Cookware is a type of vessel or container in which food is prepared. Cookware comprises various cooking pots, such as frying pans and saucepans. These pots are intended for use on a range, cooktop or a stove. The material used in the manufacturing of cookware has a substantial effect on its performance, cost, and thermal conductivity. Materials used in manufacturing of cookware are pottery, metals, PTFE non-stick, coated and composite material, and others. Metals used in manufacturing of cookware are aluminum, copper, stainless steel, cast iron, and carbon steel. Aluminum metal has very good thermal conductivity and is lightweight. It is also resistant to corrosion. Other non-metallic cookware materials include glass, ceramics, stone, and silicone. Electric cookware is one of the best examples of modern home appliance. As the name suggests, this cookware works on electricity. There are various types of electric cookware available in the market. Rice cookers, frying pans, slow cookers, tea and coffee makers, and egg boilers are types of electric cookware used in modern kitchens.
The electric cookware market is expected to expand at a decent rate during the forecast period. The demand for electric cookware is anticipated to increase due to rising urban population and ever increasing number of the middle class in developing countries such as China and India. Furthermore, due to improved lifestyle in emerging countries, disposable income of individuals has increased and people tend to buy stylish and new home appliances. These factors have forced companies to manufacture a variety of electric cookware. Ease of use of electric cookware, stylish looks, safety of the product, convenient and faster mode of cooking, ease of cleaning, and eco friendliness are the factors which are also expected to contribute to the growth of the electric cookware market. Factors such as use of traditional cookware, cookware which is operated on the gas in some parts of the world, and health related concerns might act as a restraint to the growth of the electric cookware market.
The electric cookware market is segmented on the basis of product type, structure, end-user, and region. On the basis of product type, the market is segmented into rice cooker, slow cooker, deep fryer, fry pan, tea and coffee maker, and others. The electric cookware market is segmented on the basis of structure into built-in, and free stand. On the basis of end-user, the market is classified into residential and commercial. The commercial electric cookware market generates more revenue than the residential electric cookware market. This is because the cookware used for commercial cooking is generally electric cookware due to its ease of use, and is safer than other appliances. The electric cookware market is divided into North America, Middle East & Africa, Europe, Asia Pacific, and South America on the basis of region. Furthermore, these regions are subdivided into various countries such as the U.S., U.K., Germany, Italy, China, India, Japan, Saudi Arabia, South Africa, and Brazil.
Some of the key players in the electric cookware market include Panasonic Corporation, Maxim, Koninklijke Philips N.V., Breville, Williams-Sonoma Inc., Midea Group, Joyoung Singapore, Toshiba Corporation, New World, Electrolux, BSH Home Appliances FZE, General Electric, Morphy Richards, Samsung, Dacor, and LG Electronics. The key players in the market focus on innovation in the technology and design of cookware to remain competitive. New product launch and acquisition are the key developmental strategies of manufactures to meet the consumer requirements and increase their consumer base. Furthermore, the companies launch exciting offers to promote their products and adopt innovative marketing strategies to attract consumers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.