Global Smart Cooktop Market Report 2023-2031: Increasing Consumer Demand for Connected and Convenient Kitchen Appliances Bolsters Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Smart Cooktop Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031” report has been added to ResearchAndMarkets.com’s offering.
The market is projected to continue its upward growth trajectory in the coming years. The global smart cooktop market is expected to grow at a CAGR of 8.3% during the forecast period of 2023 to 2031.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The Smart Cooktop Market is a rapidly growing market that is witnessing significant demand due to advancements in smart home technologies and changing consumer preferences toward connected and convenient cooking solutions. The market revenue has been steadily increasing over the past few years, driven by the growing adoption of smart home automation systems and increasing consumer awareness about energy-efficient cooking appliances.
Smart cooktops provide many features and functionalities that make cooking smarter and more convenient. These cooktops are equipped with advanced technologies such as touch controls, voice commands, Wi-Fi connectivity, and smart sensors that allow users to control and monitor their cooking activities remotely through smartphone apps or other connected devices. Some smart cooktops also offer integration with other smart home devices, such as smart ovens, smart exhaust fans, and smart assistants, for seamless automation and enhanced cooking experiences.
Increasing Consumer Demand for Connected and Convenient Kitchen Appliances
The demand for smart cooktops is being driven by consumers seeking connected and convenient kitchen appliances that offer advanced features and functionalities. With the proliferation of smart home technologies, consumers are increasingly looking for ways to make their homes more intelligent and efficient.
Growing Awareness about Energy-Efficient Cooking
Energy-efficient cooking has become a key consumer consideration due to the increasing focus on environmental sustainability and energy conservation. Smart cooktops are designed with advanced technologies, such as smart sensors and timers, that optimize cooking time and energy usage.
Technological Advancements in Smart Home Automation Systems
Advancements in smart home automation systems have played a significant role in driving the demand for smart cooktops. Smart cooktops can integrate with other smart home devices, such as smart ovens, smart exhaust fans, and smart assistants, to create a seamless and automated cooking experience.
High Initial Cost and Complex Installation Process
One significant restraint for the smart cooktop market is the high initial cost and complex installation process associated with these advanced appliances. Smart cooktops often come with premium features and advanced technologies, which can make them more expensive than traditional cooktops. The higher price point may limit the affordability for some price-sensitive consumers or budget-conscious households, potentially hindering the widespread adoption of smart cooktops.
Induction Cooktop Remains a Growth Leader
The CAGR for the induction cooktop market is projected to grow at a CAGR of 8.5% during the forecast period of 2023 to 2031.
The revenue percent of induction cooktops is expected to grow significantly as well, accounting for a significant share of the overall smart cooktop market revenue. Induction cooktops use magnetic fields to directly heat the cookware, making them highly efficient, safe, and precise.
These cooktops have seen increasing demand due to their advanced features, energy-efficient operations, and ease of use. One of the notable trends of induction cooktops is the integration of smart features, such as Wi-Fi connectivity, voice control, and app-based controls, allowing users to control the cooktop remotely using their smartphones or other smart devices.
Built-in Smart Cooktops Dominate the Market by Installation
The built-in cooktop segment is expected to witness a significant CAGR during the forecast period. The CAGR for the built-in cooktop market is projected to be around 7.5% during the forecast period of 2023 to 2031.
In terms of revenue and CAGR, the built-in cooktop segment is expected to be one of the leading segments in the smart cooktop market. The increasing adoption of built-in cooktops in modern kitchens, driven by their sleek design, ease of installation, and customization options, is expected to contribute to the highest revenue and highest CAGR among the different installation types of smart cooktops.
The revenue percent of built-in cooktops is also expected to grow significantly, accounting for a substantial share of the overall smart cooktop market revenue. Manufacturers and market players in the smart cooktop market are focusing on offering innovative and customizable options in built-in cooktops, such as different burner configurations, control options, and design aesthetics to cater to evolving consumer preferences. This is likely to drive the growth of the built-in cooktop segment in the smart cooktop market, shaping the market dynamics in the coming years.
North America remains the Global Leader, While APAC Leads the Growth
North America held the largest revenue share in 2022. North America has been a prominent market for smart cooktops, with a high adoption rate among consumers. The region has witnessed a growing demand for smart home technologies, including smart cooktops, due to factors such as convenience, energy efficiency, and connectivity.
The market in North America is characterized by the presence of key players, advanced technological infrastructure, favorable government initiatives for smart home adoption, and higher disposable income of consumers. These factors have contributed to the region’s significant revenue percentage and CAGR in the smart cooktop market.
The Asia Pacific region is emerging as a lucrative market for smart cooktops, with growing consumer awareness, rising disposable income, and increasing urbanization driving the demand for smart home technologies. Countries such as China, Japan, South Korea, and India are witnessing significant growth in the smart cooktop market.
The market in Asia Pacific is characterized by the growing adoption of smart home solutions, expanding middle-class population, and changing consumer preferences toward technologically advanced kitchen appliances. These factors are contributing to the region’s notable CAGR in the smart cooktop market.
Market Competition to Intensify During the Forecast Period
The smart cooktop market is fiercely competitive, with leading players adopting various strategies to gain an edge in the market. One of the key competitive trends is product innovation, with companies constantly striving to develop advanced features such as voice control, wireless connectivity, touch controls, and safety sensors to enhance the user experience and meet changing consumer demands.
This includes collaborations with smart home automation companies, appliance manufacturers, and technology providers to integrate smart cooktops into broader smart home ecosystems. Such partnerships enable companies to offer more comprehensive and connected solutions to consumers, enhancing their competitive advantage.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Smart Cooktop market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Smart Cooktop market?
- Which is the largest regional market for Smart Cooktop market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Smart Cooktop market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Cooktop market worldwide?
Companies Mentioned
- Samsung Electronics
- LG Electronics
- Whirlpool Corporation
- Electrolux AB
- Bosch Home Appliances
- GE Appliances (Haier)
- Miele & Cie. KG
- Panasonic Corporation
- Fisher & Paykel Appliances
- Siemens AG
- Texas Instruments Inc.
Market Segmentation
Type
- Gas
- Electric
Installation
- Built-in
- Countertop
Width
- Less than 24 inch
- 24 to 30 inches
- More than 30 inch
Control Type
- Digital
- Analog
Number of Burners
- Less than 3
- 3 to 4
- More than 4
End-use
- Residential
- Commercial
Price
- Less than US $ 1000
- US $ 1000 to US $ 2000
- US $ 2001 to US $ 4000
- Above US $ 4000
Distribution Channel
- Online
- E-commerce Website
- Company Website
- Offline
- Specialty Stores
- Supermarkets/ Hypermarkets
- Others
For more information about this report visit https://www.researchandmarkets.com/r/ke0ksl
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