Smart Cooktop Market Size Worth $2.4 Billion, By 2030: IndustryARC

The Smart Cooktop Market size is predicted to reach $2.4 Billion by 2030, growing at a CAGR of 9.1% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Rising Awareness and Adoption, Energy Efficiency and Cost Savings, Environmental Concerns and Sustainability are the driving factors of the market during the forecast period, finds IndustryARC in its recent report, titled “Smart Cooktop Market Size, Share & Trends Analysis Report By Type (Gas Cooktops, Electric Cooktops, Induction Cooktops), By Fuel Source (Natural Gas, Propane, Electricity), By Burner Configuration (Single Burner, Multiple Burners, Built-in Hobs), By Smart Features (Automated Control, Manual Control) & Industry Forecast, 2023-2030.”

Natural gas is often more cost-effective compared to electricity, making it an attractive option for consumers conscious of their energy expenses. The lower operating costs of natural gas cooktops contribute to their popularity. Natural gas cooktops provide precise control over flame intensity, allowing for instant adjustments to heat levels. This level of control is especially valued by professional chefs and cooking enthusiasts who require accuracy in their culinary endeavors. Gas burners provide even heat distribution across the cookware surface, allowing for consistent cooking results. This uniformity is valued by those who prioritize cooking precision and quality.

Stringent energy efficiency regulations imposed by governments globally serve as a major reason for the growth of Cooktop market. These regulations encourage manufacturers to innovate and produce energy-efficient cooktops, such as induction models, meeting the growing demand for environmentally friendly appliances. As consumers become more environmentally conscious, the adherence to these regulations positions manufacturers favorably, driving market growth by offering sustainable and efficient cooking solutions.

The integration of cooktops with smart home technologies is a key driver propelling market growth. Consumers increasingly seek connected appliances for enhanced convenience and control. Smart cooktops with features like remote monitoring and IoT connectivity align with modern lifestyle trends, appealing to tech-savvy consumers. The integration of smart technologies not only drives sales but also fosters brand loyalty, positioning manufacturers at the forefront of the market by meeting evolving consumer expectations.

Despite the advancements in cooktop technologies, there exists a challenge in consumer resistance to adopting newer and innovative models. Some consumers, particularly in traditional markets, may resist the switch from conventional gas or electric cooktops to newer technologies like induction due to familiarity and perceived complexity. Overcoming this challenge requires effective marketing and education campaigns to showcase the benefits and ease of use associated with advanced cooktop technologies.

The growing affluence and disposable incomes present a significant opportunity in the luxury and premium segment of the cooktop market. Consumers with higher purchasing power seek high-end, feature-rich cooktops with advanced technologies and sleek designs. Consumers increasingly seek connected appliances that offer seamless integration with smart devices. Cooktops with IoT connectivity, remote control features, and compatibility with virtual assistants cater to this trend. Manufacturers leveraging these opportunities can not only meet consumer expectations for smart functionality but also differentiate their products in a tech-savvy market, driving increased sales and market share.

The global emphasis on sustainability provides an opportunity for the Smart Cooktop Market to expand its eco-friendly offerings. Consumers, influenced by environmental concerns, actively seek appliances with reduced energy consumption and minimal environmental impact. Cooktop manufacturers incorporating sustainable materials, energy-efficient technologies, and eco-friendly practices throughout the product lifecycle stand to benefit. The promotion of environmentally conscious features not only aligns with consumer preferences but also positions brands as socially responsible, creating a competitive advantage in the market.

● Smart Cooktop Market Size and Forecast 

● Smart Cooktop Market Trends

● Smart Cooktop Market Analysis By  Fuel Source

● CAGR of the market during the forecast period 2023-2030

● Value Chain analysis of key stakeholders

● Detailed analysis of market drivers and opportunities during the forecast period

● Smart Cooktop Market size estimation and forecast.

● Analysis and predictions on end users’ behavior and upcoming trends 

● Competitive landscape and Vendor market analysis including offerings, developments, and financials

● Comprehensive analysis of challenges and constraints in the Cooktop Market

The Covid-19 pandemic has significantly disrupted global supply chains, leading to delays in the production and distribution of cooktop components and finished products. Supply chain challenges, including factory closures, restrictions on international shipping, and shortages of raw materials, have contributed to increased lead times and rising production costs for cooktop manufacturers.

The Ukraine crisis has led to geopolitical tensions and uncertainties, resulting in increased volatility in commodity markets. Cooktop manufacturers that rely on suppliers or production facilities in regions affected by the Ukraine crisis has faced challenges in ensuring a steady supply of materials, potentially affecting production schedules and product availability.

 

The key companies profiled in the Smart Cooktop Market Report are listed below:

• Whirlpool Corporation

• Electrolux AB

• Bosch Home Appliances

• Samsung Electronics

• LG Electronics

• GE Appliances

• Viking Range, LLC

• Siemens Home Appliances

• Miele

• Kenmore

Semiconductor Manufacturing Equipment Market– Semiconductor Manufacturing Equipment Market size is valued at $429.1 billion in 2021 and is expected to reach a value of $704.2 billion by 2027 at a CAGR of 5.8% during the forecast period 2022-2027. Increased investments in memory devices, integrated circuits, micro-electromechanical systems are driving technological improvements in the semiconductor sector, which in turn creates positive impact on the growth of this market. 

Induction Cookers & Radiant Cookers with Touch Controls Market- Induction Cookers & Radiant Cookers with Touch Control Market is expected to reach $27.5 billion by 2026 at a CAGR of 7.1% during the forecast period 2021-2026. 

Cooking Oil Market– Cooking Oil Market size is estimated to reach $198.3 billion by 2026, growing at a CAGR of 5.1% during the forecast period 2021-2026. Cooking Oils are fats derived from plants and animals that are used in frying, flavoring, baking, and other cooking applications.

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

 

Mr. Venkat Reddy

IndustryARC

Email: [email protected]

USA: (+1) 518-282-4727

Web: https://www.industryarc.com

Follow us on: LinkedIn | Facebook | Twitter