Smart Cooktop Global Market Report 2024

The smart cooktop market size has grown rapidly in recent years. It will grow from $1.6 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The increase in the historical period can be attributed to factors such as advancements in technology, changing consumer lifestyles, a growing interest in home automation, and the globalization and expansion of the market.

The smart cooktop market size is expected to see rapid growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to factors such as enhanced safety features, customization, personalization, and increased consumer education and awareness. Key trends expected in the forecast period include the integration with smart home ecosystems, AI-powered cooking assistance, seamless connectivity and remote control, as well as modular and flexible design.

The smart cooktop market is poised for growth, driven by the increasing demand for smart home adoption. Smart home adoption involves integrating interconnected devices and systems within households to enhance convenience, efficiency, and control through automation and remote access. This trend significantly impacts the functionality of smart cooktops, allowing users to remotely monitor and control cooking processes for improved convenience and efficiency. A survey conducted by Samsung Electronics Co. Ltd. in June 2023 revealed that 86% of homebuyers in the UK would consider a smart home for their next property, indicating a willingness to pay a premium for such technology. The growing desire for smart home adoption is a key driver behind the expanding smart cooktop market.

The smart cooktop market is experiencing growth due to increasing urbanization. Urbanization, characterized by the migration of people from rural to urban areas, is driven by the concentration of job opportunities, industries, businesses, and services in urban centers. Smart cooktops contribute to this trend by providing technological solutions that enhance efficiency, convenience, and safety in urban living. According to the World Economic Forum, over 55% of the global population, exceeding 4.3 billion people, resided in urban areas as of April 2022, with projections indicating a surge to 80% by 2050. The rising urbanization trend is a significant factor propelling the growth of the smart cooktop market.

Major players in the smart cooktop market are focusing on innovative solutions, such as smart gas stoves, to maintain a competitive edge. Smart gas stoves come equipped with connectivity features and advanced technology, offering users enhanced control and monitoring capabilities. Xiaomi Corporation, a consumer electronics company, launched the Mijia Smart Gas Stove S2 in December 2023. This smart cooktop features an elegant matte-tempered glass panel with two burners, incorporating a double-flame system for even heating. The stove provides precise temperature control up to 230°C and includes a dual timer for automated gas supply shutoff after a set time, ensuring both safety and convenience. These advanced features contribute to the attractiveness of smart cooktops in the market.

Major companies operating in the smart cooktop market are Samsung Electronics Co. Ltd., Siemens Home Appliances, LG Electronics Inc., Panasonic Corporation, Whirlpool Corporation, Bosch Home Appliances, Electrolux AB, Miele & Cie. KG, GE Appliances, Fisher & Paykel Appliances, Garland Commercial Industries LLC, KitchenAid Inc., Teka Group, Montague Company, Viking Range LLC, AGA Rangemaster Group Ltd., BlueStar Cooking, Dacor Inc., Smeg S.p.A., Hestan Commercial Corporation, Fulgor Milano, ILVE S.p.A., Kenmore Appliances, Bertazzoni S.p.A., La Cornue S.A., Wolf Appliances.

North America was the largest region in the smart cooktop market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart cooktop market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart cooktop market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A smart cooktop is a technologically advanced cooking appliance designed to enhance cooking convenience, efficiency, and safety. Unlike traditional cooktops, smart cooktops incorporate sensors, connectivity capabilities, and advanced controls, enabling users to monitor and control cooking processes remotely through smartphone apps or voice commands.

The primary types of smart cooktops include electric and gas variants. Electric cooktops involve the presence or transmission of electrical charge, typically associated with phenomena such as electricity, electromagnetism, or electric currents. These cooktops utilize various technologies, including induction cooktops, radiant cooktops, and gas cooktops. They cater to various end-users, including residential and commercial, and are distributed through online and offline channels.

The smart cooktops market research report is one of a series of new reports that provides smart cooktops market statistics, including smart cooktops industry global market size, regional shares, competitors with a smart cooktops market share, detailed smart cooktops market segments, market trends and opportunities, and any further data you may need to thrive in the smart cooktops industry. This smart cooktops market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart cooktop market consists of sales of profile smart cooktops, home connect induction cooktops, and smart induction cooktops. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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