Will the market for induction oven grow in 2021? Here’s what experts think.

  • In the coming five years, the demand for an induction oven in India will be restricted to a niche population only.
  • If the cost of electricity/ kwh is twice the cost of LPG/kWh, it will be more economic for the user to stick to LPG

With the vast evolution of technology and fast-paced life, the methods of cooking in every household in India have also changed. People are switching from traditional methods of cooking in gas ovens to electric induction ovens, which are growing very fast every year, feels leading manufacturers such as Prestige, Kent, Bajaj, and many others. According to them, the numbers are not only growing but it has also proven to be the safest and fastest way of cooking among consumers. But, somehow, this matter is still a topic of debate and has received mixed responses from consumers and market analysts. 

Even though the product has mixed responses the market is growing every year. According to research and markets, the device is expected to have expected growth in CAGR of around 23-27 percent over the next five years in India. Towards the end of 2020, this segment has witnessed a growth in CAGR of 10 percent. Speaking of globally, the household induction oven market reached $9,160 million, growing at a CAGR of 5.8 percent to reach $13,538 million by 2022.

Analysts and many consumers opined that this device has gained traction to a specific group of people, especially among bachelors living far from home and for few households where family members are fewer. They also stated that in India most of the metro cities and semi-urban areas electricity is privatized and is very expensive. 

Satyajit Sinha, senior research analyst, IoT Analytics, told The Electronics, “I don’t think induction ovens have yet taken control over traditional gas ovens because electricity is very costly in most of the urban areas and cities. Nowadays, the government is offering a huge subsidy in gas. In most of the rural and semi-urban areas family members are large and the induction oven cannot meet the demand unless it can manage to cook for more than six people. In cities like Delhi and NCR, people have started using piped gas for cooking, which is very cheap, requires no personal maintenance, saves energy and can easily be recharged via a smartphone also.”

Sinha added that this growth in the market is mostly restricted to cities and semi-urban areas in the developing nations because of imperative factors such as escalating working population, high purchasing power, and better infrastructural facilities. Even in the coming five years, the demand for an induction oven in India will be restricted to a niche population only.

The Department of Energy in the United States has analyzed that cooking in an induction oven is 79 percent efficient as compared to 40 percent efficiency in cooking in LPG. In fact, resistant heating figures of various types are also close to 75 percent. Hence, if the cost of electricity/ kwh is twice the cost of LPG/kWh, it will be more economic for the user to stick to LPG. The point to be noted is that the tariff for the unit (kWh) of electricity escalates every month compared to the price of LPG.

But, induction oven manufacturers are saying that demand for modular kitchen, increasing-price of LPG and fuel, number of working women’s, expanding middle class and rising availability has made this market more attractive and popular. Moreover, the fact that most of the Indian dishes can be prepared using an induction cooker has added to its popularity. Some brands of induction cooktop have now started providing specially programmed cooktops with preset functions for Indian cooking.

Satish Gupta, an induction oven user in Delhi said, “I am using this product for the past four years. The only problem is when you have a power cut it becomes a problem. In Delhi, we have subsidized electricity as well, and hence, the consumption is less. From the cooking perspective, it can help you cook vast dishes in a much lesser time than LPG gas. Moreover, it does not generate much heat while cooking. Also, it is easy to clean and safe to use.”

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