Key players in the residential electric grill market are leveraging the attributes of versatility for indoor usage and higher energy efficiency, among a massive millennial population to maximize sales.
ROCKVILLE, MD / ACCESSWIRE / May 25, 2020 / The residential electric grill industry is projected to cross an impressive value of US$ 900 Mn during the forecast period of 2019 to 2029. The increasing demand for light weight alternatives to conventional cooking appliances is a key factor driving sales. The rising popularity of spicy foods among consumers, and awareness about the relevant benefits of using residential electric grills will continue to aid the growth of the residential electric grill market. This healthy growth outlook can also be partly attributed to the integration of cutting-edge technology including Bluetooth and Wi-Fi, reveals Fact.MR in its new study.
"The rising buyer preference for grilling food in the convenience of their homes has driven up the demand for residential electric grills. Consumers are seeking portable options varied cooking appliances, which aids growth," concludes the Fact.MR report.
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Residential Electric Grill Market - Key Takeaways
- Indoor applications for residential electric grills will account for a major market share of over 70% of the overall value through 2029.
- The millennials consumer segment will become a key group of end users for residential electric grills.
- Backyard grilling applications will maintain a high growth rate, accounting major market share through the end of the forecast period.
- North America will remain a prominent market, accounting for a market share of over 30%.
- Latin America will provide highly lucrative growth opportunities with a healthy 6.5% CAGR in this duration, propelled by change in cuisine choices.
Residential Electric Grill Market - Key Driving Factors
- The preference of consumers seeking to spend their holidays indoors is a major factor driving the adoption of residential electric grills.
- The rising popularity of dishes such as pizza, poppers, and French toast will support growth of global market.
- The changes in lifestyle patterns among populations of developing countries, are sustaining market growth.
- Versatility of residential electric grills for indoor applications is pushing the residential electric grill market.
- The incorporation of cutting-edge tech including Bluetooth and Wi-Fi connectivity will contribute to sales.
Residential Electric Grills Market - Key Constraints
- Strong competition from alternative grilling options powered by coal or gas continues to be a threat that is likely to hamper market growth.
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The Impact of the COVID-19 Outbreak
The coronavirus outbreak has generated major lucrative opportunities for residential electric grill manufacturers, with consumers seeking to flatten the curve of the global coronavirus pandemic by staying indoors for longer periods of time, which has increased the popularity of grilled foods such as burgers, steaks, and hot dogs.
Further, residential electric grills are capable performing cooking operations, with minimal risk of flareups, making them ideal for indoor usage. As consumers are not able to visit their favored barbeque joints, residential electric grill options have become popular. In addition, manufacturers have developed a number of light-weight portable electric grill options, which will sustain demand for the near future.
Competition Landscape
The global residential electric grills market is moderately consolidated. The leading players profiled in the report include, but are not limited to Weber-Stephen Products LLC, the Middleby Corporation, Kenyon International Inc., Koninklijke Philips N.V., and Robert Bosch GmbH. Market leaders are investing in the integration of new features and technologies in their product offerings including connectivity and temperature sensors. Manufacturers are also channeling their efforts towards innovations of smoke-free and faster cooking operations, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the residential electric grills market. Global, regional and country level analysis of the latest industry trends impacting the residential electric grills market are covered in this Fact.MR study. The report offers compelling insights on the residential electric grills market on the basis of product (built-in electric grill, portable electric grill, and others), power rating (<1560 watts, <1800 watts, and >1800 watts), cooking area (under 200 sq. inches and 200-400 sq. inches), price range (<$100, $100 - $250, $251 - $300, $301 - $350, $351 - $400, $401 - $450, $451 - $500, and >$500), application (indoor and outdoor), and distribution channel (home improvement stores, supermarkets/hypermarkets, kitchenware stores, departmental stores, online retail, company website, third party online, and others) across seven regions (Middle East and Africa, South Asia, Oceania, East Asia, Europe, Latin America, North America).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the retail & consumer goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest consumer goods market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Fact.MR
View source version on accesswire.com:
https://www.accesswire.com/591252/Residential-Electric-Grill-Among-Products-that-Continue-to-Sell-Out-Amidst-COVID-19-Pandemic-Finds-a-Recent-FactMR-Study
