Cooktop Market: Introduction

A cooktop is commonly found in kitchens for heating and cooking purposes. It is generally used for heating the base of pots and pans. Cooktops are available in various types. They are powered by gas, electricity, or induction to heat the food.

Traditionally, cooking happened over an open fire. Gradually, with the development of pottery and utensils, regulated heat became essential. When cultures began to leave behind their wandering ways, more consideration was given to refine culinary techniques, leading to the creation of cooktops. Cooktops can be found integrated with an oven or they may be standalone devices.

Cooktop Market: Competition Landscape

Whirlpool Corporation

Whirlpool Corporation was founded in the year 1911 and its headquarters are located in Benton Charter Township, Michigan, United States. The company employs ~92,000 employees and has more than 70 manufacturing units and technology research centers across the world, Whirlpool Corporation is the leading manufacturer of home appliances globally. Its product portfolio includes refrigerators, washing machines, air conditioners, microwave ovens, water purifiers, built-in terms, home power, and induction cooktop.

General Electric

General Electric is an American multinational company that was founded in 1892, and is headquartered in Boston, Massachusetts. The company has ~2,83,00 employees working worldwide and operates in the following segments:  aviation, power, healthcare, renewable energy,  venture capital, additive manufacturing,   lighting, digital industry, and finance,  and oil and gas. The company manufactures cooking products, freezers, refrigerators, dishwashers, air conditioners, dryers, washers, water heaters, and water filtration systems.

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Robert Bosch GmbH

Robert Bosch GmbH was founded in the year 1886. It is a German  multinational  engineering and technology company headquartered in Gerlingen, Germany. The major operating areas of the company are spread across five main business sectors: mobility solutions, consumer goods, industrial technology, engineering, and building technology. The company has ~4, 02,000 associates working worldwide. It has approximately 440 subsidiaries and regional companies in 60 countries. The subsidiaries of the company are BSH Hausgeräte, ETAS, and Bosch Rexroth.

Electrolux AB

Electrolux AB was founded in the year 1919. It is a Swedish multinational home appliance manufacturer with headquarters in Stockholm. The company has ~55,400 employees worldwide. Its main products are electric appliances and vacuum cleaners. The company was formed after the merger of two companies – SvenskaElektron AB and Lux AB. It is one of the leading appliance manufacturers and produces dishwashers, refrigerators, washing machines, vacuum cleaners, cookers, air conditioners, and many small domestic appliances.

Some of the other key players operating in the global cooktop market are CG Power and Industrial Solutions Limited, Frigidaire Appliance Company, LG Group (Corporation), TTK Prestige Limited, Inalsa Appliances, Smeg Group S.p.A., Fisher & Paykel Appliances Holdings Limited, Koninklijke Philips N.V., Bajaj, Thermador, Samsung, and others. 

Cooktop Market: Dynamics

Growing acceptance of energy efficient kitchen appliances

Consumers are opting for energy-efficient kitchen products that help minimize utility bills and are relatively cost effective. Also, induction cooktops are relatively safer to use than LPG cylinders due to the absence of open flames. They can cook even at low temperatures and at reduced time and energy usage. People are compelled to opt for alternatives such as energy efficient cooktops due to the rising cost of conventional cooking fuel.

Flame-less and temperature controlled cooking

Growing urbanization and the newly launched adequate kitchen appliances with better safety features is significantly contributing to the increased adoption of induction cooktops, globally. The growing western kitchen styles is driving the market of appliances such as microwaves and cooker hoods. Western style kitchen appliances reduce unpleasant issues such as cooking smoke and encourage safe and healthy cooking methods. Advanced technological innovations such as flame-less cooking and development of temperature control is the primary focus of manufacturers globally.

Increasing health consciousness

Growth in working class population coupled with trend of fast food consumption has increased health consciousness among customers. Recently, demand for induction cooktops that cook food easily with less oil has increased, in turn positively affecting the induction cooktop market.

Restricted usage of traditional aluminum and copper utensils

Cooktops can function properly with cooking vessels made of cast iron or steel.  Aluminum, copper pans, and glass cookware do not work on induction cooktops, which restrains market growth.

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