Electric Kettle Market is Expected to Reach $6.08 Billion by 2031 | Commercial Segment Held a Major Share in the Market in 2021

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 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. 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.

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.

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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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Reason to Buy:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Electric Kettle market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Electric Kettle Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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