Global Residential Electric Fryers Market 2017-2021
About Residential Electric Fryer
Electric fryers are considered as small kitchen appliances that are used for frying food items. Some electric fryers are also used for baking, roasting, and grilling. Within cooking appliances, other than electric fryers, gas fryers are considered as the other segment. The global home appliances market currently registers a healthy growth owing to the growing middle-class economy and improved disposable income levels worldwide. In mature markets, such as the US and parts of Europe, the demand for generic home appliances has reached a stable stage, and the market for smart white goods is increasing owing to better awareness about such products and appliances.
Technavio’s analysts forecast the global residential electric fryer market to grow at a CAGR of 9.03% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential electric fryer market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Electric Fryer Market 2017-2021
Technavio recognizes the following companies as the key players in the global residential electric fryer market: Cuisinart, Havells, Kenstar, Koninklijke Philips, Tefal, and Waring.
Other Prominent Vendors in the market are: AvalonBay, Breville, Hamilton Beach Brands, Jarden Consumer Solutions, and National Presto Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increase in demand for portable fryers. Portability is considered as one of the important specifications of home and kitchen appliances by consumers. The same trend is also followed in the electric fryers space. Consumers prefer portable electric fryers that can be moved swiftly from one place to another and those that are best fit for every size of table-tops and kitchens, irrespective of being home kitchen or restaurant kitchen.”
According to the report, one driver in market is product innovation. Innovation, whether in terms of radical or breakthrough, plays an eminent role in driving the global residential electric fryers market. While breakthrough innovation includes innovation in product features, technology, efficiency, and specifications of products, radical innovation includes those in the manufacturing process of products, which enables faster and efficient production of the final products thereby reducing the production turnaround time. In both the cases, manufacturers have the prime advantage to set their pricing strategy. Product mark-up or profit margin is also fixed based on the enhanced product quality with added technology and features. Electric fryers having advanced technology, such as smart features, automated frying process, and more power efficiency, are priced higher than the regular electric fryers products.
Further, the report states that one challenges in market is threat of substitution from alternative appliances. The global residential electric fryers market is filled with alternative kitchen appliances, such as induction ovens, microwave ovens, roasters, grills, and cooktops. As electric fryers can be used to grill, roast, and even bake food products along with frying, microwave ovens, induction oven, cooktops, roasters, and grills can substitute electric fryers. The usage of such alternative appliances is very high in the residential segment. Further, in the commercial space, such as in full-service restaurants (FSRs) and hotels, the requirement of cooktops, grills, microwave ovens, induction oven, and roasters is increasing day-by-day. To that extent, the demand for electric fryers in FSRs can be substituted by such alternative appliances.
Cuisinart, Havells, Kenstar, Koninklijke Philips, Tefal, Waring, AvalonBay, Breville, Hamilton Beach Brands, Jarden Consumer Solutions, and National Presto Industries.