The electric cookers market is anticipated to register a CAGR of nearly 10% in the forecast period. Despite being costlier than the regular cookers, electric cookers are witnessing increased demand from consumers globally, owing to factors such as rising disposable income, increasing urbanization, and rising awareness of using renewable energy products.
Electric cookers are also equipped with innovative features, such as timer and heat adjustment variation knobs. Some of the other benefits of electric cookers include hassle-free cooking as they do not need fire and can be beneficial for consumers during travel and also for the ones staying in hostels.
Multifunctionality and power efficiency are also some of the major trends in the electric cookers market. Many vendors are introducing multifunctional electric cookers with LCD displays and voice navigation for enhanced convenience. The market is also witnessing product premiumization and portfolio expansion by companies. For instance, some vendors are introducing smart electric cookers with built-in Wi-Fi connectivity that allows users to control functions through a smartphone app. The introduction of such smart premium features is helping simplifying customer engagement, which is expected to further drive the growth of the electric cookers market during the forecast period.
Key Market Trends
Offline Distribution Channel Accounts for Major Sales of Electric Cookers
The offline distribution channel generated the highest electric cooker sales of the market share in 2018. The majority of the people still prefer buying electric products, such as cookers from physical stores over e-commerce. In countries, like the United States, nearly 40-50% of consumers prefer buying electric home appliances through physical stores rather than online channels. Additionally, the rising number of retail stores, especially in emerging markets like China, India, and Brazil, is also expected to expand the visibility of these electrical appliances through offline channels.
The growing sales of these cookers from specialty stores, department stores, hypermarkets, supermarkets, and warehouse are likely to propel the market growth further and it is anticipated that the offline distribution channel segment will continue to account for a significant market share during the forecast period.
Asia Pacific to Emerge as the Strongest Region in the Forecast Period
The Asia-Pacific region led the market in 2019, followed by Europe and the other regions. During the forecast period, the Asia-Pacific region is anticipated to be the most dominant region in the market. Some of the major factors contributing to the growth of electric cooker sales in the region include growing urbanization, aggressive product promotion strategies of companies, and the rising disposable income of the consumers present in this region.
Furthermore, the increase in the working population in developing nations, such as India and China, is propelling the market growth further as these consumers are looking to buy premium kitchen products with multifunctional properties. There is also a rising awareness among consumers toward the utility of cooking appliances with low emissions which are expected to further increase the demand for electric cookers in this region.
The electric cookers market is fragmented and highly competitive with several players occupying the market share. Some of the prominent brands in the market include Newell Brands, Spectrum Brands, ELECTROLUX, and Koninklijke Philips. Factors, such as product innovation and portfolio extension, are leading to the premiumization and the multifunctionality of electric rice cookers, which is likely to provide considerable growth opportunities to electric rice cooker manufacturers.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Insights on multifunctionality features of electric cooker products
4.3 Insights on energy efficiency ratings of electric cookers
4.4 Insights on technological innovations
5.2 Market Drivers
5.3 Market Opportunities
5.4 Market Restraints
5.5 Industry Value Chain Analysis
5.6 Porter's Five Forces Analysis
6.1.1 Low Volume
6.1.2 Medium Volume
6.1.3 Large Volume
6.2 By Application
6.3 By Distribution Channel
6.3.2 Specialty Stores
6.3.4 Other Distribution Channels
6.4 By Geography
6.4.1 North America
6.4.4 South America
6.4.5 Middle-East and Africa
7.2 Company Profiles
7.2.2 Newell Brands
7.2.3 Spectrum Brands
A selection of companies mentioned in this report includes:
- Newell Brands
- Spectrum Brands