Arizton's recent market research report on the global radiant cooktop market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by variants (built-in and portable), by cooktop finish (smooth glass top and electric coil), by control type (knob and digital touchpad), by end-users (domestic and commercial), by geography (North America, Europe, APAC, Latin America, and MEA), and offers detailed competitive analysis.
The global radiant cooktop market is projected to reach revenues of over $7 billion by 2024, growing at a CAGR of more than 5% during 2018-2024.
The increasing adoption of smarter technologies, high energy efficient products, rapid urbanization, and the increasing number of households are some of the key factors contributing to the growth of the global market. The growing popularity of modular kitchens, smart homes, and decorated residential units will help boost the revenues in the global radiant cooktop market.
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The top 3 drivers and trends contributing to the development of the global radiant cooktop market are discussed below:
Adoption of Western Style Kitchen
The rapid changes in the living standards across emerging nations are leading to the adoption of western style kitchen and contributing to the revenues in the global radiant cooktop market. The strong economic growth is enabling a large number of consumers to invest in home appliances and other household products. The major growth of western style household and kitchen appliances are noted in China and the South East Asia. The popularity of western style kitchens is noted in emerging nations of China, India, Indonesia, Vietnam and UAE. The minimalistic appearance is an ideal solution for small kitchen spaces and is driving the demand for innovative cooktops in the global radiant cooktop market. The growth of western kitchen styles is driving the market of kitchen appliances such as microwaves, cooker hoods, and other appliances. The use of these kitchen appliances reduces the unpleasant cooking experiences such as cooking smokes and induces healthy and safe cooking methods in the market. The rising awareness about consumer products, increasing availability, and market consolidation is influencing consumers to adopt this style of appliances. The leading companies such as Electrolux, Kenmore, Bosch, and LG are increasing the portfolio of products available through online distribution channels to reach a larger group of end-users in the global radiant cooktop market.
Product Innovations & Designs
Several key manufacturers are focusing on leveraging advanced technological innovations and development of new products to boost their sales in the global radiant cooktop market. The emergence of sustainable and efficient technological innovations offers the ability to produce new products that meet the diversified and changing consumer needs in the global market. The latest technological innovation is the increasing use of Halogen cooktops. The halogen cooktops heat up quickly and provide the convenience of electric cooking. These innovations will enable vendors to increase their sales in the global radiant cooktop market. The leading manufacturers are focusing on environmental protection and taking precautions to develop products that result in energy savings and reduce water consumption in the global market. Leading manufacturers including Electrolux, SMEG, Fisher & Paykel, and Ariston are increasingly focusing on the use of green technology to reduce the generation of waste materials at different levels of production in the market. The companies are focusing on product designing and are introducing additional features such as automatic boil start function and cooking timers with auto shut off technology to gain a larger market share. Innovations such as adjustable multiple rings, programmable automatic technologies, higher energy efficiency, and other features will contribute to the sales of these products in the global radiant cooktop market.
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The increasing penetration of online sales channels will fuel the growth of the distribution network in the global radiant cooktop market. The leading vendors of radiant stove brands are leveraging online websites as an opportunity to expand their sales network in the global market. The global online retail sales account for 8.8% of the total retail spending in 2018 as compared to 7.4% in 2016. The increasing sales of household goods and kitchen appliances through online sales channels will augment the development of the global radiant cooktop market. The recent trend in international online retail sales is cross border shopping and is encouraging manufacturers to expand their product portfolio to meet the demand for various consumers in the global market. Some of the major e-retailers that dominated the global radiant cooktop market are Alibaba, Amazon, Taobao, and others.
The leading vendors in the global radiant cooktop market are SMEG, Fisher & Paykel, Westinghouse, Miji International, and Electrolux
The complete overview of the latest market research report on the global radiant cooktop market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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