India Cooktops Market to Grow with a CAGR of 6.23% During the Forecast Period
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.
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.
Browse
over 39 market data Figures spread through 70 Pages and an in-depth TOC on
"India Cooktops Market"
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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