Increasing product innovations by market players along with the rising disposable income will fuel the India cooktops market through the forecast period.
According to TechSci Research report, “India Cooktops Market – By Region, Competition Forecast & Opportunities, 2018-2028” India cooktops market is forecast to grow at an impressive CAGR of 6.23% in the forecast period due to rapidly surging demand from the residential sector, increasing number of products launched by market players, growing concept of products such as built-in cooktops, etc.
Increased urbanization, increased consumer disposable income, and population growth all support market expansion. The projected period is expected to see a sustained increase in the demand for cooktops as a result of customers’ shifting preferences and lifestyles.
Cooktops have long been a significant aspect of Indian households’ home appliances. Since consumers are becoming increasingly aware of product alternatives in the market, they seek “value options” that are convenient to use, consistent, and affordable. In the years to come, there should be an increase in demand for cooktops. Additionally, young Indian couples are increasingly choosing to start nuclear families, which is driving up the demand for cooktops. New technology, creative design, and advancements in after-sales services are various factors that have attracted a consumer base around the nation and, therefore, contributed to the sector’s growth.
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In terms of product type, the cooktops market in India is segmented into gas cooktops, induction cooktops, electric coil cooktops, and hybrid cooktops. The induction cooktops type has observed a significant rise, particularly in the northern states of India, specifically during the COVID-19 pandemic situation. Since people were stuck at home, they were focusing on investing in the improvement and renovations of their kitchens. E-commerce has also experienced tremendous growth because of businesses ability to generate revenue through online channels as companies began to focus more on such platforms.
The India cooktops market is segmented based on product type, number of heating elements, sector, technology, distribution channel, end user, distribution channel, region, and company. In terms of product type, the India cooktops market is segmented into gas cooktops, induction cooktops, electric coil cooktops, and hybrid cooktops. In terms of number of heating elements, the India cooktops market is segmented into 2 and below, 3 to 4, and more than 4. The India cooktops market is further segmented into organized and unorganized in terms of sector. In terms of technology, the market is segmented into free standing and built in. The distribution channel segment is divided into kitchen appliances stores, multi-branded stores, online, exclusive stores, supermarkets and hypermarkets, and others (direct sales, sanitaryware stores, etc.). Among them, the kitchen appliance stores dominate the India cooktops market, but online channels have gained popularity after the COVID-19 pandemic. In terms of the end user segment, the market is segregated into residential as well as commercial.
Key market players in the India cooktops market include:
- TTK Prestige LTD.
- Stove Kraft Limited
- Bajaj Electricals Limited
- Sunflame Enterprises Pvt. Ltd.
- Butterfly Gandhimathi Appliances Limited
- Kaff Appliances (India) Private Limited
- Glen Appliances Private Limited
- Franke Faber India Private Limited
- Usha International Limited
- Havells India Limited
Moreover, the growing demand for induction cooktops, particularly in the north Indian states, is also one of the major reasons aiding the cooktops market of India. Consumers are shifting their preferences from gas cooktops to induction cooktops due to various advantages they offer, such as time efficiency, since the heat is directly transferred to the cookware and not the surface of the cooktop. Also, the temperature can be controlled more precisely with induction cooktops, eliminating the risk of over or under-cooking.
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“The rising concept of modular kitchens is another major factor contributing to the growth of this market. Consumers can also customize their kitchen settings according to their preferences. Also, the increased social media presence, integrated design elements, and consumer desire to create a cohesive living space by choosing from a variety of distinctive colors, finishes, metals, and design elements have all contributed to the market’s significant rise. The built-in hobs do not take up a lot of space and give a luxurious appearance to the kitchen. Also, they are a better option for small-sized kitchens. Various market players such as Bosch, Hafele, Kaff Appliances, etc. are offering such products. The market of cooktops in India is anticipated to expand over the next years since industry players are also constantly improving and upgrading their products to satisfy consumer demand. Furthermore, the growth of the e-commerce sector will open up new channels for distributors and manufacturers to reach customers and increase their customer base, which will assist the Indian cooktops market throughout the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Cooktops Market By Product Type (Gas Cooktops, Induction Cooktops, Electric Coil Cooktops, and Hybrid Cooktops), By Number of Heating Elements (2 and Below, 3 to 4, More than 4), By Sector (Organized Sector and Unorganized Sector), By Technology (Free Standing and Built-in), By Distribution Channel (Kitchen Appliances Stores, Multi-Branded Stores, Online, Exclusive Stores, Supermarkets/Hypermarkets, and Others (Direct Sales, Sanitaryware Stores, etc.), By Region, Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of cooktops market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India Cooktops Market.
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