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Electric Kettles Market Analysis, Growth, Trend, Demand And Forecast To 2033
Electric Kettles Market Analysis
According to The Business Research Company's, The electric kettles market size has grown strongly in recent years. It will grow from $4.16 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased consumer lifestyle changes, increased health and safety concerns, increased energy efficiency regulations, design and aesthetics, and environmental awareness.
The electric kettles market size is expected to see strong growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing convenience and time-saving, urbanization, shift towards electric appliances, increasing demand for electric appliances. Major trends in the forecast period include product innovations, partnerships, technological advancements and company investments in electric kettles.
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Market Drivers and Trends:
A rise in gas prices is expected to propel the growth of the electric kettle market going forward. Gas refers to a substance in a gaseous state, such as natural gas or gasoline, used for various purposes, including heating, cooking, and fueling vehicles. The increase in gas prices is attributed to factors such as changing exchange rates, taxes, and regulations. Consumers seek energy-efficient alternatives for heating water, reducing reliance on gas-powered appliances, and mitigating the impact of escalating fuel costs on household budgets. Electric kettles provide a convenient, efficient, and safe way to boil water, making them an indispensable appliance in modern kitchens and households. For instance, in January 2022, the U.S. Energy Information Administration (EIA), a US-based statistical and analytical agency, reported that the average U.S. retail price for regular-grade gasoline increased to $3.01 per gallon (gal) in 2021. The average retail gasoline price surged by over $1.00 per gallon from the beginning to the end of 2021. Therefore, a rise in gas prices is driving the growth of the electric kettle market.
Companies operating in the electric kettle market are innovating valuable advanced products such as thermostatic kettles, using app connectivity to provide better product offerings and enhance their portfolio. Thermostatic kettles with app connectivity are innovative kitchen appliances that offer precise temperature control and remote operation via a mobile application. These kettles integrate advanced thermostatic technology, allowing users to accurately set and maintain specific water temperatures. For instance, in November 2022, Xiaomi, a China-based technology company, launched the Xiaomi MIJIA Thermostatic Kettle 2 Pro, customized using the MIJIA app in China. It boasts a 1.7-liter capacity and features a digital LED display. It facilitates rapid 1800W heating and maintains heat for up to 24 hours. Additionally, it comes with a smart light ring, oversized buttons, and an effective noise-reduction coating. The MIJIA app also allows users to set the temperature in advance and adjust the heat preservation time according to their needs.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Siemens AG, Whirlpool Corporation, Koninklijke Philips N.V., Stanley Black & Decker Inc., Electrolux AB, Groupe SEB SA, De'Longhi Group, Breville Group, Hamilton Beach Brands Inc., Braun GmbH, Aroma Housewares Company, Chefman LLC, Conair Corporation, Sunbeam Products Inc., Russell Hobbs Inc., Bella Housewares, Proctor Silex Ltd., Gourmia Inc., Morphy Richards Limited, Bodum USA Inc., StoreBound LLC, Brentwood Appliances Inc., Sensio Inc., Sunbeam Corp., Kenwood Limited
Electric Kettles Market 2024 Key Insights:
• The electric kettles market size is expected to see strong growth in the next few years. It will grow to $5.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Gas Price Surge Sparks Surge in Electric Kettle Market Demand
• Innovative Solutions With A Focus On Thermostatic Kettles With App Connectivity
• Asia-Pacific was the largest region in the electric kettles market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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