Household Induction Cook-tops (Hobs) Market is Expected to Reach USD 5.2 Billion Globally by 2018: Transparency Market Research
NEW YORK, March 21, 2013 /PRNewswire/ --
According to a new market report "Household Induction Cook-tops (Hobs)Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," published by Transparency Market Research (http://www.transparencymarketresearch.com), the global household induction cook-tops market is estimated to reach USD 5.2 billion by 2018. The market is driven by faster adoption of induction cook-tops in Europe and Asia Pacific due to rising fuel prices and growing awareness about environment protection. These two regional markets collectively accounted for more than 50% of the global household induction cook-tops revenue in 2012.
Browse the full report at http://www.transparencymarketresearch.com/hobs-market.html
The global household cooking appliances market is witnessing growing contribution from the induction cook-tops product segment, which is the fastest growing product market among the different types of cook-tops. The cook-tops market alone was estimated to account for nearly half the share of the global household cooking appliances market, with induction cook-tops taking up 14.2% of the market share of the global cook-tops market in 2012.
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Induction cook-tops, which is currently considered as a high end consumer product, is gradually finding growing acceptance among consumers. Some of the key market drivers for the induction cook-tops market include growing disposable income, rising fuel cost for conventional cook-tops (gas, electricity, and others), growing trend of modular kitchens in new houses, preference for a comfortable work environment in the kitchen, and improved heat control with induction cooking.
Geographically, Europe is the biggest market for induction cook-tops, and accounted for more than one third of the global induction cook-tops revenue in 2011. However, leading players from the white goods industry are quickly moving to the Asia Pacific region to exploit the fast growth and lower competition. In addition, stiff competition from domestic manufacturers and high concentration of global manufacturers in Europe is also driving leading players to look for opportunities in the Asia Pacific market.
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Some of the frontline players in the European market include Miele & Cie. KG, Smeg, Sub-Zero Wolf, AB Electrolux, Stoves & Co., among others. On the other hand Philips Electronics, Panasonic, and Whirlpool enjoy higher brand penetration in the Asia Pacific region. Product innovation is observed as the key strategy followed by industry leaders, who are introducing cook-tops with multiple hot surfaces, advanced auto cook features, and more trendy designs.
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