India Cooktops Market, By Product Type (Gas Cooktops, Induction Cooktops, Electric Coil Cooktops, and Hybrid Cooktops), By Number of Heating Elements (2 and Below, 3 to 4, More than 4), By Sector (Organized Sector and Unorganized Sector), By Technology (Free Standing and Built-in), By Distribution Channel (Kitchen Appliances Stores, Multi-Branded Stores, Online, Exclusive Stores, Supermarkets/Hype

Growing urbanization and changing lifestyles and preferences of consumers are influencing the cooktops market of India, which is expected to grow at a CAGR of 6.23% during the forecast period, reaching USD 1310.02 million by 2028F. Furthermore, increased purchasing power, product innovation, and technological improvements are expected to boost the India cooktops market during the forecast period.

Additionally, urban Indians' purchasing power has expanded as a result of their preference for goods and services. Additionally, the demand for qualitative products is rising as the working population increases across the country. This factor is expected to aid the market in growing at a high rate. Moreover, various companies are using strategies such as mergers and acquisitions to expand their consumer base in the cooktops market around the nation. For instance, in March 2022, Crompton acquired a 55% stake in the company Butterfly Gandhimathi Appliances Limited for roughly USD 187.76 million. Additionally, the company has initiated the open offer procedure, which could increase its overall stake to 81%. Similarly, in 2021, Whirlpool acquired an additional stake of 38% in Elica PB India for around USD 57 million, which would bring its total equity ownership to 87%. Such initiatives by companies are anticipated to further boost their market growth in the future years.

Rising Online Sales Channels will lead to the Market Growth of Cooktops

With more consumers shopping online, major market players are heavily utilizing digital channels to connect with customers. The digital marketing strategy aims to increase traffic and product discoverability on the e-commerce platform. Rapid use of the internet, rising use of smartphones, and an increase in digital literacy are speeding up the transition to digital payments and e-commerce on online platforms, bringing customers and brands closer together. These factors have provided higher brand penetration, particularly in the Tier-II plus cities expanding the consumer base in the cooktops market of India.

Increasing Innovations to the Cooktops Fueling the Market Growth

Numerous international corporations are investing a significant amount of money in their research and development division due to the industry's growing need for efficient cooktops. Diverse innovations are being developed concurrently to encourage market expansion. For instance, in 2021, TTK Prestige launched the ‘revolutionary Svachh Glass Top gas stove’ in Hyderabad. This product has a unique liftable burner that is attached to a hinge with one arm. Since there is no complicated mechanism issue, these burners are simple to lift for cleaning. The internal product development team at TTK Prestige developed the product.

Increasing Purchasing Power will Fuel the Market Growth

The combined purchasing power of the Indian middle class would grow into one of the largest markets in the world; this expanding population segment and its increased purchasing power may inspire creativity and provide jobs, promoting economic growth. The main factor propelling the Indian cooktops market is the growth of the population's purchasing power. Also, the population density and movement from rural to urban areas cities have been key elements in the development of the market for small home appliances in India. A rough estimate is that more than 40% of India's population will be women by 2030 residing in cities.

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Market Segmentation

The India cooktops market is segmented by product type, number of heating elements, sector, technology, distribution channel, end user, and region. The market is segmented into gas cooktops, induction cooktops, electric coil cooktops and hybrid cooktops based on product type. The number of heating elements segment is divided into 2 and below, 3 to 4, and more than 4. The sector category is further segmented into organized and unorganized. The market is also segregated in terms of technology between free standing and built-in. The distribution channel is segmented into kitchen

Company Profiles

TTK Prestige LTD., Crompton Greaves Consumer Electricals Limited, Stove Kraft Limited, Bajaj Electricals Limited, Sunflame Enterprises Pvt. Ltd., Kaff Appliances (India) Private Limited, Glen Appliances Private Limited, Franke Faber India Private Limited, Usha International Limited, Havells India Limited are some of the leading market players in the Indian cooktops market. New market players have also been actively entering the market in recent years, further strengthening future market growth.