The electric grills market worldwide is expected to grow with a CAGR of 7.1% during the period from 2020 to 2028, starting from US$ 555.3Mn in 2019. An 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, high growth is expected in the electric grills market during the forecast period.
The electric smoker segment holds the highest market share in the electric grills industry with more than 60% of the market revenue, as of 2020. With the growing penetration of electric grills in restaurants and hotels, the 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.
Grilling is a form of cooking that involves dry heat applied to the surface of food, commonly from above, below, or from the side. Grilling usually involves a significant amount of direct, radiant heat, and tends to be used for cooking meat and vegetables quickly.
In 2020, by revenue, North America was the leader in the electric grills market followed by Europe with more than 30% of the market share. The Asia Pacific will be the fastest-growing region due to an 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.
Major players are focusing on strategies such as innovation-led product launches to increase their market presence. For instance, in 2019, Koninklijke Philips N.V. launched a smokeless 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.