Induction cooktop in India: Key market research findings
- Introduction of improved quality products spurs market growth
- Organized retail accounts for a majority of the market’s revenue
- Key vendors – Bajaj, Inalsa, Philips, Stovekraft, and TTK Prestige
Technavio’s market research analysts predict the induction cooktop market in India to grow at a CAGR of around 7% between 2016 and 2020. The growth of the market is spurred by growing urbanization and the launch of efficient products with greater safety features. With growing urbanization, energy-efficient kitchen appliances that could help minimize utility bills and are relatively cost effective are gaining traction. Furthermore, induction cooktops are considered relatively safe due to the absence of open flames, a factor which has added to the adoption of the appliance by urban dwellers with small children at home.
The new market research report from Technavio presents a breakdown and analysis of the induction cooktop segments based on the distribution channel.
“Vendors in the market are currently focusing on the introduction of improved quality products with added features. Continuous innovation in the design of induction cooktops is leading to the development of advanced products that are eco-friendly and energy-efficient. It is also resulting in the development of induction cooktops with more burners, ones that are less noisy as well as have touchscreens,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
The organized retail segment accounted for more than 55% of the overall market revenue during 2015 to become the key revenue generating vertical in the induction cooktop market in India. Large retail outlets such as hypermarkets, supermarkets, and convenience stores, which carry a wide portfolio of products with new offers and promotions, come under the organized retail segment. Consumers prefer buying induction cooktops from these stores as they have more options available. Attractive promotional offers provided by these large retailers adds to the popularity of these stores.
The key vendors in the induction cooktop market in India include Bajaj, Inalsa, Philips, Stovekraft, and TTK Prestige. The market vendors compete against each other on the basis of product differentiation, portfolio, and pricing. They are focused on business expansion and adoption of new technologies in the manufacturing process to increase their profit margins and market shares. The probability of more vendors entering the market is also high, making it difficult for existing vendors to gain more market share.
A more detailed analysis is available in the Technavio report, Induction Cooktop Market in India 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
