Global Electric Rice Cooker Market 2019-2023 | 7% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The global electric rice cooker market is expected to post a CAGR of almost 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global electric rice cooker market 2019-2023. (Graphic: Business Wire)
Despite the high cost compared to regular cookers, consumers are exhibiting a strong demand for electric rice cookers. This is leading to product premiumization and portfolio expansion by market vendors. For example, some vendors are introducing smart electric rice cookers with built-in Wi-Fi connectivity which allows users to control functions through a smartphone app. The introduction of such smart premium features is helping vendors to differentiate themselves from other competitors in the market. Also, product premiumization is facilitating better customer engagement with certain brands and products, which increases the probability of repeated sales from existing customers. Such strategies adopted by vendors are expected to drive the growth of the global electric rice cooker market during the forecast period.
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As per Technavio, the multifunctionality of electric rice cookers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electric Rice Cooker: Multifunctionality of Electric Rice Cooker
Multifunctionality and power efficiency are some of the recent developments in the electric rice cooker market. Many vendors are introducing models with rubber seals and locking mechanisms to facilitate spill-free transportation. Some vendors are offering multifunctional electric rice cookers with LCD displays and voice navigation for enhanced convenience. The introduction of such multifunctional electric rice cookers is expected to witness strong demand from consumers over the forecast period.
“Increase in the availability of private label brands along with the ease of use and portability are factors that will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Electric Rice Cooker: Segmentation Analysis
This market report segments the global electric rice cooker market by distribution channel (offline and online) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to factors such as aggressive product promotions, growing urbanization, and increasing disposable incomes of consumers in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 12/17/2019 11:00 AM/DISC: 12/17/2019 11:00 AM