Advancements in household appliances to boost growth of the market
The increasing demand for household kitchen appliances that can operate automatically is
expected to boost growth of the electric cooktops market. Owing to rapid urbanization, the
demand for these appliances is expected to rise significantly. Moreover, rising number of
working professionals that are unable to perform routine activities such as cooking, in turn helps
increase the demand for electric cooktops. These cooktops heat vessels 50% faster than
traditional gas cooktops and automatically regulates temperature as per the requirement.
Therefore, advancements in household appliance are further expected to boost growth of the
electric cooktop market.
Limited vessels are compatible with electric cooktops posing a major challenge for growth of the
market
Electric cooktops are compatible with specific cookware, thus limiting the range of vessels used
for cooking on such cooktops. These cooktops are compatible with cookware is made up of
ferromagnetic materials such as cast iron and steel and incompatible with cookware made up of
aluminium or copper. This poses as a major factor hampering growth of the global market.
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cooktops-market-1720
Global Electric Cooktops Market: Regional Insights
The market for Asia Pacific accounted for the largest share in the global market in 2016 and is
expected to retain its dominance over the forecast period. Rising demand for smart homes is
one of the factors driving growth of the market in this region. For instance, according to the
Coherent Market Insights’ analysis, in 2016, in India, the revenue generated from smart home
was US$ 17.45 million, which increased to US$30 million in 2017. This in turn, is expected to
boost demand for smart kitchen appliances such as electric cooktops. Thus, the market for
electric cooktops is expected to gain significant traction in this region.
Global Electric Cooktops Market: Competitive Insights
Key players operating in the global electric cooktops market include Electrolux Home Appliance,
Bosch Home Appliances Group, Whirlpool Corporation, GE Appliance, Kenmore LLC, Haier, Inc.,
Thermador Corporation, Baumatic Ltd., LG Electronics, Asko Appliance, Sub-zero Group, Inc., and
Summit Appliance.
Key players such as Haier, LG Electronics, and Electrolux are adopting inorganic strategies such
as merger and acquisitions and partnerships to gain a competitive edge in the electric cooktops
market. For instance, in 2016, Haier acquired GE Appliance in order to expand its business in the
U.S., which further strengthens its foothold in the global market.
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