DUBLIN--(BUSINESS WIRE)--The "Radiant Cooktop Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global radiant cooktop market is estimated to generate revenues of more than $7 billion by 2024, growing at a CAGR of over 5% during 2018-2024.
The report considers the present scenario of the global radiant cooktop market and its market dynamics for the period 2018-2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Market Dynamics
Market Growth Enablers
- Expanding middle-class population
- Adoption of Western-style kitchens
- Expanding nuclear families and rising women employment
Market Growth Restraints
- Increasing threat of substitutes
- Rising raw material prices
- Stringent regulatory requirements
Opportunities & Trends
- Product innovations & designs
- Growing online sales
- Rise in demand for premium products
Market Segmentation
This market research report includes a detailed segmentation of the market by variants, cooktop finish, control type, end-users, and geography.
The global radiant cooktop market by variants is segmented into built-in and portable. The built-in cooktop segment dominated more than half 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 some of the recent growth trends in the global market. Portable or free-standing radiant cooktops has been popular cooking appliance among in the developed countries. The main advantage of the product is its portability. The product is generally light weight and is easy to carry and used for both indoor and outdoor cooking.
The cooktop finish segment in the global radiant cooktop market is divided into ceramic/smooth glasstop and electric coil. Ceramic/smooth glasstop is the fastest growing segment in the global market, 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 is driving the growth of this segment in the global market. The ceramic glass is made of lithium carbonate which has high heat resistance and provides a hard surface for placing heavy items. Electric coil is similar to that of gas cooktops by appearance.
The coils also known as rings and burners are placed on the top of spiral steel tubing which gets heated by electric power. 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, thereby resulting in higher revenues in the global market. Knobs are the more durable and reliable compared to any other control panels that are available in the global market. These touch controls provide a sleek and contemporary appearance to the kitchen decor. They are also easy to clean. A simple wipe can clean the fingerprints and other spills.
The end-user segment in the global radiant cooktop market is categorized into domestic and commercial. The commercial sector is the fastest growing segment in the global market, 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 growth of this segment in the market. The major factors driving the growth in demand for cooktops are increasing urbanization with rising disposable among the lower income and lower middle income and rising trend among the millennials for preference towards healthy food and healthy cooking methods.
Key Vendor Analysis
The global radiant cooktop market is intensely competitive due to the presence of several international and regional players. A large number of mass brands that are manufacturing low quality and improved technological products will intensify the price competition in the market. The vendors are focusing 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 major vendors in the global market are:
- SMEG
- Fisher & Paykel
- Westinghouse
- Miji International
- Electrolux
Other prominent vendors include: Kenmore, GE Appliances, Brentwood, Bosch, Whirlpool Corporation, LG Corporation, Morphy Richards, Geepas, Summit Appliance, and Ariston.
For more information about this report visit https://www.researchandmarkets.com/research/xrtg9r/the_radiant?w=4
