The global electric rice cooker market size is expected to reach USD 1.1 billion by 2025, expanding at a CAGR of 7.5%, according to a new report by Grand View Research, Inc. Introduction of a smart cooker with Wi-Fi connectivity and easy to read touch panel is expected to be a key factor for promoting the market for electric rice cooker over the forecast period. Additionally, the increasing number of nuclear families on a global level is expected to play a crucial role in product promotion. Moreover, increasing product visibility through the establishment of new electronic hypermarkets in developing countries such as Brazil, China, and India is expected to remain a key driving factor over the forecast period.
The household segment held a leading market share in 2018 owing to shifting consumer inclination towards energy-efficient cooking appliances including connected rice cookers. The growing middle-class population coupled with rising disposable income in countries such as India and China is expected to fuel demand for convenient appliances such as electric rice cookers in the upcoming years. Moreover, increasing interest in high-end products including cooking appliances, which can connect with Wi-Fi, Smart Home, and virtual assistance are expected to have a positive impact on the market. However, the commercial segment is anticipated to expand at the fastest CAGR of 7.6% from 2019 to 2025. The introduction of innovative products with improved design and larger cooking capacity is the key factor fueling the adoption of these cookers in the commercial segment.
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The offline segment held the largest market share close to 70% in 2018. The increased number of retail stores, especially in emerging economies such as India, China, and Brazil, is expected to boost product sales through offline stores. In addition, the strong presence of major international companies in emerging markets including China and India through newly established strategic business units is expected to promote segment growth. For instance, in February 2018, Xiaomi inaugurated its first Mi Home Experience Store in India for showcasing the company’s products including Xiaomi luggage and an electric smart rice cooker.
North America accounted for a revenue share of more than 10% of the global revenue in 2018. The strong foothold of advanced household appliance brands in the U.S. is likely to remain a key driving factor for the industry. Furthermore, the U.S. is expected to witness significant gains in terms of the rising importance of connected appliances on a domestic level.
Key Takeaways from the report:
- The standard product segment held the leading electric rice cooker market share in 2018 attributed to easy product handling and low maintenance at affordable price
- The online channel segment is expected to witness the fastest growth at a CAGR of 7.9% from 2019 to 2025 as a result of the increasing importance of e-commerce channels for providing extra add-on benefits including discounts and free home delivery
- The market revenue from the Asia Pacific accounted for the largest share of more than 60% in 2018
- Product innovation is expected to be a key success factor among the industry participants over the next few years.
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- Toshiba Corporation
- Zojirushi America Corporation
- Bajaj Electricals
- Tiger Corporation
- Sunbeam Products Inc.
- Aroma Housewares Company
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Grand View Research has segmented the global electric rice cooker market on the basis of product, application, distribution channel, and region:
Electric Rice Cooker Product Outlook (Revenue, USD Million, 2015 – 2025)
Electric Rice Cooker Application Outlook (Revenue, USD Million, 2015 – 2025)
Electric Rice Cooker Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Electric Rice Cooker Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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