LONDON--(BUSINESS WIRE)--The global induction hobs market is expected to register a CAGR of over 8% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the product innovations and new designs. One of the major drivers for the market’s growth is the constant product innovation by players, which encourages the shift in consumer preference from gas stoves to induction hobs. Moreover, every product upgrade leads to shortening of the replacement cycles for the product category. This is because a significant consumer segment consists of early adopters that prefer purchasing the latest technology. Some of the latest features that have been added to induction hobs include faster heating-up and cooling down, temperature controls, power levels, child lock, timer, and sensory panels.
This market research report on the global induction hobs market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the advent of voice-controlled kitchen assistants as one of the key emerging trends in the global induction hobs market.
Global induction hobs market: Advent of voice-controlled kitchen assistants
With growing digitalization, consumers have become tech-savvy, with a strong knowledge of the use and benefits of modern appliances. Voice-controlled assistants are new technologies that can support users daily activities including cooking.
“Companies such as Bosch’s Mykie has developed a voice-controlled, counter-top robot, can read the stages of recipes, helping users cook. The device captures the recipe and reads it to the user or displays the video on the wall, similar to a projector from where the user can follow it. The robot can be connected to Bosch’s ovens,” says a senior analyst at Technavio for research on home, kitchen, and large appliances.
Global induction hobs market: Segmentation analysis
This market research report segments the global induction hobs market into the following products (built-in induction hobs and free-standing induction hobs).
The built-in induction hobs segment held the largest market share in 2017, accounting for nearly 56% of the market. This product segment is expected to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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