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Electric Kettle Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global electric kettle market was valued at USD 5.2 billion in 2021 and is projected to expand at a CAGR of 3.8% from 2022 to 2030. The increasing demand for electric kettles among consumers is attributed to the convenience and safety provided by these electronic appliances. The demand for electric kettles is further propelled by the presence of features such as temperature control and auto shut-off that make them suitable for use at home and in the workplace. Additionally, the rising popularity of convenience and health-conscious food preparation is driving the demand for electric kettles.
An increase in the number of nuclear families and rapid urbanization are also driving the demand for electric kettles. In 2021, the global population living in cities reached over 4.2 billion and is expected to further increase in the coming years. This is driving the demand for small kitchen appliances such as electric kettles as they require less space and are easy to use. Furthermore, the growing popularity of electric kettles with innovative features is aiding the growth of the market. For instance, in February 2021, Bajaj Electricals launched the ‘Bajaj Claro Electric Kettle’ with an auto-shutoff feature that switches off the kettle after it reaches the desired temperature.
The rising trend of online shopping is expected to drive the growth of the electric kettle market. The increasing usage of digital platforms for shopping and rising internet penetration are expected to boost sales of electric kettles through e-commerce channels. Furthermore, the emergence of digital marketing platforms, such as social media, is expected to aid in the promotion of electric kettles. Manufacturers are launching campaigns on social media platforms to increase their market reach and promote their products.
The market is expected to witness opportunities from collaborations between established players and startup companies. For instance, in February 2021, Xiaomi collaborated with a British startup Strix to launch the Mi Smart Kettle. This product was designed for Xiaomi’s Mi Home Ecosystem and is equipped with several advanced features, including temperature control, a smart timer, and an auto-shutoff feature. Furthermore, the rising demand for energy-efficient electric kettles is expected to drive the growth of the market. Manufacturers are focusing on developing products that consume less energy and are cost-effective.
Product Insights
The electric kettle segment held the largest market share in 2021, accounting for a majority of the market share. This can be attributed to the convenience offered by electric kettles in comparison to traditional kettles and the growing demand for energy-efficient devices. Furthermore, the increasing awareness regarding the health benefits of drinking boiled water has been driving the demand for electric kettles. Additionally, technological advancements, such as the introduction of app-controlled electric kettles, are fueling the market growth.
The glass electric kettles segment is anticipated to register the fastest CAGR of 8.2% over the forecast period. Glass electric kettles are gaining popularity among consumers due to their trendy and stylish design, and for the fact that it does not contain any plastic parts, thereby making it a healthier option. Moreover, the increasing demand for cordless glass electric kettles is also boosting the segment growth. Furthermore, manufacturers are introducing new and innovative products, such as temperature control glass electric kettles, in order to gain a competitive edge in the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest market share of over 54.3% in 2022. The segment is expected to remain dominant during the forecast period, as these stores provide a wide variety of electric kettle products, including budget, mid-range and premium products. Supermarkets and hypermarkets also offer discounts and combo deals to attract customers. Furthermore, consumers prefer to visit supermarkets and hypermarkets as they provide a wide range of options and convenience.
The online segment is anticipated to expand at a CAGR of 9.2% during the forecast period. The convenience of shopping, attractive discounts, free delivery, and home delivery have encouraged customers to purchase electric kettles online. Companies are also focusing on launching their own websites and developing mobile apps to increase their online presence and reach potential customers. Additionally, online e-commerce stores offer easy payment options and convenient return policies, which further boost the segment’s growth.
Type Insights
The corded electric kettle segment accounted for the largest revenue share of 70.5% in the year 2022. The convenience of corded electric kettles is rising in popularity worldwide, as they are easy to use, require minimal effort, and can be used to quickly boil water. Additionally, the rapid penetration of electricity in rural parts of the world, along with rising disposable incomes, is propelling the demand for corded electric kettles. Furthermore, the growing demand for corded electric kettles in the hospitality industry, such as hotels and restaurants, is also contributing to the growth of the segment.
The cordless electric kettle segment is estimated to expand at the highest CAGR of 13.2% over the forecast period. The cordless electric kettle is gaining popularity due to its portability and convenience. Furthermore, advancements in the cordless electric kettle technology such as adjustable temperature settings, superior insulation, and automatic shut-off features are expected to further propel the demand for cordless electric kettles in the forecasted period. Additionally, the rising trend of smart homes is also likely to boost the demand for cordless electric kettles.
Regional Insights
Europe dominated the electric kettle products market and accounted for the largest revenue share of over 34.3% in 2022. Growing demand for energy-efficient and smart electric kettle products is driving the growth of the market in Europe. For instance, in October 2021, Bosch launched a new SmartMeter electric kettle in the region. The SmartMeter electric kettle is equipped with a heat sensor that automatically shuts off the kettle as soon as it reaches the desired temperature.
Asia Pacific is expected to be the fastest-growing region in the coming years. Growing awareness among consumers regarding energy efficiency and the rising trend of smart kitchen appliances are driving the growth of the electric kettle products market in the region. For instance, in April 2022, Xiaomi launched a new electric kettle in India with a temperature-controlled mode. The product is equipped with a high-precision temperature sensor and can be integrated with the Mi Home app.
Financial Projections
In this part of the electric kettle products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your electric kettle products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for electric kettle products business comes from the sale of electric kettles, as well as other related accessories, such as filters, jugs, and other related products. Here you will find a list with a description of each of these revenue sources.
Projecting Expenses
In this section, all the regular expenses related to keeping the electric kettle products business running will be described. The list of operating expenses includes product sourcing and development costs, marketing and advertising expenses, utilities, storage and shipping costs, salaries, and other miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the electric kettle market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Russell Hobbs launched a new range of electric kettles featuring temperature control technology.
– In October 2022, Morphy Richards launched a range of electric kettles with an auto shut off feature.
– In October 2022, Panasonic launched a range of electric kettles with a built-in water filter.
Some of the prominent players in the electric kettle market include:
– Russell Hobbs
– Morphy Richards
– Panasonic
– Philips
– Breville
– Hamilton Beach
– Oster
– Cuisinart
– Braun
– KitchenAid
Global Electric Kettle Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global electric kettle products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Manual Kettles
– Programmable Kettles
– Cordless Kettles
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Electric Kettle Products Market?
[A]: Major drivers of the electric kettle products market include increasing disposable income, rising health consciousness among consumers, and the convenience associated with electric kettles. Additionally, the trend of working from home has boosted the sale of electric kettles as they are used for preparing hot beverages.
[Q]: Who are the Leading Players in the Electric Kettle Products Market?
[A]: Leading players in the electric kettle products market include Panasonic, Philips, Russell Hobbs, Braun, Aicok and Ovente.
[Q]: What are the Key Trends in the Electric Kettle Products Market?
[A]: Key trends in the electric kettle products market include the growing demand for cordless electric kettles, the increasing focus on personalization, and the increasing demand for energy-efficient products.
[Q]: What are the Opportunities for New Entrants in the Electric Kettle Products Market?
[A]: New entrants in the electric kettle products market have the opportunity to capitalize on the increasing demand for energy-efficient and cordless products. Additionally, they could focus on product personalization, such as offering customizable colors or designs.
[Q]: What Region Offers the Largest Opportunity for Sales of Electric Kettle Products?
[A]: Asia-Pacific is expected to be the most lucrative region for electric kettle products, with an absolute dollar opportunity of $3.3B (USD). The region’s large population, growing disposable income and increasing health consciousness are expected to drive the demand for electric kettles.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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