The rising popularity of home automation systems and rising consumer consciousness about the importance of using energy-efficient kitchen appliances have both contributed to the market's consistent revenue growth over the past several years. It is anticipated that the market's current rate of expansion will persist for the foreseeable future. During the forecast period of 2024 to 2032, the market for smart cooktops is projected to expand at a CAGR of 8.3%. A smart cooktop has many functions and features that make cooking easier and more efficient. These stoves have cutting-edge technologies like touch screens, voice commands, Wi-Fi, and smart sensors, allowing users to manage and keep tabs on their meals from anywhere with an internet connection. For the sake of full automation and improved cooking experiences, some smart cooktops also enable integration with other smart home equipment like smart ovens, smart exhaust fans, and smart assistants.
Consumers are driving the need for smart cooktops with their desire for connected, handy, and technologically sophisticated kitchen equipment. Consumers are increasingly interested in upgrading their houses with smart home technology to make them more convenient and cost-effective. Touch controls, voice commands, and Wi-Fi connectivity are just a few examples of the smart technologies included in today's cooktops, which provide users the freedom to watch and adjust their cooking from anywhere in the house. Users can do things like preheat the stove or change the temperature settings from their phones, which is a huge time saver. Deloitte found that 42% of U.S. consumers already own a smart home device, reflecting rising consumer interest in these kinds of Internet-connected gadgets.
Consumers are more aware of the need of using cooking methods that minimize their impact on the environment and their ability to save money on utility bills. Smart sensors and timers are just two examples of cutting-edge technology integrated into today's cooktops. Smart cooktops, for instance, can turn themselves off or down after a predetermined amount of time if no one is using them. This is appealing to eco-conscious shoppers looking for energy-saving products for their homes. Smart cooktops can reduce energy use by as much as 10% compared to conventional cooktops, according to a report by the United States Department of Energy.
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The demand for smart cooktops has been largely fueled by the development of smart home automation systems. Smart cooktops can automate and streamline the cooking process by communicating with other smart home appliances like ovens, exhaust fans, and virtual assistants. Examples include the ability to receive notifications when a meal is done cooking or to set up individualized cooking regimens that adapt to the dish being prepared. Tech-savvy consumers who want high-end, integrated smart home solutions will appreciate this level of automation and convenience. Smart cooktops are projected to gain popularity in the next years due to the proliferation of smart home management systems and the rising interoperability of smart gadgets.
The high purchase price and complicated setup process of smart cooktops are major challenges for the industry. Because of their high-end design and cutting-edge technology, smart cooktops might cost more than their more basic counterparts. The additional cost may prevent certain consumers or households, especially those with tighter budgets, from purchasing smart cooktops. A smart cooktop can cost anywhere from $500 to $2,500, with price fluctuations associated with variations in brand, features, and technology. In addition, installing a smart cooktop can be a complicated and time-consuming operation because it may necessitate technical knowledge and alterations to the kitchen's existing electrical and gas connections. Because of this, the purchase and installation expenses of a smart cooktop may go up for customers who aren't familiar with such operations or who need professional assistance.
It is anticipated that the induction cooktop market would expand at a CAGR of 8.5% during the forecast period of 2024 and 2032. Revenue from induction cooktops is projected to increase at a far faster rate than that of any other type of smart cooktop. Magnetic fields immediately heat the cookware, making induction stovetops fast, safe, and accurate. The modern conveniences, energy savings, and user-friendliness of these ranges have led to a rise in their popularity. Wi-Fi connectivity, voice control, and app-based controls are just a few examples of the smart capabilities that are increasingly being built into induction cooktops, allowing customers to operate the appliance from afar using their smartphones or other smart devices. As a result, tech-savvy eaters can enjoy more convenient and tailored cooking experiences. Market leaders and innovators in the smart cooktop industry are putting considerable resources into developing cutting-edge induction cooktops that use cutting-edge technology to revolutionize the cooking experience, cut energy costs, and connect wirelessly to other smart home devices.
The built-in cooktop category is anticipated to be one of the leading segments in the smart cooktop market, both in terms of revenue and CAGR. Built-in cooktops are predicted to generate the most revenue and the highest CAGR among the various installation types of smart cooktops due to their widespread use in contemporary kitchens due to its elegant design, ease of installation, and customization choices. Throughout the forecast period, the built-in cooktop market is projected to grow at a healthy rate. From 2024 to 2032, the market for built-in cooktops is expected to expand at a CAGR of about 7.5%. It is anticipated that built-in cooktops would continue to account for a sizable percentage of the income generated by the smart cooktop market. In order to meet the changing demands of its customers, smart cooktop producers and distributors are emphasizing the availability of a wide range of configurable features and settings for their built-in cooktops. This will likely shape the future of the smart cooktop market by increasing demand for built-in cooktops.
In 2023, the majority of earnings came from sales in North America. Smart cooktops have had significant customer uptake in North America, making the region a key market for the product. Demand for smart home technology, such as smart cooktops, has increased in the region for reasons including its convenience, energy efficiency, and connection. Key companies, a sophisticated technology infrastructure, supportive government initiatives for smart home adoption, and more disposable income among consumers characterize the North American market. As a result of these elements, the smart cooktop market in the region has seen substantial growth in terms of both revenue and CAGR. Since the need for smart home technology is being driven by expanding consumer awareness, rising disposable income, and increasing urbanization, the Asia Pacific area is emerging as a profitable market for smart cooktops. The smart cooktop industry is expanding rapidly in countries like China, Japan, South Korea, and India. The rising popularity of smart home solutions, the region's rapidly developing middle class, and shifting consumer tastes all bode well for the APAC home appliance industry. Because of these elements, the smart cooktop market in the region is growing at a rapid pace.
The smart cooktop market is very competitive, with market leaders using a variety of tactics to solidify their positions. Product innovation is one of the most important competitive trends, with businesses always working to improve the user experience by incorporating new technologies like voice control, wireless connectivity, touch controls, and safety sensors. To stay ahead of the competition, manufacturers including Samsung Electronics, LG Electronics, Whirlpool Corporation, and Bosch Home Appliances have introduced groundbreaking smart cooktop models using state-of-the-art technologies. Companies in the smart cooktop sector frequently engage in strategic alliances and collaborations with one another to complement one another's capabilities and increase their collective impact. Integration of smart cooktops into larger smart home ecosystems is facilitated through partnerships with smart home automation firms, appliance manufacturers, and technology providers. Companies can gain an edge in the market by forming strategic alliances that allow them to provide integrated services to customers. Samsung Electronics, LG Electronics, Whirlpool Corporation, Electrolux AB, Bosch Home Appliances, GE Appliances (Haier), Miele & Cie. KG, Panasonic Corporation, Fisher & Paykel Appliances, and Siemens AG are among the most well-known companies in the smart cooktop industry due to their prominence in the market, breadth of their product line, and the number of satisfied customers.
