Summary

The Russian induction cooktop market is mostly driven by technological advancement and the increasing disposable income of consumers. Several technological improvements, such as kitchen appliance manufacturers replacing antiquated mechanical controls and displays with touch technology to minimise dependability and after-sale costs, will drive market expansion. Touch screens with huge images are also gaining popularity. Consumers are projected to acquire technology-driven kitchen devices due to constantly changing work and family routines, a greater need for eco-friendly products, and easier access to inexpensive electricity. Electrolux AB, Robert Bosch GmbH, LG Electronics, and many others are the major companies operating in Russia.

According to the research report, "Russia Induction Cooktop Market Overview, 2028," published by Bonafide Research, the market is projected to add USD 320.49 Million by 2028. When compared to electric and gas cooktops, induction cooktops are one of the most energy-efficient appliances since the energy consumed is transferred to the food. Buyers will enjoy that these cooktops consume less energy, which is healthier for the environment. And as a result, changing LPG stoves to induction stoves could be one of the policy solutions employed by governments around the world to achieve energy sustainability and reduce carbon emissions. Electrolux lowered its greenhouse gas emissions (direct and indirect in operations) by 78% in March 2022 when compared to previous years. This means the corporation is four years ahead of its 2025 goal of an 80% reduction based on research. AB Electrolux unveiled the SenseFry induction hob in July 2021, which has an intuitive touchscreen, sensors, and assisted cooking programmes. The induction hob detects and maintains a uniform temperature over the surface of the pan.

Russia has 143.4 million people, with 66.50 million men and 76.90 million women. The majority of the population, 49.80 million people, is between the ages of 18 and 44. Inhabitants dwell in metropolitan areas, whereas rural areas have 35.85 million people. Russia's GDP in 2021, according to the World Bank, will be $1.78 trillion USD, with an inflation rate of 6.7% and a per capita income of USD 12,172.8. Indicator values climbed by 0.5% year over year in 2021, and there were 58.5 million households in Russia, demonstrating the astounding growth rate of the country's housing market. The market for induction cooktops expands in tandem with the housing sector. The market is being driven by an increase in the number of residential and commercial development projects. Because of the technology's intrinsic benefits, more chefs and manufacturers are marketing induction cooktops to consumers and professionals. Induction technology is more efficient than traditional electric and gas-powered technology. The contents of the heated pots and pans are heated efficiently through conduction and convection.

Gas prices in practically every country in Europe have soared, and they are currently at an all-time high. This is due to a gas shortage in the European Union as a result of Russia's suspension of most pipeline imports during its conflict in Ukraine. Russians, on the other hand, pay roughly $1.35 per month for gas, despite an excess of supplies. To mock Europeans for their exorbitant gas prices, Russians are live streaming their burning gas stoves on social media 24 hours a day, seven days a week. Also, the setup cost of induction cooktops and price variability throughout the market may stymie market expansion. Despite this, advanced features such as improved energy efficiency, compact designs, and effective safety management, as well as the creation of unique and less expensive induction cooktops, may create new opportunities for the induction cooktop market to grow further.

Magnit, Pyaterochka, Dixy, Lenta, Auchan, etc. are the dominating chains in Russian super and hypermarkets. The majority of the market was held by retail establishments, which comprise the offline distribution channel. Induction cooktops were previously only available in retail establishments. Customers were assisted in making their selections from a variety of goods at these locations. The Russian household induction cooktop market is expanding due to developments in internet marketing and an increase in the usage of digital media for product promotion. Increased acceptance of technologically innovative and high-tech items is likely to fuel the rise of kitchen appliance e-commerce websites, propelling the domestic induction cooktop market.

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

Aspects covered in this report
• Russia 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.