According to a new market research report published by Credence Research “Electric Grills Market (By Product Type (Electric Smokers, Electric Griddles), By Application (Residential, Commercial)), Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall electric grills market worldwide was valued at US$ 518.51 Mn in 2018 and is set to grow with 5.6% CAGR during the forecast period.
With growing consumer inclination towards grilling delicious food at home without the necessity of checking temperature, adding charcoal and other hassles, electric grills came into existence. In 2018, overall cooking grills market (includes charcoal grills, gas grills and others) was valued at more than US$ 3.5 Bn. On account of convenience and ability of using indoors, now consumers prefer electric grills over charcoal or gas grills. Rising trend of cookouts among younger population and inclination towards grilling meals at home, are the major growth drivers for electric grills market. Moreover, changing lifestyle of consumers and adoption of technologically advanced premium products such as Wi-Fi and Bluetooth-enabled electric grills will help the market to grow. As a result of all these factors, we are expecting the electric grills market to grow rapidly during the forecast period.
Based on product type, electric smokers segment is the leader in electric grills market with more than 60% of the market share. Electric smokers have the highest market share owing to their benefits such as user friendly, low maintenance and easy replacement compared with charcoal grills. Electric smokers are grillers for cooking at low temperatures in a controlled, smoky environment. To enhance the flavor and cooking of the food, electric smoker allows the smoke of burning wood such as pecan hickory or mesquite logs. As a result of these factors, electric smokers will continue as the preferred choice of consumers and will dominate the market throughout the forecast period.
Based on the geography, in 2018, North America was the leader in electric grills market with more than 30% in terms of revenue. North America is the leader due to high penetration of home cooking as well as backyard cooking in the region. Asia Pacific to witness high growth during the forecast period owing to rising street food consumption and increasing disposable income in emerging economies such as India and China. Rising preference for grilled food such as french toast, poppers and grilled meat are the major growth drivers for the region. On account of these factors, we are expecting Asia Pacific to grow with the fastest CAGR during the forecast period.
Major players are focusing on strategies such as product launch to improve their market presence. For example, in March 2018, Weber-Stephen Products LLC launched a multipurpose product, Q1400. This product can be used for many purposes such as barbecue, grilling, baking, convection and roasting. Brand enhancement and mergers & acquisitions is expected to remain key strategy in years to come.
Some of the major companies profiled in the report include The Weber-Stephen Products LLC, Middleby Corporation, Taylor Company Inc., Roller Grill International SA , Dimplex North America Limited , DeLonghi SpA, Coleman Company, Inc., Midea Group, Char-Broil Llc, Zojirushi, Koninklijke Philips N.V. and others.
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