Global Induction Hobs Market to Reach $15.2 Billion by 2027
Amid the COVID-19 crisis, the global market for Induction Hobs estimated at US$11.1 Billion in the year 2020, is projected to reach a revised size of US$15.2 Billion by 2027, growing at aCAGR of 4.6% over the period 2020-2027. Free standing & portable cooktops, one of the segments analyzed in the report, is projected to record 4.4% CAGR and reach US$10.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Built-in cooktops segment is readjusted to a revised 5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3 Billion, While China is Forecast to Grow at 7% CAGR
The Induction Hobs market in the U.S. is estimated at US$3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2027 trailing a CAGR of 7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 4.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR.We bring years of research experience to this 6th edition of our report. The 184-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Electrolux AB
- LG Electronics Inc.
- Panasonic Corporation
- Robert Bosch GmbH
- Whirlpool Corporation