://www.transparencymarketresearch.com, +1-518-618-1030, [email protected]
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