Summary

The induction cooktop market in South Korea is growing, driven by increasing consumer demand for energy-efficient and technologically advanced home appliances. South Korea is known for its strong technology sector, and this has allowed local companies to develop and manufacture advanced induction cooktops that offer a range of features and benefits to consumers. In recent years, the market has seen a significant rise in the number of high-end induction cooktops that offer precise temperature control and rapid heating, as well as other advanced features such as built-in sensors and smart connectivity. The trend towards smart homes has also driven growth in the induction cooktop market in South Korea, as consumers seek appliances that can integrate with other smart home devices and be controlled remotely.

According to the research report "South Korea Induction Cooktop Market Overview, 2028," published by Bonafide Research, the South Korean induction cooktop market is expected to add USD 455.87 million by 2028. Due to their better convenience and safety features, induction cooktops are typically preferred by Korean households over gas burners. Which, in terms of comfort and safety, are currently widespread in Korea with induction cooktops. Furthermore, due to rising demand for environmentally friendly appliances and increased access to electricity, the market graph is expected to rise significantly throughout the forecast period. Additionally, rising demand for modular kitchens is likely to support induction hob demand. The benefits of induction hobs, such as their speed, responsiveness, energy efficiency, and ease of use, have significantly fuelled market growth.

Induction cooktops were previously restricted to use in fire-prone areas such as restaurants and lodging establishments in Korea. Domestic induction cooktops are growing their market share, though, as more people become aware of their ease and safety. According to a number of studies, induction cooktops perform better in terms of thermal efficiency than gas stoves, generate fewer air pollutants, and improve public convenience considerably. As a result, induction cooktops have been purchased for Korea's newly constructed as well as existing flats, where they will replace gas burners. Due to the incredibly quick heating and exact heat control offered by a high-performance glass ceramic surface, chefs often choose induction cooktops. Additionally, since the pan is heated by induction technology rather than the surface or its surroundings, relatively little heat is lost into the space.

Since 1999, Dipo Induction has been a pioneer and market leader in induction, from front-of-the-kitchen induction to heavy-duty induction; a total of more than 80 cooking appliances have been invented by Dipo and are produced in its facility in Korea. Smeg announced the release of the area induction hob in August 2021. With features like smart-follow-pot technology, which uses 38 sensors to identify the various pans on the hob, it is regarded as the most intelligent hob product. Without any fixed cooking zones, the induction can accommodate 12 pans of various sizes. The 8th Basic Plan for Long-Term Electricity Supply and Demand is scheduled to be established by the Korean government. For the establishment of a long-term national strategy for power, the forecasting of electricity consumption is essential. Therefore, an important factor in predicting electricity demand is the growth in the availability of induction cooktops. Due to the relative youth of the technology, induction stoves are typically more expensive than their electric and gas competitors. It's an investment, but if a new range is in demand, it will be profitable in the long run. A smooth-top electric range uses 10% more energy than an induction model. Additionally, the price of induction is beginning to decline as it becomes more widely used.

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

Aspects covered in this report
• South Korea 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.