Technological expansion in the product efficiency and performance are expected to benefit electric kitchen appliances market growth. Upgradation of existing equipment coupled with favourable hi-tech innovations is forecasted to fuel the adoption of electric kitchen appliances among Indian consumers.
Electric kitchen appliances have become an essential part of modern life. Today, the market is replete with a range of appliances designed to suit various requirements of consumers across the country. Key factors driving growth in the market include increasing numbers of working women, rapid urbanization, growing number of households, a rise in dual income nuclear families, improving standards of living, rising disposable income and higher per capita spends on lifestyle stuffs. Rising buying power of consumers across the India has driven adoption of luxurious products and appliances, thus satisfactorily impacting industry demand. In addition to economical factors, social and cultural factors also influence demand for the same in the market.
According to recently published report of Bonafide Research "India Electric Kitchen Appliances Market Outlook, 2021", the market is expected to grow at a CAGR of around 19% over next five years. The marketplace is witnessing a steady influx of high-priced appliances with inventive features that reduce human labour and provide superior kitchen care to consumers. Manufacturers are focusing on developing elegant and autonomous electric devices by intelligent electronic control, integrating auto-sensors, and machine programming concepts. Small electric appliances are expected to show strong potential for future expansion, especially against a backdrop of escalating fuel costs and growing government emphasis on LPG prices.
For instance, smart grid-connected induction cooktops and electric cookers are currently being developed to enable consumers to better manage their electricity consumption prototype. The growing trend of home automation appliances is also expected to result in an increased number of electric kitchen appliances connecting to home computer networks. Escalating induction technology in the wake of rising fuel prices is anticipated to propel the category over the forecast period. Growing popularity of induction technology is an attractive opportunity for industry participants. Increasing environmental concerns and efforts for promotion of clean and noise free devices will positively impact the demand. Growing adoption of modern appliances like induction cook tops and microwave ovens as a substitute to the conventional ways of cooking is estimated to be the key driver for the market. Increase in the proliferation of home automation solutions will result in the populace’s augmented demand for microwave ovens that have advanced features like Wi-Fi connectivity and LCD screens. Technology advancements have resulted in the development of smart equipment that has touch screen and LCD displays for improving aesthetics and control.
Demand for electric ranges, microwave ovens and food processors will also continue to witness strong growth. Replacement of older and obsolete devices with energy-efficient products is a key factor driving demand among developed regions. Energy-efficient appliances with innovative compact plans are poised to score the highest gains in the coming years. Technology advancements have resulted in the development of smart equipment that has timer control panels for improving aesthetics and control. An important factor that will spur the prospects for growth is the advent of the Internet-of-Things (IoT). New electric appliances are also equipped with internet connectivity and are part of the IoT network, which enables monitoring with live video stream and updates using applications. Due to the recent augment in digitization, consumers will spend more money on the acquisition of kitchen automation solutions.
Major companies operating in the electric kitchen appliances market of India are Bajaj Electricals Limited, Butterfly Gandhimathi Appliances Limited, Indian Fine Blanks Ltd., Kitchen Appliances India Limited, LG Electronics India Pvt. Ltd, Groupe SEB India Pvt. Ltd., Panasonic India Pvt. Ltd., Philips India Limited, Preethi Kitchen Appliances Pvt. Ltd., Samsung India Electronics Pvt. Ltd, Stovekraft Pvt. Ltd., TTK Prestige Limited, Whirlpool of India Ltd.