Press release
Air Fryer Market Size Analysis by Growing Players - Koninklijke Philips N.V., Tatung Company of America, Inc., De'Longhi America Inc., Ming's Mark Inc
Air Fryer Market
The air fryer market based on product type includes digital and manual air fryers. The digital air fryer segment is expected to expand at a faster rate compared to its counterpart. Manual air fryers are preferred due to their price and easy control. Market share of digital air fryers is expected to increase due to consumers shifting to automatic solutions. Demand for smart featured appliances, increase in number of smaller households, and rising health concerns among end-users leading to preference for oil free food is expected to accelerate the global air fryer market during the forecast period from 2018 to 2026.
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Based on application segment, air fryers are segmented into residential and commercial. The commercial segment is divided into hotels, cafes, and quick service restaurants. On the basis of distribution channel, air fryers can be bought either online and offline. Online segment is further sub-segmented into e-commerce retailers and company's own website. In addition, offline segment is sub-segmented into hypermarkets, specialty stores, and multi-brand retailers.
The large working population and the large number of people in the middle class bracket are preferring healthier food options. An air fryer is a most modern method of preparing less oily food. Majority of demand for small consumer appliances originates from people who prefer latest and technologically advanced products. Furthermore, greater availability of products and higher awareness regarding small appliances with smart features drives the demand
In the current scenario, a surge in demand for smart air fryers in the global market is giving tech savvy customers a new reason to buy this product. Though smart air fryers are sold at high prices, manufacturers are seeing an opportunity in this segment to create a foothold in the near future. However, there are a few well established players having strong distribution networks across different regions. Companies are strengthening their position by continuously investing in research and development (R&D) to come up with solutions to cater to customer requirements.
Based on geography, the air fryer market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is the largest region in the air fryer market. The market in Europe for digital air fryers is expected to expand at a CAGR of 6.7%. Demand for air fryers in Europe is likely to grow rapidly in France and the U.K. due to demand from households and a thriving industrial sector in these countries. According to the report, the Asia Pacific air fryer market is expected to expand at a CAGR of 7.2% in terms of revenue. South America and Middle East & Africa are expected to expand at a CAGR of 6.7% respectively in the air fryer market. The market in North America is expected to grow at a gradual rate.
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The air fryer market is highly competitive with a large number of players present across the globe. Some of the leading industry players profiled in the study include Koninklijke Philips N.V., Tatung Company of America, Inc., De'Longhi America Inc., Ming's Mark Inc., Groupe SEB, Avalon Bay, Bajaj Electricals Limited, American Micronic Instruments, Mayer, and Gorenje.
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