Radiant Cooktop Market - Global Outlook and Forecast 2019-2024

INDUSTRY INSIGHTS

The global radiant cooktop market size will reach USD 7 billion by 2025, exhibiting a CAGR of 5% during the forecast period. The increasing popularity is hybrid cooktops, which contain a combination of electric and gas options, is driving the growth of the global radiant cooktop market. The different type of cooking appliances that are available in the market includes gas cooktops, radiant cooktops, and induction. The growing demand and increasing popularity of the induction cooktop create lucrative opportunities for leading vendors operating in the kitchen appliances market. According to the reports published by the World Health Organization (WHO), every year, close to 4 million people die prematurely due to household air pollution arising from inefficient cooking practices. Such incidents are encouraging regulatory organizations to provide technical supports and promoting the use of safe household fuels and technologies in the global market. The increasing use of electric cooktops will significantly reduce the risks associated with unhealthy cooking fumes and is one of the main reasons driving the adoption of healthy alternative cooking solutions in the global market. The rising awareness among consumers and the growing demand for energy-saving and time-saving cooking equipment across the North American and European regions will positively impact the development of the market. The emergence of smart homes is driving the need for smart AI-enabled kitchen appliances in the global market. The rising living standards, increasing income, and demand for smarter and innovative technologies across emerging nations will encourage vendors to expand their businesses to these regions. The rising fuel and natural gas prices are inducing consumers to adopt more electrical appliances and propelling the growth of the global radiant cooktop market.

The growing adoption of smarter technologies, a higher number of energy-efficient products, rapid urbanization, and the increasing number of households are factors driving the growth of the global market. The rising popularity of modular kitchens, smart homes, and decorated residential units propels the demand for built-in radiant cooktops in the market. The global radiant cooktop market is estimated to generate more than $7 billion by 2024, growing at a CAGR of over 5% during 2018-2024.

RADIANT COOKTOP MARKET TRENDS

The rising demand for premium products due to the increase in the income of developing economies will augment the development of the global radiant cooktop market. The rapid economic development across emerging countries such as China, India, UAE, and Brazil results in high disposable income among the middle-income population and fueling the need for innovative products in the global market. According to recent studies, consumers from emerging companies spend approximately 50% to 75% of the disposable income on consumer products. Such spending patterns will positively impact the radiation cooktop industry across emerging nations in the market. The leading players are focusing on the distinctive value proposition. They are modifying their marketing strategies without compromising on the value and profitability of the product to gain a larger group consumer in the market. Leading multinational companies such as Electrolux, LG, and Whirlpool are re-designing their business models to enter countries such as India, China, and Brazil in the global radiant cooktop market.

RADIANT COOKTOP MARKET SEGMENTATION 

This market research report includes detailed market segmentation by

• Variants
• Cooktop Finish
• Control Type
• End-user
• Geography

RADIANT COOKTOP MARKET – BY VARIANTS

Built-in cooktops with modern features are gaining immense popularity in the global radiant cooktop market.

The global radiant cooktop market by variants is segmented into built-in and portable. The built-in cooktop segment dominated more than half the total market share in 2018, growing at a CAGR of more than 5% during the forecast period. The increasing popularity of modern and contemporary kitchens is fueling the growth of this segment in the global market. The growing use of multiple colors, countertops with quartzite, European style cabinets, steam ovens, comfortable furniture, and built-in ovens and cooktops are recent growth trends in the global market. The millennials are the largest target consumers and are looking for built-in appliances with suitable kitchen decors in the worldwide market. The introduction of built-in cooktops with modern technologies such as that are fitted with alarms and timers that prevent the overcooking and burning of food is fueling the growth of this segment in the global radiant cooktop market.

The increasing use of portable cooktops for both indoor and outdoor cooking because of its lightweight and easy to carry will propel the growth of the global market. Portable cooktops are easier to install and provide faster cooking than other products in the market. The integration of programmable temperature control technology with portable cooktops will transform the global radiant cooktop market.

RADIANT COOKTOP MARKET – BY COOKTOP FINISH

Ceramic or smooth glass top appliances offer more safety than electric coil ones in the global radiant cooktop market.

The cooktop finish segment in the global radiant cooktop market is divided into ceramic/smooth glass top and electric coil. Ceramic/smooth glass top is the fastest-growing segment globally, at a CAGR of around 6% during the forecast period. The emerging technology in ceramic glass cooktops that uses halogen bulbs to heat food instead of electric coils drives the growth of this segment in the global market. The ceramic glass is made of lithium carbonate, which has a high heat resistance and provides a hard surface for placing heavy items. The halogen bulbs result in safer and quicker heating compared to electric coils in the global market. The increasing use of ceramic or glass top radiant cooktop in contemporary and modern kitchens to provide a smooth and sleek décor will create lucrative opportunities for the leading vendors operating in the market. These products are designed to offer more safety and easier cleaning, thereby propelling the growth of the global radiant cooktop market.

Electric coil cooktops are similar in terms of appearances and coils known as rings and burners placed on the top of spiral steel tubing, heated by electric power. The affordability of electrical coil products is one of its main advantage and the factors that contribute to its sales in the global radiant cooktop market.

RADIANT COOKTOP MARKET – BY CONTROL TYPE

Affordability is the main feature of knob control systems in the global radiant cooktop market.

The global radiant cooktop market by control type is classified into knob and touchpad systems. The knob segment occupied more than half of the total market share in 2018, growing at a CAGR of over 5% during the forecast period. Knob control is the most traditional type and is widely available, resulting in higher revenues in the global market. Knobs are more durable and reliable compared to any other control panels that are available in the global market. The ease of usage and affordability are two of the major factors attributing to the popularity and demand for these systems in the global radiant cooktop market. Europe and North America contribute to the largest revenues in the knob segment in the global market.

Digital touchpads provide a high level of convenience in usage, with one-time activation and precise temperature control, resulting in the increasing popularity of these products globally. These control systems are increasingly adopted in modern kitchen appliances in the market. These are easy to clean; a simple wipe can clean the fingerprints and other spills. The convenience of these cooktops is attributing to the growth of these control types in the global radiant cooktop market.

RADIANT COOKTOP MARKET – BY END-USER

The adoption of green electric energy in commercial kitchens is fueling the growth of the global radiant cooktop market.

The end-user segment in the global radiant cooktop market is categorized into domestic and commercial. The commercial sector is the fastest-growing segment globally, at a CAGR of approximately 6% during the forecast period. The increasing demand for energy-efficient appliances is fueling the growth of this segment in the global market. The growing demand from commercial kitchens such as restaurants, hotels, and other food service facilities will contribute to the development of this segment in the market. The growing initiatives towards adopting green electric energy across the world will promote the use of radiant cooktops in the global market. The exponential growth of the foodservice industries that include restaurants, cafes, bars, take away, catering services, cafeterias, and other facilities will positively impact the transformation of the global radiant cooktop market.

The rising trend among the millennials for a preference towards healthy food and healthy cooking methods is one of the major factors attributing the adoption of the cooking appliances across the domestic segment in the market. The economic development and rising disposable income across emerging countries will contribute to the investments in the global radiant cooktop market.

RADIANT COOKTOP MARKET – BY GEOGRAPHY

The use of smart technologies and product innovations across Europe is boosting development in the global radiant cooktop market.

The global radiant cooktop market by geography is segmented into North America, Europe, APAC, Latin America, and MEA. Europe dominated the largest market share in 2018, growing at a CAGR of around 5% during the forecast period. The government initiatives promoting the use of energy-efficient cooking appliances for commercial and residential services are propelling the growth of the European region in the global market. The increasing product innovations and smart technologies are driving the demand for advanced products in the European market. France, Germany, Spain, and the UK are the largest revenue-generating countries in the European market. The increasing number of households in the region supports the growth of demand for household and kitchen appliances in Europe. The growing number of food delivery apps and startups will help boost revenues in the European and global radiant cooktop market.

The growing demand for replacements of products with smarter and innovative technologies across North America will encourage vendors to launch new products. The increasing disposable income, expanding middle-class population, and improving living standards in the APAC region will boost the sales of these appliances in the market. The emergence of smart homes in the MEA will fuel the demand for innovative products in the global radiant cooktop market.

KEY VENDOR ANALYSIS

The global radiant cooktop market is intensely competitive due to the presence of several international and regional players. Many mass brands that are manufacturing low quality and improved technological products will intensify the price competition in the market. The vendors focus on promotional strategies by building experience centers to attract a maximum number of consumers in the global market. The introduction of smart electric cooktops connected to Wi-Fi and Bluetooth will encourage the players to launch innovative products in the market. The competition level in the global radiant cooktop market is in terms of features such as quality, quantity, technology, services, and price.

The radiant cooktop market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Variants

• Built-in
• Portable

Cooktop Finish

• Ceramic/Smooth Glasstop
• Electric Coil

Control Technology

• Digital Touchpad
• Knob

End-users

• Domestic
• Commercial

Geography

• North America
  • US
  • Canada
• Europe
  • France
  • Germany
  • Spain
• APAC
  • China
  • Australia
  • India
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • South Africa