Electric Kettle Market Expected to Reach $6.08 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Kettle Market," 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.

An electric kettle is a kitchen appliances that used to boiling water, make tea & coffee and others beverages. Metals and other heat-conducting materials are used in its construction. It has a safety control feature that, after certain amount of time, switches the gadget off automatically to avoid electricity waste.

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

Moreover, The number of internet users has risen along with the growth in internet consumption. Considering this, the majority of the market's key players for electric kettles intend to advertise their goods on social networking sites. As of results of their social media marketing strategy, electric kettle market is anticipated to witness significant Electric Kettle Market Growth.

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. Companies are offering doubled walled designs so that consumer won't experience issues with the heat outside. 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.

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 FINDINGS 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%.