"Increasing Influence of Grilled Food to Boost the Electric Grills Market"

The electric grills market worldwide is expected to grow with a CAGR of 7.1% during the forecast period from 2023 to 2030, starting from US$ 634.1 Mn in 2021. Electric grills have some unique benefits such as indoor use, smoke-free, and others that are unmatched by any other cooking grill. Inclination towards healthy grilled food, changing lifestyles, and preference for homemade grilled food are the major growth drivers for the electric grills market. Rapid technological advancement is also gaining traction as now Bluetooth and Wi-Fi enabled electric grills are there in the market. In addition, the ongoing COVID-19 crisis has resulted in lockdown restrictions and people have been spending more time at home. Thereby, there has been a rising trend in home cooking since a lot of people have been avoiding visiting local restaurants and diners. As a result of these factors, we are expecting high growth in the electric grills market during the forecast period.

"Electric Smokers to Continue as the Market Leader"

The electric smoker's segment holds the highest market share in the electric grills industry with more than 60% of the market revenue, as of 2021. With the growing penetration of electric grills in restaurants, hotels, and residents electric smokers segment is the leader. Electric smokers are available in a smaller form or a refrigerator style to cook plenty of food at the same time. Nowadays, people are more concerned about their health and grilled food is often considered healthy, which in turn increasing the demand for electric smokers worldwide. As a result of these factors, we are expecting the electric smoker's segment to be the market leader during the forecast period.

"Asia Pacific to Emerge as the Market Leader"

In 2021, by revenue, North America is the leader in the electric grills market followed by Europe with more than 30% of market share. North America has the largest share owing to grilling became an integral part of consumers’ lifestyle. The Asia Pacific will be the fastest-growing region due to inclination towards healthy food and an increase in per capita income. Rising preference for homemade grilled food in countries such as Japan, China, and India are the major growth factors in the region. As a result of these factors, we are expecting a steady growth in the region throughout the forecast period.

Major players are focusing on strategies such as innovation-led product launch to increase their market presence. For instance, in 2017, Koninklijke Philips N.V. launched a smoke-less indoor grill with up to 80% less smoke and with advanced infrared technology.  Brand enhancement and mergers & acquisitions are expected to remain a key strategy in years to come. Some of the prominent players operating in the electric grills market 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Grills market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electric Grills market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electric Grills market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electric Grills market?
• Which is the largest regional market for Electric Grills market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electric Grills market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Grills market worldwide?