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The rising importance of conserving sources, including gasoline and oil, is expected to uplift the demand for eco-friendly electric appliances such as electric kettle over the next few years. An electric kettle finds wide usage in households. It can be considered an essential kitchen appliance that instantly assists in boiling water that can be used to prepare tea, coffee, soups, and other beverages. The electric kettle is made up of metals which is a good conductor and helps to conduct heat efficiently. In addition, it focuses on avoiding electricity wastage and offers a control safety feature that automatically turns off the electric kettle after a certain amount of time. The electric kettle is portable, convenient, time-effective, and energy-saving. As a result, it is expected to gain immense popularity among individuals over other water heating methods like stovetop kettles.
Over the past few years, the growing working population is promoting the product's consumption since the users expect a more significant number of time-efficient devices. As a result, consumers primarily prefer to purchase this product for a hassle-free water boiling process. These products are also available in different sizes, with a storage capacity of 0.2-2 liters of water which has created a wide range of product variations for the customers.
Energy conservation and preservation of natural resources is a growing concern in today's world, and humans are more escalated towards the sustainable use of natural resources. Electric kettles provide a better alternative to households and commercial places to meet energy targets. As a result, there is a greater inclination towards energy saving and time-consuming devices, which is a leading factor driving the market's growth. In addition, the electric kettle’s usage in the residential segment is higher during winters than in other seasons as it is a handy alternative to make hot tea or coffee in less time. Additionally, the rising number of food and beverage (F&B) service outlets globally has positively influenced the market’s growth.
The high cost of electric kettles is expected to restrain its demand among the lower-income population. Also, the significant necessities of the consumers to repair and maintain electric kettle devices have created a barrier in propelling the market growth.
Key Market Driver -
– The growing awareness regarding energy conservation among individuals is supporting the market growth.
Key Market Restraint -
High maintenance and repair cost can hamper the demand and restrain the market growth.
Aroma Housewares Company; Hamilton Beach Brands, Inc.; Groupe SEB; Cuisinart; Breville USA, Inc.; Bonavitaworld; Koninklijke Philips N.V., Morphy Richards Ltd, Zhejiang Supor Co. Ltd (Groupe SEB), Zojirushi America Corporation (Zojirushi Corporation) are some of the prominent players operating in the market.
The global electric kettle market is based on raw material, application, distribution channel, and geography.
Based on raw materials, the market is segmented into stainless steel, plastic, glass, and others. The stainless steel segment is expected to witness significant growth in the coming years because of its durability. Some of these steel kettles are made with a scale filter to prevent the limescale buildup inside the product. In addition, companies are providing double-walled designs so that consumers don’t face hot exterior problems. For instance, North American manufacturer Secura offers a 100% stainless steel electric kettle with a 1.8 Quart Capacity, and double-wall mounted coating, which boils water quicker and keeps it warm for a longer time.
Plastic is expected to be the fastest-growing segment during the forecast period. Lightweight and easy-to-carry characteristics of plastic materials are expected to promote the product's utility in manufacturing kettle products. Also, transparent plastic electric kettles are gaining immense traction among consumers.
Based on application, the market is segmented into residential and commercial. The residential segment is anticipated to be the fastest-growing segment in the coming years. The growing working-class population at a global level is expected to promote the utility of kitchen appliances, which saves the consumer time. Household consumers are likely to prefer this product as it can take a boiling time of around 3 minutes compared to gas-operated stoves, which take approximately ten minutes.
The commercial application segment is expected to expand rapidly due to its widespread usage of electric kettle in hospitality industries, including hotels and restaurants. For example, an electric kettle can boil water in a short period, which helps hotels and restaurants to serve their customers quickly. Additionally, the population's growing travel and leisure activities are further likely to boost its demand across various resorts and tourism spots globally.
Based on the distribution channel, the market is segmented into online and offline. The offline distribution channel is expected to hold a significant market share due to the rising demand for purchasing electrical appliances like electric kettles from physical stores. Generally, people prefer to buy electronic appliances from specialty stores to effectively understand the product features from sales representatives through demos and presentations.
The online segment is also anticipated to showcase the fastest growth in the upcoming years due to the rising shopping trends around the globe. In addition, there is a provision of discounts and offers on various product items from online e-commerce sites such as Amazon, Flipkart, Reliance Digital. Also, with easy accessibility options such as net banking, UPI, credit and debit cards, etc., this online shopping mode is further expected to lead the segmental growth.
The Asia Pacific segment is expected to drive energy-efficient appliances and hold a significant share in the forthcoming years. Increasing consumer spending on kitchen appliances in developing economies, including China, India, and Thailand, contributes to market growth. According to the World Employment and Social Outlook report, in the Asia Pacific region, the number of employed persons has grown by 23 million between 2017 and 2019. China emerged as the most prominent electric kettle market in this region, with USD 2.0 billion in 2018. Some key manufacturers are Mickey, Mgintlgroup, and Guangzhou Jitai Appliance Science & Technology Co., Ltd. Moreover, there is a growing consumer trend towards using higher power-rated electronic appliances for electricity cost reduction purposes. The countries such as India, Thailand, and China are further driving the demand for sustainable electric gadgets in the region.
North America is expected to expand significantly during the forecasted period. The emerging innovative home trend is anticipated to boost electric kettle sales worldwide because of its user-friendly interface, advanced characteristics, and aesthetic design. Consumers are shifting their preference for energy-saving technologies, and therefore the demand is further expected to boost over the coming years.
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