Summary

Indians' purchasing power has expanded as a result of their preference for quality goods and services. Additionally, the demand for qualitative products is rising as the working population increases across the country. This factor is expected to aid the market in growing at a high rate. Moreover, various companies are using strategies such as mergers and acquisitions to expand their consumer base in the cooktop market around the nation. For instance, in March 2022, Crompton acquired a 55% stake in the company Butterfly Gandhimathi Appliances Limited for roughly USD 187.76 million. Additionally, the company has initiated the open offer procedure, which could increase its overall stake to 81%. Similarly, in 2021, Whirlpool acquired an additional stake of 38% in Elica PB India for around USD 57 million, which would bring its total equity ownership to 87%. Such initiatives by companies are anticipated to further boost the market growth in the future years. An induction cooktop is predicted to act as an energy-efficient substitute for both the traditional gas stove and the electrical cooktop, which is anticipated to encourage overall adoption. Compared to electric and gas cooktops, induction cooktops are more energy efficient. Additionally, since they don't heat the air around them and are safer to use, demand is much higher in the residential sector.

According to the research report "India Induction Cooktop Market Overview, 2028," published by Bonafide Research, the market is anticipated to add USD 309.38 million in the upcoming period, 2023–2028. The market is segmented by type: built-in and freestanding. Freestanding is dominating the market and expected to grow at a significant CAGR during the forecast period due to its features like energy efficiency, safety, ease of cleaning, flexibility, quick cooking, and versatility. On the basis of application, the market is segmented into residential and commercial. With a number of new home development projects underway, demand for induction cooktops is projected to increase. In the past, the steady transition away from gas cooktops benefited the market, and an increasing number of consumers are interested in installing induction cooktops in their homes or large-scale residential projects.

Numerous international corporations are investing a significant amount of money in their research and development division due to the industry's growing need for efficient cooktops. Diverse innovations are being developed concurrently to encourage market expansion. For instance, in 2021, TTK Prestige launched the "revolutionary Svachh Glass Top Gas Stove" in Hyderabad. This product has a unique liftable burner that is attached to a hinge with one arm. Since there is no complicated mechanism issue, these burners are simple to lift for cleaning. The internal product development team at TTK Prestige developed the product. The combined purchasing power of the Indian middle class would grow into one of the largest markets in the world; this expanding population segment and its increased purchasing power may inspire creativity and provide jobs, promoting economic growth. Also, the population density and movement from rural to urban areas have been key elements in the development of the market for small home appliances in India. The sales have been more aggressive in the northern and western regions of India, whereas other regions are also expected to create demand in the forecast period due to increasing awareness of the product and the high living standards of consumers.Delhi, Chennai, Mumbai, Bangalore, and Pune are the major cities in terms of sales and value. Portable single and standalone units of induction stoves are also available in the market to attract Indian consumers, who are driving the market for induction cooktops.

In August 2022, Kent RO Systems Ltd., headquartered in India, launched the Kent Jewel induction cooktop with a power consumption capacity of 2000 watts. In addition, it features eight pre-set menus, including fry, curry, keep warm, roti, water, soup, rice, and milk boiling. In September 2021, Samsung launched the 30" Smart Induction Built-in Cooktop with Wi-Fi. The product will help families prepare meals of any size by offering faster, more precise cooking performance. Currently, induction cooktops are in high demand among working women and the urban population to ease operations and promote healthy cooking. Leading players are introducing smart electric cookers with built-in Wi-Fi connectivity that allow users to control functions through a smartphone. The introduction of such smart premium features is helping simplify customer engagement, which is expected to further drive the growth of the electric cookers market during the forecast period.

Hypermarkets, supermarkets, and convenience stores are the largest retail outlets in the market. Consumers prefer buying induction cooktops from these stores owing to the wide variety of options available there. Also, these stores offer attractive promotional offers and discounts to consumers. With the influx of private labels from large retailers, the sale of induction cooktops will increase significantly through this distribution channel in the coming years. Some examples of such stores in India include Big Bazaar, D’mart, Star Bazar, Spencer and others. Now the customer is moving into digitization and starting to purchase online. The digital marketing strategy aims to increase traffic and product discoverability on the e-commerce platform. Rapid use of the internet, rising use of smartphones, and an increase in digital literacy are speeding up the transition to digital payments and e-commerce on online platforms, bringing customers and brands closer together. These factors have provided higher brand penetration, particularly in Tier II plus cities, expanding the consumer base in the cooktop market in India.

TTK Prestige LTD., Crompton Greaves Consumer Electricals Limited, Stove Kraft Limited, Bajaj Electricals Limited, Sunflame Enterprises Pvt. Ltd., Kaff Appliances (India) Private Limited, Glen Appliances Private Limited, Franke Faber India Private Limited, Usha International Limited, and Havells India Limited are some of the leading market players in the Indian cooktops market. New market players have also been actively entering the market in recent years, further strengthening future market growth.

Considered in this report
• Geography: India
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• India Induction Cooktop market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:
• Built-In
• Freestanding

By Application:
• Residential
• Commercial

By Distribution Channel:
• Specialty Store
• Hypermarkets & Supermarkets
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Induction Cooktop industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.