Electric Cooktop Market Size (2023 - 2030)

Global Electric Cooktop Market is estimated to be worth USD 6.05 Billion in 2022 and is projected to reach a value of USD 8.94 Billion by 2030, growing at a CAGR of 5.0% during the forecast period 2023-2030.

Electric cooktops, alternatively referred to as radiant cooktops, operate by generating heat in a concentrated fashion. They feature a metal coil located beneath a glass or ceramic surface through which an electric current flows. As the current encounters resistance, the coil heats up and emits a glowing effect. The heat generated is transferred to the cookware through the glass surface using infrared energy. Consequently, the burner directly beneath the pot or pan becomes hot, facilitating the cooking process through the transfer of heat between the cooktop and the cookware. Electric cooktops have garnered immense popularity owing to their ease of use and familiar design, resulting in increased adoption. Unlike induction cooktops, electric cooktops retain residual heat even when turned off. Some advantages of electric cooktops include their easy installation and user-friendly operation, the ability to keep food warm or simmer dishes with the retained heat, and the provision of controlled and regulated heat, potentially leading to energy cost savings.

Global Electric Cooktop Market Drivers:

The increasing consumer demand for energy-efficient and safe electric cooktops is fueling the growth of the global electric cooktop market.

Consumers are increasingly choosing energy-efficient kitchen products, helping them save on utility bills while being budget-friendly. One particular product gaining popularity is the electric cooktop, which offers a safer cooking experience in contrast to LPG cylinders as there are no open flames involved. Electric cooktops enable cooking at lower temperatures, resulting in shorter cooking times and reduced energy usage. With the escalating expenses of conventional cooking fuel, individuals are compelled to explore alternatives such as energy-efficient cooktops. Therefore, this factor drives the demand for electric cooktops.

The rising adoption of Western kitchen-style appliances is another factor contributing to the growth of the global electric cooktop market.

The increasing popularity of Western kitchen styles is propelling the demand for appliances like microwaves and cooker hoods. These appliances not only reduce issues like cooking smoke but also promote safe and healthy cooking practices. Manufacturers globally are focusing on cutting-edge technological innovations like flame-less cooking and temperature control to meet evolving consumer needs. Therefore, this factor also drives the demand for electric cooktops.

Global Electric Cooktop Market Challenges:

The global electric cooktop market is encountering challenges, primarily in terms of compatibility limitations with cookware. Electric cooktops are limited in the types of cookware they can accommodate, narrowing down the options for suitable vessels for cooking on these cooktops. Electric cooktops are exclusively devised to work with cookware composed of ferromagnetic materials like cast iron and steel, while cookware fabricated from aluminum or copper is not compatible with them. This limitation acts as a significant obstacle to the growth of the global electric cooktop market.

Global Electric Cooktop Market Opportunities:

Market expansion strategies present a lucrative opportunity in the global electric cooktop market. Given the rising demand for electric cooktops owing to their advantages, including increased safety, energy efficiency, even heat distribution, and noise-free operation, businesses specializing in the manufacturing and distribution of electric cooktops can stand to gain significantly from this opportunity by expanding their products to emerging markets.

COVID-19 Impact on the Global Electric Cooktop Market:

The outbreak of the COVID-19 pandemic substantially impacted the global electric cooktop market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the manufacturing and distribution of electric cooktops. This factor negatively impacted the growth of the global electric cooktop market. However, the pandemic compelled individuals to spend more time at home, sparking increased interest in cooking for personal and professional purposes. This factor positively impacted the market's growth. Therefore, the global electric cooktop market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Electric Cooktop Market Recent Developments:

In January 2023, GE Appliances, a Haier company, unveiled their new line of induction cooktops that builds upon the existing benefits of induction technology, incorporating connected features that enhance the cooking experience. These cooktops offer users a more streamlined and effective induction cooking experience, characterized by enhanced precision and convenience.

• In November 2022, Impulse, a company dedicated to advancing electrification in homes, launched officially with a USD 20 million Series A funding round led by Lux Capital's Josh Wolfe. Additional funding from Fifth Wall, Lachy Groom, and Construct Capital brings Impulse's total funding to USD 25 million. The company's goal is to expedite the shift away from fossil fuels by developing cutting-edge home appliances integrated with advanced batteries. Their inaugural product, an induction stove with a built-in battery, delivers outstanding power, efficiency, and precision.
• In March 2021, Samsung Electronics Co. unveiled the launch of the BESPOKE electric cooktop in South Korea, offering an enhanced design and customizable features. Available in built-in and standing types, the cooktop boasts a white glass-ceramic surface with five control panel color options. It incorporates a "Max Boost" function for rapid cooking and a "Flex Zone" to accommodate different pot sizes. 

ELECTRIC COOKTOP MARKET REPORT COVERAGE:

Global Electric Cooktop Market Segmentation: By Type

• Electric Coil Cooktop

• Glass Ceramic Cooktop

In 2022, the glass ceramic cooktop segment held the highest market share. The growth can be ascribed to the emergence of innovative technology in ceramic glass cooktops that utilize halogen bulbs for heating instead of electric coils. Ceramic glass, composed of lithium carbonate known for its heat resistance, offers a sturdy surface for heavy objects and improves the visual appeal of modern and contemporary kitchens. Halogen bulbs offer safer and faster heating in contrast to electric coils, contributing to the segment's growth in the global electric cooktop market. This trend creates promising opportunities for leading vendors in terms of offering safer and easier-to-clean cooktops, thus propelling the expansion of the global electric cooktop market.

Global Electric Cooktop Market Segmentation: By Control Technology

• Digital Touchpad

• Knob

In 2022, the digital touchpad segment held the highest market share. The growth can be ascribed to the increasing popularity of digital touchpads owing to their convenience and precise temperature control. These control systems provide convenient one-time activation and precise temperature adjustment for cooking. They are extensively utilized in modern kitchen appliances and are easy to clean, which is a notable benefit. With a simple wipe, fingerprints and spills can be easily removed. The convenience and user-friendly nature of these cooktops are propelling the growth of touchpad control types in the global electric cooktop market.

Global Electric Cooktop Market Segmentation: By End-User

• Residential

• Commercial

In 2022, the commercial segment held the highest market share. The growth can be ascribed to the augmenting demand for energy-efficient appliances in commercial domains, encompassing restaurants, hotels, and other food service establishments. Furthermore, the global trend towards adopting greener electric energy sources is further promoting the utilization of electric cooktops. The growth of the food service industry, encompassing various establishments like restaurants, cafes, bars, catering services, and cafeterias, is projected to propel a significant transformation in the global electric cooktop market.

Global Electric Cooktop Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In 2022, the region of Europe held the largest share of the global electric cooktop market. The increasing knowledge and concern among individuals regarding the safety aspects of kitchen appliances, including electric cooktops, the growing emphasis on sustainability and environmentally-friendly products, and the increasing government initiatives that encourage the utilization of energy-efficient cooking appliances in both commercial and residential settings are some of the factors fueling the region's growth. Furthermore, Europe is home to several prominent market players, including Electrolux AB, ILVE SpA, Jemi, S.A., Adventys, and Zanussi Professional. The region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period owing to the escalating prices of LPG gas, the extensive utilization of electric cooktops in Japan for commercial purposes, and the strong presence of major market players, including TTK Prestige Limited, Stovekraft, and Bajaj Electricals.

Global Electric Cooktop Market Key Players:

1. Electrolux AB (Sweden)

2. ILVE SpA (Italy)

3. TTK Prestige Limited (India)

4. Jemi, S.A. (Spain)

5. Adventys (France)

6. Garland Group (Canada)

7. Zanussi Professional (Italy)

8. The Vollrath Company (United States)

9. Breville (Australia)

10. Fagor Professional (Spain)