PUBLISHER: KBV Research | PRODUCT CODE: 1373992
PUBLISHER: KBV Research | PRODUCT CODE: 1373992
The Global Electric Kettle Market size is expected to reach $5.8 billion by 2030, rising at a market growth of 4.3% CAGR during the forecast period.
North America, including the United States and Canada, has a significant consumer base that values convenience and efficiency in kitchen appliances. Electric kettles offer a quick and convenient way to boil water for various purposes, such as making tea, coffee, and instant meals. Hence, the North America region would account for approximately 1/4th share of the market by 2030. Growing environmental awareness in North America has led consumers to seek energy-efficient appliances. Electric kettles are more common since they heat the necessary water, making them generally more energy-efficient than stovetop kettles. Some of the factors impacting the market are increasing consciousness about energy consumption and cost savings, rising demand for safety features in consumer electronics, and limited growth due to market saturation.
Consumers conscious of energy consumption are more likely to choose electric kettles over traditional stovetop kettles. They recognize that electric kettles are more energy-efficient because they heat water faster and often have automatic shutoff features. As a result, this heightened awareness drives an increased demand for electric kettles, leading to market growth. Electric kettles can be more energy-efficient than stovetop kettles, which typically lose heat through the sides and bottom. Consumers who switch to electric kettles can experience cost savings on their electricity bills. This cost-effectiveness becomes a selling point for electric kettle manufacturers, attracting more customers. Additionally, Safety features in electric kettles enhance consumer confidence in the product. When consumers know that their electric kettle is equipped with safety mechanisms, they are more likely to trust and choose it over alternative methods of boiling water, such as stovetop kettles. Automatic shutoff and boil-dry protection prevent accidents that can occur with traditional stovetop kettles. Manufacturers who incorporate safety features ensure compliance with these regulations, avoiding legal issues and penalties. Therefore, these factors are expected to drive the growth of the market.
However, when most households already own electric kettles, there are limited opportunities for further market expansion. The market relies on replacement sales rather than new customers, which can result in stagnant or slow growth. Competition among manufacturers and brands can intensify in mature and saturated markets. To gain a greater portion of the existing customer base, manufacturers may engage in price wars and aggressive marketing tactics, which can result in lower profit margins. Manufacturers may primarily focus on marketing replacement electric kettles to existing customers who are replacing their old appliances in mature markets. This shift in focus from new customers to existing ones can limit the market's overall growth potential. As a result, these factors will hamper the growth of the market in the upcoming years.
Raw Material Outlook
Based on raw material, the market is segmented into stainless steel, plastic, glass, and others. The stainless steel segment held the largest revenue share in the market in 2022. Electric kettles made of stainless steel are renowned for their dependability and resistance to rust, corrosion, and stains. Consumers are often willing to invest in long-lasting products, which has boosted the demand for stainless steel kettles. Stainless steel is safe and non-reactive, making it suitable for boiling water and heating liquids. Consumers are increasingly conscious of health and safety concerns, leading to a preference for stainless steel over other materials, such as plastic. Therefore, the demand in the stainless-steel segment will increase rapidly in the coming years.
On the basis of application, the market is divided into residential and commercial. In 2022, the commercial segment witnessed a substantial revenue share in the market. Hotels, restaurants, cafes, and other businesses in the hospitality sector often rely on electric kettles to provide hot water for beverages, including tea and coffee. The growth of the hospitality industry can drive demand for commercial-grade electric kettles. Many office spaces and workplaces provide electric kettles in break rooms or communal areas to accommodate employees' beverage preferences. As businesses expand, so does the need for commercial electric kettles.
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Many countries in Asia-Pacific have a strong tea and coffee culture. Electric kettles are essential for preparing these beverages quickly and efficiently, contributing to their popularity. The region has witnessed a growing middle class with increasing disposable income. This has increased consumer spending on home appliances, including electric kettles. These factors will help in boosting demand in the Asia Pacific segment.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aroma Housewares Company, Conair LLC (American Securities LLC), Hamilton Beach Brands, Inc., Groupe SEB, Spectrum Brands Holdings, Breville USA, Inc., bonavitaworld, TTK Prestige Limited, Crompton Greaves Consumer Electricals Limited, and Koninklijke Philips N.V.
Market Segments covered in the Report:
By Raw Material
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