Europe is expected to be the fastest growing segment during the forecast period with a CAGR of 4.5%.
— Roshan Deshmukh
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, January 19, 2024 /EINPresswire.com/ — 𝐓𝐡𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐊𝐞𝐭𝐭𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟒.𝟎𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟏, 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟔.𝟎𝟖 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟒.𝟐% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟐 𝐭𝐨 𝟐𝟎𝟑𝟏.
According to a new report published by Allied Market Research, titled, “Electric Kettle Market by Raw material, by Application, by Distribution channel: Global Opportunity Analysis and Industry Forecast, 2021-2031″. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
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Rising purchase power, changes lifestyle and rapid urbanization are Electric Kettle Market Trends. Furthermore, the growing awareness about health benefits of using electric kettles and its multipurpose uses is supporting the market growth. Additionally, rising number of hotels, restaurants, hospitals, corporate office is positively influencing the market growth.
Moreover, increase in inclination of consumers toward smart appliances that have multipurpose uses notably contributes toward the growth of the global market. Additionally, companies provide electric kettles in a variety of sizes and with the capacity to boil between 0.5 and 2 litres of water, which has led to a wide range of product options for consumers, which creates enormous Electric Kettle Market Opportunity.
𝐀𝐜𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐭𝐨 𝐓𝐡𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐊𝐞𝐭𝐭𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐨𝐧 𝐭𝐡𝐞 𝐛𝐚𝐬𝐢𝐬 𝐨𝐟 𝐫𝐚𝐰 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥, 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐜𝐡𝐚𝐧𝐧𝐞𝐥, 𝐚𝐧𝐝 𝐫𝐞𝐠𝐢𝐨𝐧. By raw material, the market is categorized into stainless steel, plastic, and glass. The stainless steel segment was the highest contributor to the market, with $1,683.4 million in 2021, and is estimated to reach $2,433.1 million by 2031, at a CAGR of 3.8% during the forecast period. This is attributed to the fact that stainless steel kettle is widely used in cafés and restaurants. Moreover, stainless steel kettles are reasonably priced and include extra features such as auto shutoff and base cord storage temperature control, and other lighting features include illuminated blue switches etc., which boost the growth of this segment.
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Based on application, the commercial segment held a significant share of 63.81% in the global market in 2021. This is attributed to increase in number of cafés, restaurants, and hotels in commercial complexes. Moreover, rapid development of the corporate sector is expected to fuel the demand for electric kettles. Electric kettles quickly boil water, which help restaurants and hotels to serve their customer quickly.
Depending on distribution channel, the offline segment dominated the market in 2021, accounting for 62.9% of the Electric Kettle Market Share, and is expected to retain its dominance throughout the Electric Kettle Market Forecast period. This is attributed to the fact that consumers are preferring products from various offline sales channels such as hypermarket/supermarket, specialty stores, and convenience stores.
Region wise, Europe was the prominent market in 2021, garnering maximum share, owing to high consumption of coffee and tea in majority of the European countries, including Germany, Italy, France, and Spain.
Key players are Aroma houseware company, Bajaj electrical limited, Breville group, Chef’s choice, Cuisinart, Hario company limited, Hamilton beach, Helen of troy limited , Morphy Richards, and Spectrum brands holding.
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:
○ On the basis of raw material, the glass segment is expected to exhibit the fastest growth during the forecast period.
○ Depending on type, the commercial segment dominated the Electric Kettle Industry in 2021.
○ By distribution channel, the online sales channel segment is expected to register the highest CAGR of 4.8%.
○ Region wise, Europe is expected to be the fastest growing segment during the forecast period with a CAGR of 4.5%.
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𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐛𝐮𝐲 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐊𝐞𝐭𝐭𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:
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𝐅𝐑𝐄𝐐𝐔𝐄𝐍𝐓𝐋𝐘 𝐀𝐒𝐊𝐄𝐃 𝐐𝐔𝐄𝐒𝐓𝐈𝐎𝐍𝐒:
○ How much is the electric kettle market worth?
○ What is the trend in the electric kettle market?
○ What is the target market for electric kettle?
○ What is the market analysis of electric kettle?
○ What is the most expensive electric kettle company?
○ What is the largest electric kettle company in the world?
𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 “𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
○ Germany Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
○ Canada Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
○ Mexico Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
○ Spain Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
○ Italy Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
○ Russia Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
○ India Electric Kettle Market Opportunity Analysis and Industry Forecast, 2021-2031
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