Electric Cooktops Market - Global Industry Insights, Trends, 2018-2026
Posted: Jul 17, 2018
Electric cooktops is a cooking equipment used in commercial and non-commercial settings. Electric cooktops are more energy-efficient as compared to other traditional cooking appliances and provide enhanced safety features such automatically shutting off in the absence of a cooking vessel on the cooktops. Moreover, the material used to build electric cooktops majorly include glass or ceramic, which are strong, durable, and easy to clean.
Rising demand for energy-efficient cooktops is one of the major factors driving growth of the market
Increasing demand for energy-efficient appliances is one of the key factors driving growth of the market. Rising prices of natural gas is driving demand for electric cooktops. For instance, according to the EIA (Energy Information Administration) analysis, in the U.S. the price of natural gas was US$ 3.55/MBTU (Million British Thermal Units) in 2017, which was higher than US$ 2.51/MBTU in 2016. This in turn is expected to proportionally hike prices of domestic cooking gas. Additionally, around 60% of cooking heat is lost while using natural gas to heat the stovetop, whereas only 30% heat is lost while heating electric cooktops. Thus, electric cooktops are more energy-efficient than conventional ones, further fuelling growth of the market.
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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.
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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