May 12, 2020 5:39 PM ET
iCrowd Newswire – May 12, 2020
The Global Electric Rice Cooker Market is estimated to grow at a CAGR of 6.8% during the forecast period 2019-2026. As per the detailed market study conducted by Report Ocean, the global electric rice cooker market was valued $3.44 billion in the year 2019 and is estimated to reach $5.5 billion by the end of the year 2026.
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The Global Electric Rice Cooker Market is driven by increasing share of female workers, increase in affordability of household appliances, technological advancements in cooking appliances and ease of use of electric rice cookers. Whereas, counterfeit products may impede the market growth to some extent. However, availability of different supply chains with variety of options create multiple opportunities in the near future for the growth of the market.
Despite of high cost of electric rice cookers as compared to regular cookers, the product is witnessing a positive response from demand side, which leads to portfolio expansion and product premiumization. Hence, market players are coming up with smart electric rice cookers that can be operated through smartphones. For instance, on March 2016, Xiaomi launched Wi-Fi induction rice cooker under its brand MIJIA, it can be operated through MIJIA app with 2000+ different heating methods. Also, on April 2020, Xiaomi again came up with a new product launch named Viomi IH Sugar-free Rice Cooker which uses iron kettle pot and IH heating technology. Advancements in the product portfolio enhance customer engagement with companies that boost the repetitive sales. Hence, the market players in the global electric rice cooker are leveraging the benefits offered by the available scope of advancements in the product.
Segmentation Overview of the Global Electric Rice Cooker Market
The Global Electric Rice Cooker Market is Segmented on the basis of various market segments that include End-User and Distribution Channel. These major market segments are further categorized into various market segments to study the overall market scenario.
The End-User Segment of the Global Electric Rice Cooker Market is Sub-Segmented into:
The Distribution Channel Segment of the Global Electric Rice Cooker Market is Sub-Segmented into:
- Specialty Stores
Geographical Overview of the Global Electric Rice Cooker Market
On the basis of geographical segmentation, the global electric rice cooker market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the Asia-Pacific electric rice cooker market dominated the global marketplace in the year 2018, by holding more than 2/5th of the share of the global electric rice cooker market. Furthermore, the APAC region is anticipated to grow at fastest growth rate with highest CAGR of 7.8% during the forecast period. The regional growth is attributed to increase in disposable income of regional population, increasing number of women working population in the region and increasing adoption of technologically advanced cooking appliances.
Key Players Insights
The company profile section of the research study includes various sub-sections such as company overview, product portfolio, strategic developments, financial performance and SWOT analysis. The market players included in the research report are Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., Bajaj Electricals Limited, TTK Prestige Ltd., Groupe SEB, Koninklijke Philips N.V, Panasonic Corporation, Breville Group, AB Electrolux and Newell Brands (Oster) among others.
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Keywords: Electric Rice Cooker Market, Global Electric Rice Cooker Market