Smart Cooktop Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Smart Cooktop Market Trends and Forecast

The future of the global smart cooktop market looks promising with opportunities in online and offline distribution channels. The global smart cooktop market is expected to reach an estimated $1.4 billion by 2028 with a CAGR of 10.0% from 2023 to 2028. The major drivers for this market are growing disposable income, changing the lifestyle preferences of people, increasing penetration of smart devices, and rising awareness about the use of smart cooktops in developing economies.

Smart Cooktop Market

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Smart Cooktop Market by Segments

The study includes trends and forecast for the global smart cooktop market by type, number of burners, end use, distribution channel, and region, as follows:

Smart Cooktop Market by Type [Value ($B) Shipment Analysis from 2017 to 2028]:

• Gas Cooktops
• Induction Cooktops
• Hybrid Cooktops

Smart Cooktop Market by Number of Burners [Value ($B) Shipment Analysis from 2017 to 2028]:

• Below 3
• 3-4
• More than 4

Smart Cooktop Market by End Use [Value ($B) Shipment Analysis from 2017 to 2028]:

• Residential
• Commercial

Smart Cooktop Market by Distribution Channel [Value ($B) Shipment Analysis from 2017 to 2028]:

• Online
• Offline

Smart Cooktop Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Smart Cooktop Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, smart cooktop companies in the global automotive market cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the smart cooktop companies in the global automotive market profiled in this report include-

• Samsung Electronics
• GE Appliances
• Haier Company
• BSH Home Appliances Corporation
• Whirlpool
• Electrolux
• LG Electronics
• BuzzFeed

Smart Cooktop Market Insights

Lucintel forecasts that induction cooktops will remain the largest type segment over the forecast period because these are more energy-efficient as compared to other conventional cooking appliances and possess the capability to cook the food even at lower temperatures.

Within this market, offline will remain the largest distribution channel segment from 2023 to 2028 due to the availability of specialized stores and a large number of offers offered by storekeepers on smart cooktops.

North America will remain the largest region during the forecast period due to the increasing adoption of advanced technologies and equipment by consumers and the presence of major market players in the region.

Features of the Smart Cooktop Market

• Market Size Estimates: Smart cooktop market size estimation in terms of value ($B)

• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.

• Segmentation Analysis: Smart cooktop market size by various segments, such as by type, number of burners, end use, distribution channel, and region

• Regional Analysis: Smart cooktop market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.

• Growth Opportunities: Analysis on growth opportunities in different types, numbers of burner, end uses, distribution channels, and regions for the smart cooktop market.

• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart cooktop market.

• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the smart cooktop market size?

Answer: The global smart cooktop market is expected to reach an estimated $1.4 billion by 2028.

Q2. What is the growth forecast for smart cooktop market?

Answer: The global smart cooktop market is expected to grow with a CAGR of 10.0% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the smart cooktop market?

Answer: The major drivers for this market are growing disposable income, changing the lifestyle preferences of people, increasing penetration of smart devices, and rising awareness about the use of smart cooktops in developing economies.

Q4. What are the major segments for smart cooktop market?

Answer: The future of the global smart cooktop market looks promising with opportunities in online and offline distribution channels.

Q4. Who are the key smart cooktop companies?

Answer: Some of the key smart cooktop companies are as follows:

• Samsung Electronics
• GE Appliances
• Haier company
• BSH Home Appliances Corporation
• Whirlpool
• Electrolux
• LG Electronics
• BuzzFeed

Q6. Which smart cooktop segment will be the largest in future?

Answer:Lucintel forecasts that induction cooktop will remain the largest segment over the forecast period because these are more energy-efficient as compared to other conventional cooking appliances and possess the capability to cook the food even at lower temperatures.

Q7. In smart cooktop market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region during the forecast period due to the increasing adoption of advanced technologies and equipment by consumers and the presence of major market players in the region.

Q8. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

• Q.1. What are some of the most promising, high-growth opportunities for the global smart cooktop market by type (gas cooktops, induction cooktops, and hybrid cooktops), number of burners (below 3, 3-4, and more than 4), end use (residential and commercial), distribution channel (online and offline), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity did occur in the last five years and how did they impact the industry?