Residential Electric Grill Market on a Positive Growth Trajectory, Growth Sustained by Soaring Demand for Electric Grills in North America, Concludes Fact.MR
Published : 25 Mar 2020 Industry: Consumer Goods
The residential electric grill market is estimated to be valued at more than US$ 900 million, and is poised to grow at a positive CAGR of over 7% during the forecast period. Indoor use without smoking issues typically associated with conventional charcoal grills are giving a boost to the electric grill market. With a booming electronic equipment industry, the demand for residential electric grill is anticipated to showcase a bullish run. Based on the consumer trend for a pleasant, in-home grilling experience, leading companies are concentrate on integrating new features in electrical grills that allow end-users to quickly and easily cook grilled items.
Key Takeaways of the Residential Electric Grill Market Study
- Globally, North America is a prominent market for residential electric grills holding a market share of over 30%. The trend of backyard grilling is boosting the market in the region
- Consumers in the U.S. are spending more on their holidays indoors, where grilling has become a common sport
- The residential electric grill market in Latin America is expected to rise at a rapid rate (~6.5%). The demand is being driven by a growing popularity of poppers, pizza, and French toast on indoor grills in the region
- The utilization of residential electric grill for indoor use is anticipated to be the most prominent application holding a market share of over 70%
- The increasingly changing lifestyle patterns of consumers in developing economies, is leading to the such growth attributes for residential electric grill for indoor use
“In response to the increasing customer preference for grilling delicious food in the convenience of their homes, the demand for residential electric grill is accelerating. Consumers are searching for portable choices in all types of appliances, and residential electric grills are no exception” says the Fact.MR analyst
Manufacturers Focusing Attention on Untapped Regions where Production Cost is Low
The market for residential electric grills is substantially fragmented in nature and contains a number of manufacturers. Intense competition in the global residential electric grill seems to be a prominent barrier for new entrants. To increase its market share, businesses are focusing on product innovation and organic growth. Manufacturers are continuously migrating to low-cost countries to reduce operating expenses. The labor and manufacturing costs in low-cost countries are lower, allowing producers to reduce operating expenses and increase efficiency. In the current product portfolio main players are also focusing on technological advancements.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for residential electric grill, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for residential electric grill based of product (built-in electric grill, portable electric grill, others (smokeless, free standing, roll around)), power rating (<1,560 watts, <1,800 watts, >1,800 watts), cooking area (under 200 sq. inches, 200-400 sq. inches), price range (<$ 100, $100 - $250, $251 - $300, $301 - $350, $351 - $400, $401 - $450, $451 - $500, > $500), application (indoor, outdoor), distribution channel (home improvement stores, supermarkets/ hypermarkets, kitchenware stores, departmental stores, online retail (company website, third party online), other retail (electric shops)), across several major regions.
About the Retail and Consumer Goods Division at Fact.MR
Fact.MR retail and consumer goods analysts have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio. For more retail domain expertise, visit here.