by The electric grill is a modern kitchen appliance that offers convenient and healthier cooking options compared to traditional gas or charcoal grills. Electric grills come with advanced features like adjustable temperature controls, monitoring probes, non-stick cooking grates and easy cleaning. They allow users to easily cook a variety of meats, seafood and vegetables with precise temperature controls without any flame ups or worrying about running out of fuel. The compact designs of electric grills also make them suitable for small kitchens and indoor usage. Moreover, they produce little to no smoke or odor making clean up easier.
The global Electric Grill Market is estimated to be valued at US$ 4.53 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the electric grill market is the increasing popularity of smart grills. Leading manufacturers are innovating smart electric grill models with Wi-Fi and Bluetooth connectivity. These smart grills can be controlled and monitored remotely through mobile applications. Users can select desired cooking programs, adjust temperature and receive cooking status notifications on their smart devices. Many smart grills also come with integrated meat probe features to accurately monitor internal food temperature for perfect results every time without opening the lid. This technological advancement is attracting more consumers towards electric grills for convenient grilling experience.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the electric grill market is moderate. Establishing new manufacturing plants requires high initial investment which discourage new players to enter the market. However, technological advancement has lowered the entry barriers to some extent.
Bargaining power of buyers: The bargaining power of buyers in electric grill market is high. Buyers can choose from various global and regional brands offering a wide range of products at different price points. Easy availability of substitute products increases the bargaining power of buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components like heating elements and inner body parts require specialized manufacturing process limiting the number of suppliers. However, established brands have significant dominance over suppliers.
Threat of new substitutes: The threat of substitutes is high for electric grill market. Products like gas grills, charcoal grills offer similar functionalities at competitive prices. Technological advancement in cooking appliances poses threats from substitute products.
Competitive rivalry: Being a highly fragmented market, competition among existing players is high. Major players compete on the basis of product quality, reliability, pricing and effective marketing. Regional players pose intensive price competition.
Key Takeaways
The global Electric Grill Market Size is expected to witness high over the forecast period. North America dominates the electric grill market currently due to high meat consumption and increasing adoption of smart kitchen appliances in the region.
Regional analysis: North America leads the global electric grill market with U.S. holding majority of the share. Growing trends of outdoor cooking and backyard parties drive the demand for electric grills in North America. Europe is second largest market for electric grill following trends similar to North America. Asia Pacific is expected to be the fastest growing market during the forecast period led by countries like China and India. Rising disposable income and changing lifestyles fuel the electric grill market growth in Asia Pacific.
Key players: Key players operating in the electric grill market are Weber-Stephen Products LLC, The Holland Grill Company, RH Peterson Co, Pit Boss Grills, Midea Group Co, and De’Longhi Appliances S.r.l. Major players focus on new product launches adapted to regional tastes and preferences to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
