Germany Induction Cooktop Market Research Report, 2028

Germany Induction Cooktop Market Research Report, 2028

Actual Market Research 30-01-2023 59 Pages Figures : 5 Tables : 11 Region : Europe Country : Germany Category : Consumer Goods & Services Appliances & Equipment

Germany is a developed nation with a mature market with an affluent consumer base and strong purchasing power that holds the largest market share in Europe. Similar to an electric cooktop, an induction cooktop includes coils beneath its surface that induce electrical current to generate heat in the pan or metal item. It consumes less energy than other electric cooktops because it requires less electricity and remains cold until a pan is placed on it. Induction cooktop kitchen ranges are more expensive than gas and radiant electric models, but they offer additional benefits such as performance, safety, and efficiency. Many manufacturers, like Electrolux, Robert Bosch, SMEG, and Miele, are investing in R&D to produce induction kitchen ranges with innovative features and designs. In Europe, the adoption of high-tech smart appliances promotes demand for induction hobs, particularly in countries such as Germany, where the percentage of the population using smart appliances has grown over the last three years. The government and businesses have started a number of measures to promote energy efficiency, which will increase the adoption of smart home devices and services. According to a survey done by the German industry association Bitkom, 41% of all Germans would have at least one smart home device installed by 2021. The biggest motivators for purchasing smart home items, according to 78% of respondents, were simplicity, convenience, and comfort, while 69% wanted to make their homes safer. Energy efficiency was rated as a high purchasing factor by 62% of respondents. Major companies for induction cooktops in the German market are Samsung, Whirlpool, Arcelik, Electrolux, BSH Hausgeräte GmbH, etc. According to the research report, "Germany Induction Cooktop Market Research Report, 2028," published by Actual Market Research, the market is anticipated to add USD 719.32 million. The low energy usage of induction cooktops is one of their most enticing features. Induction cooktops are one of the most energy-efficient appliances when compared to electric and gas cooktops since the energy consumed is transferred to the meal. Buyers will appreciate that these cooktops use less energy, which benefits the environment and may result in lower utility bills. When it comes to homes, more potential buyers prioritise energy efficiency, with consumers identifying it as a highly desirable feature. As a result, switching from LPG to induction cooktops could be one of the policy initiatives taken by governments worldwide to achieve energy sustainability and reduce carbon emissions. Several technological improvements, such as kitchen appliance manufacturers replacing antiquated mechanical controls and displays with touch technology to minimise dependability and after-sales expenses, will boost market expansion. Touch screens with huge images are also gaining popularity. Consumers are projected to acquire technology-driven kitchen devices because of continuously shifting work and family schedules, a greater desire for eco-friendly things, and more inexpensive electrical accessibility. According to the World Bank, Germany has a population of 83.1 million people, there are 64.24 million urban residents and 18.86 million rural residents. According to the World Bank, Germany's GDP in 2021 was USD 4.22 trillion, with an inflation rate of 3.1% and a per capita income of $ 50,801.8. (2021). The rising per capita income of people is also an external factor, which accelerates the growth of the induction cooktop market in Germany. Also, increasing inflation will benefit the company by helping it earn more profit. Induction cooktops are becoming increasingly inexpensive and energy-efficient. This is the outcome of the three-year "InduKOCH" research project held in Germany. The research team included E.G.O. Group, a global supplier to home appliance makers; the University of Bremen's Institute for Electrical Drives, Power Electronics, and Devices (IALB); and the project's leader, Infineon Technologies. The team was successful in lowering the amount of components required by induction cooktops. Consumer advantages: in the future, a regular induction cooktop will not be significantly more expensive than a conventional cooktop. Furthermore, power dissipation will be reduced, allowing today's highly energy-efficient induction technologies to require even less electricity in the future. Induction heaters and cooktops based on InduKOCH technology use 20 to 100 kWh less power per year than typical electric cooktops, actively contributing to climate protection. Using the help of InduKOCH, the number of German houses with induction stoves might more than double from over 6 million now (about 17% of all households in Germany) to around 12 million (about 30 percent). Assuming that an induction stove requires around 60 kWh less electricity per year than a regular electric stove, the consequent CO2 reduction is significant. In Germany, the annual CO2 reduction would be equivalent to the emissions of 100,000 cars (at an average annual distance travelled of 13,000 km). This figure is based on a 2012 estimate from the German Federal Environment Agency that the generation of one kilowatt-hour of electricity emits approximately 600 g of CO2. Growing urbanisation and improved safety contribute considerably to their increased acceptance in the German market. German consumers prefer energy-efficient kitchen appliances because they reduce utility expenditures and are relatively inexpensive. Customers' health consciousness has increased as the working-class population has grown and fast-food consumption has increased. Because induction hobs do not have open flames, they are safer than gas hobs. Induction and electric plate hobs are popular because they can be used at low temperatures and require less time and energy. SommerladKuchen Marburg, SOMIT Möbel, Brock + Stephen Fitted Kitchens, WunschKuchen, and many others are the specialty stores in Germany for induction cooktops. Kaufland, Lidl, Aldi Süd, Real, Edeka, Penny, Netto, Norma, etc. are the top supermarkets in Germany. Retail establishments, which make up the offline distribution channel, held the majority of the market. In the past, retail establishments were the only places to find induction cooktops. These places assisted customers in selecting from a range of goods. The expanded sales opportunity for induction cooktops through online channels led suppliers to improve the security and dependability of their online buying procedures, which in turn increased demand for these products online. Considered in this report • Geography: Germany • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Germany 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.

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