The global electric rice cooker market is set to rise at a healthy CAGR of 7 % through the forecast period (2019- 2029). The growth can be primarily attributed to a rising demand for energy efficiency and convenience in cooking devices, which has arisen with a rise in the standard of living, investments in multifunctional devices and innovations in connectivity, to influence developments in the near future.
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Further, the transition by manufacturers towards product innovation to maintain a competitive edge is a key factor in the development of connected electric rice cookers, facilitating functions and minimizing human error with remote controls. This trend is expected to continue with advances in Internet of Things (IoT) in the years to come.
Key Takeaways of Electric Rice Cooker Market Study
- While standard electric rice cookers account for the largest segment in the market and grow by 1.8X, multifunctional and induction electric rice cooker variants are anticipated to grow at faster rates with CAGRs above 6%.
- Offline retail outlets account for nearly three fourth of the electric rice cooker market share and are expected to display significant growth over the short-term forecast period. However, the online distribution channels for home entertainment devices is expected to display a substantially higher rate of growth of 2.1X.
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Global Electric Rice Cooker Market: In-Depth Assessment on Key Segments
The global electric rice cooker market is segmented on the basis of product type, application, distribution channel and region.
|Product Type||Application||Distributional Channel||Region|
|South Asia & Oceania|
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Lifestyle Changes to Give Uptick to Consumer Demand
Around the world, nuclear families are becoming increasingly common, and influenced by expectations of better standards of living, the population of emerging economies such as India and China are expected to remain a key factor for the industry. The importance of energy saving appliances will also support gains made by the industry.
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