The Portable Induction Hobs Market has experienced robust growth, reaching a value of US$ 257.2 million in 2023, reflecting a compound annual growth rate (CAGR) of 7.3% from 2018 to 2022. Projections indicate further expansion, with sales anticipated to reach US$ 494.4 million by the end of the forecast period from 2023 to 2033, growing at a CAGR of 6.8%.
Portable induction hobs, also referred to as induction hobs or electric induction cookers, have undergone significant evolution driven by technological advancements, evolving consumer preferences, and increased awareness of energy-efficient and sustainable cooking practices.
The global market for portable induction hobs has witnessed substantial growth, attributed to factors such as urbanization, shrinking living spaces, and heightened interest in energy-efficient culinary solutions. While market size may vary across regions, the demand for portable induction hobs is steadily increasing in both developed and emerging economies, indicating a widespread adoption trend.
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Market Drivers
As environmental sustainability becomes increasingly paramount, consumers are actively seeking energy-efficient and environmentally friendly cooking alternatives that emulate the advantages offered by induction hobs.
However, a notable challenge facing the market lies in ensuring that consumers possess cookware compatible with the magnetic properties required for portable induction hobs. Manufacturers often find themselves in the position of needing to educate consumers regarding suitable cookware options for optimal performance.
While the initial cost of acquiring a portable induction hob may exceed that of a traditional stove, the potential for long-term energy savings presents a compelling incentive. Educating consumers on the myriad benefits, operational intricacies, and maintenance requirements of portable induction hobs is pivotal in fostering widespread adoption and facilitating their judicious use.
Key Companies
- Electrolux AB
- Groupe SEB
- Haier Group
- Koninklijke Philips N.V.
- LG Electronics, Inc
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Market Segmentation
Types:
- Low Power Induction Hobs (Below 0.8KW)
- Common Power Induction Hobs (1KW to 2.5KW)
- High Power Induction Hobs (3KW to 35KW)
Applications:
- Residential
- Commercial