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 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The electric grill market comprises grills that operate on electricity and provide an indoor grilling experience without requiring wood, charcoal or gas fuel. Electric grills are portable, easy to clean and less messy compared to gas or charcoal grills. They offer more convenience as they do not produce smoke, ash or require preheating. Various types of electric grills available in the market include countertop grills, pellet grills, and portable grills. Countertop grills are ideal for small capacity indoor cooking and come with features like adjustable temperature controls and removable parts for easy cleaning. Pellet grills use compressed wood pellets as fuel and can grill, smoke and bake. They provide outdoor grilling experience indoors. Portable electric grills are light-weight, compact in size and battery-operated, making them suitable for outdoor activities like camping, hiking and picnics. The convenience of use and growing preference for indoor grilling is expected to drive the demand for electric grills over the forecast period.
Market key trends:
One of the key trends in the electric grill market is the increasing popularity of smart electric grills. Smart grills come with Wi-Fi and Bluetooth connectivity that allows users to control and monitor the grilling process through a mobile app. Features such as digital controls, automatic temperature regulation and error detection make grilling convenient. Smart grills also allow option to select pre-programmed cooking modes for different types of foods. The latest smart grills are integrated with Artificial Intelligence (AI) technology to provide customized cooking recommendations based on user preferences. Such innovative product offerings are attracting more consumers towards electric grills. Another trend is manufacturers focusing on compact and portable grill models to tap the rising demand from outdoor enthusiasts and millennials with limited outdoor space.
Porter’s Analysis
Threat of new entrants: The electric grill market requires high initial investments for manufacturing grill machines as well as significant investments in R&D for continuous product innovation. This poses significant barriers to entry for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power in the electric grill market. There are many manufacturers providing substitutable electric grill products. However, brand loyalty plays a role.
Bargaining power of suppliers: Major manufacturing costs include raw materials and electronic components which are supplied by a large number of suppliers globally. This gives suppliers moderate bargaining power.
Threat of new substitutes: Alternate grilling options like gas grills, charcoal grills pose competition. However, unique advantages of electric grills like convenience, safety make them irreplaceable for indoor use.
Competitive rivalry: The electric grill market is crowded with the presence of global and regional players. Intense competition exists in terms of pricing, product quality, innovation.
Key Takeaways
The Global Electric Grill Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period 2023-2030, due to increasing urbanization and preference for convenience cooking appliances.
Regional analysis indicates North America dominates the electric grill market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising living standards and middle-class population in major countries like China and India.
Key players operating in the electric grill market are Weber, Coleman, George Foreman, Traeger, Masterbuilt, Green Mountain Grills, Char-Broil, Kenyon, Camp Chef, Blackstone, Hamilton Beach, TEC, Excelvan, Zojirushi, Delonghi, Brentwood, Fuego, PowerXL, Elite Platinum, Cuisinart. Brands like Weber and Coleman capture significant market share owing to their innovative product portfolio and wide distribution channels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
