The global electric kettle market size is estimated to reach USD 21.0 billion, by 2025, and is projected to grow at a CAGR of 4.7% from 2019 to 2025, according to a new report by Million Insights. The advent features including quick boil time, easy connectivity of electric kettle is projected to increase the market growth. The increasing demand for the beverages especially in countries such as the U.S., U.K., and Germany are expected to increase the demand for the product in the next few years.
The commercial segment is projected to grow at the CAGR of 5.5%, over the forecasted period. The product is highly used in the hospitality sector which includes restaurants, and hotels. The travel & tourism industry in developing countries such as China, Australia, Japan and India is expected to foster the demand for the product.
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In 2018, stainless steel accounted for the sales of USD 7.0 billion in the overall market. The manufacturers in the market are offering highly durable and rigid kettles made by using steel, iron, and glass materials. Plastic kettle is very light in weight and easy to carry, these factors are expected to increase the demand for the product. Additionally, hazardous impacts linked with bisphenol A is projected to encourage the manufacturers in the market. For example, in 2018, JOVEN introduced BPA free kettle called JK1701P.
Asia Pacific dominated the electric kettle market with sales of over USD 7.6 billion, in 2018. The rising consumer spending on the new and advent kitchen appliances is a key factor driving the market growth. According to World Employment and social study, in Asia Pacific employed individual’s number is rose to 23 million by end of 2019.
Leading players in the market include Breville USA, Inc.; Aroma Housewares Company; Conair; Koninklijke Philips N.V.; Groupe SEB; bonavitaworld; Chef’s Choice; Cuisinart and others. These players in the market are focusing on product innovations to expand their product portfolio. For instance, Stelton launched kettle with cordless feature called EM77.
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Further key findings from the report suggest:
• In 2018, residential segment accounted for the revenue of the USD 13.2 billion in the overall market.
• Based on the product, plastic type kettle is projected to grow at the fastest CAGR of 5.9% over the forecasted period.
• Asia Pacific is projected to grow at significant rate during the forecast period.
Million Insights has segmented the global electric kettle market based on raw material, application, and region:
Electric Kettle Raw Material Outlook (Revenue, USD Million, 2015 – 2025)
• Stainless Steel
Electric Kettle Application Outlook (Revenue, USD Million, 2015 – 2025)
Electric Kettle Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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