China Induction Hobs Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
China Induction Hobs Market Analysis
China Induction Hobs market is expected to grow annually at a CAGR of greater than 10% during the period (2021 - 2027).
Major brands of consumer electronics and kitchen equipment, including induction hobs, experienced supply chain disruptions due to COVID-19. China is one of the largest consumers and producers of various appliances and consumer electronics products. China also exports several input supplies that are primarily used to produce finished goods.
Induction is currently the fastest method of cooking. It is faster than a kettle at heating water since it moves more quickly than gas. The market has also been significantly boosted by several changes, such as kitchen appliance makers upgrading outdated mechanical controls and displays to reduce after-sale costs. The market in China and other geographies may experience a sharp increase during the forecast period due to the rising demand for eco-friendly appliances and improved access to electricity. In addition, rising demand for modular kitchens is anticipated to support the demand for induction hobs in the future. The advantages of induction hobs, including their quickness, responsiveness, energy efficiency, and usability, are significantly fueling the market's growth.
China Induction Hobs Market Trends
This section covers the major market trends shaping the China Induction Hobs Market according to our research experts:
Rising Adoption of High-tech Appliances
The rising use of high-tech appliances is anticipated to promote market expansion throughout the forecast period. The market has been significantly boosted by the widespread use of e-commerce, particularly in emerging nations like China. In China, there is expected to be a sizable demand for induction hobs from the residential and commercial sectors, which is expected to drive the market during the forecast period. The household segment is also expected to make up a sizeable portion of the induction hobs market. The online sales of induction hobs are also growing quickly, providing the profit potential for the market. The demand for time- and energy-saving appliances is increasing, which is a key factor in the market's growth.
Rapid Urbanization Boosting the Market
The Chinese market is being driven by rapid urbanization and rising disposable income. China has the largest population and urbanization. The preference for modern appliances may also boost the growth of the industry in the country. Technical advancements in appliances are anticipated to increase the growth potential for major players in China. However, customers are hesitant to purchase these products as induction hobs need a specific electrical setup, which is done by an electrician. Additionally, not all pans are compatible with an induction hob, leading to the need for a compatible pan.
China Induction Hobs Industry Overview
The report covers major players operating in the Chinese induction hobs market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
China Induction Hobs Market Leaders
-
Haier Electronics
-
Electrolux AB
-
Supor
-
Midea
-
Philips
*Disclaimer: Major Players sorted in no particular order
China Induction Hobs Market News
- In 2022, Samsung unveiled an induction range. With a frameless glass top and a beveled front edge, the Samsung NZ64K5747BK has a nice appearance and offers a large selection of control settings. There are 15 power levels for each of the four main cooking regions, giving more control than the more commonplace nine levels.
- In 2022, Miele unveiled the Miele KM7201FR induction hob. Instead of having edge-to-edge glass, this hob has a stainless steel rim, giving it a more upscale appearance and assisting in protecting the side of the hob from any potential damage. It also has a simple four-round ring arrangement with two medium-sized rings, a smaller zone, and a larger zone for bigger pans.
China Induction Hobs Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Supply Chain/Value Chain Analysis
4.6 Insights on Technological Advancements and Innovations
4.7 Insights on Current Trends and Recent Development
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Built-in
5.1.2 Free-standing
5.2 By Application
5.2.1 Commercial
5.2.2 Household
5.3 By Distribution Channels
5.3.1 Online
5.3.2 Offline
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Haier electronics
6.2.2 Electrolux AB
6.2.3 Supor
6.2.4 Midea
6.2.5 Philips
6.2.6 Samsung
6.2.7 Smeg SpA
6.2.8 Koninklijke Philips NV
6.2.9 TTK Group
6.2.10 Prestige
6.2.11 Panasonic Corp.
6.2.12 Sub-Zero Group Inc.
6.2.13 Miele & Cie. KG*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
China Induction Hobs Industry Segmentation
Compared to conventional hobs, induction hobs are unique. These hobs don't heat the hob ring, they just heat the pan. A magnetic field is activated and heated when the induction hob is turned on, heating the base pan. The circuit completes when the pan is placed on the stove, heating the base pan. Because of this, induction cooking is quick and effective. The market is segmented By Product (Built-in, Free Standing), By Application (Household, Commercial), and By Distribution Channel (Offline, Online). The report offers market size and forecasts for the China induction hobs market in value (USD Million) for all the above segments.
| By Product | |
| Built-in | |
| Free-standing |
| By Application | |
| Commercial | |
| Household |
| By Distribution Channels | |
| Online | |
| Offline |
China Induction Hobs Market Research FAQs
What is the current China Induction Hobs Market size?
The China Induction Hobs Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in China Induction Hobs Market?
Haier Electronics, Electrolux AB, Supor, Midea and Philips are the major companies operating in the China Induction Hobs Market.
What years does this China Induction Hobs Market cover?
The report covers the China Induction Hobs Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Induction Hobs Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Induction Hobs Industry Report
Statistics for the 2024 China Induction Hobs market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Induction Hobs analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
