Key vendors to focus on aesthetics and value-added features to create product differentiation
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five leading vendors for the global induction hobs market in their latest research report. This report also lists 13 other prominent vendors who are expected to contribute to this market’s growth between 2016-2020.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated from the retail sales of induction hobs to both residential and commercial sectors is considered.
This Technavio report, under the home, kitchen, and large appliances vertical, is based on the synthesis, analysis, and interpretation of information about the global induction hobs market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The global induction hobs market is characterized by the presence of several vendors, both regional and global. The market is fragmented and highly competitive in nature as new vendors, both international and local, are venturing into the market space for induction hobs. Vendors compete on the basis of factors such as product differentiation, portfolio, and pricing. Business expansion and adoption of new technologies for manufacturing products are also key areas of focus for vendors to increase their profit margin and market share. New players are expected to enter this market, which will intensify the competition and make it difficult for existing vendors to gain more market shares. Vendors in the market will have to create product and service differentiation through a unique value proposition in order to survive in the highly competitive market for induction hobs.
“Vendors in the market are increasingly shifting their focus to the aesthetics and introduction of multiple features in induction hobs. This trend stems from the need for vendors to differentiate their offerings in the otherwise uniform market. Vendors are experimenting with different color options, styles, and designs to attract consumers. Manufacturers in this space are now launching induction cooktops with interactive recipe databases, advanced speed-cook modes, and in colors that complement the décor of most modern kitchens,” says Poonam Saini, a lead analyst at Technavio for home, kitchen, and large appliances.
Top five vendors in the induction hobs market space
Bosch
Bosch is a provider of technology and related services across the globe. In September 2014, Bosch acquired Siemens’ stake in BSH. BSH was formed as a joint venture between Siemens and Bosch. In FY2015, the company reported a revenue of more than $78 billion. The company operates through four key business segments which include mobility solutions, consumer goods, industrial technology, and energy and building technology. Bosch operates around 442 subsidiaries and regional companies in approximately 50 countries. It has a presence in 150 countries through its trading and service partners.
Key products: Refrigerators, washers and dryers, and cooking and baking appliances.
Electrolux
Electrolux engages in the design and manufacture of home appliances such as refrigerators, washing machines, dishwashers, vacuum cleaners, cookers, air conditioners, and small domestic appliances under the Frigidaire, Electrolux, AEG, Zanussi, and Electrolux Grand Cuisine brands. The company operates in the US through its subsidiary Electrolux Appliances. The company sells more than 60 million products through eight brands in more than 150 countries every year. In FY2015, the company reported a revenue of almost $15 billion. The key business segments of Electrolux include major appliances, small appliances, and professional products.
Key products: Refrigerators, dishwashers, ranges, cooktops, wall ovens, microwaves, ventilation, warmer drawers, small kitchen appliances, and kitchen accessories.
Haier Electronics Group
Haier Electronics Group, along with its subsidiaries, is involved in the manufacture and sales of home appliances such as refrigerators, freezers, washers, TV sets, and consumer electronics appliances and integrated kitchenware. The company caters to customers in China and across the globe. In FY2015, the company reported a revenue of more than $14 billion. The company operates through two business segments – air conditioners and others including refrigerators, kitchenware and sanitary ware products, washing machine, equipment components, and integrated channel services businesses.
Key products: Refrigerators, freezers, under counters, dishwashers, cooktops, ranges, wall ovens, microwaves, ventilation, wine cellars, and beverage centers.
LG Electronics
LG Electronics manufactures and sells mobile communication devices, consumer electronic goods, and home appliances. The company offers products such as flat-panel TVs, mobile devices, air conditioners, washing machines, and refrigerators to a consumer base that is spread across the globe. In FY2015, the company reported a revenue of around $50 billion. The company has offices in 125 locations worldwide.
Key products: Refrigerators, Ranges and ovens, cooktops, tumble dryers, dishwashers, microwave ovens, and air conditioners.
Panasonic
Panasonic manufactures and distributes electronic and electrical products to consumers across the globe. The company provides various business solutions such as communication solutions, security systems, document and imaging solutions, IT solutions, terminal solutions, and recording media. It has a strong presence in North America, Latin America, EMEA, China, and Oceania. In FY2015, the company reported a revenue of almost $63 billion.
Key products: Built-in kitchen appliances, refrigerator products, oven/microwave oven, cooker products, food preparation, breakfast appliances, water filter products, and thermo pots.
Other prominent vendors in this market include Arçelik, Gorenje, Gree Electric Appliances, Groupe SEB, Hisense Group, Kenmore, Middleby Corporation, Midea Group, Miele, Koninklijke Philips, SHARP, and SMEG.
A more detailed analysis is available in the Technavio report, ‘Global Industrial Hobs Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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