Multifunctional Electric Pressure Cooker Market Summary
According to the new market research report "Global Multifunctional Electric Pressure Cooker Market Report 2024-2030", published by QYResearch, the global Multifunctional Electric Pressure Cooker market size is projected to grow from USD 1.53 billion in 2024 to USD 1.92 billion by 2030, at a CAGR of 3.86% during the forecast period (2024-2030).
- Global Multifunctional Electric Pressure Cooker Market Size (US$ Million), 2019-2030
Above data is based on report from QYResearch: Global Multifunctional Electric Pressure Cooker Market Report 2024-2030 (published in 2024). If you need the latest data, plaese contact QYResearch.
- Global Multifunctional Electric Pressure Cooker Top 18Players Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)
Above data is based on report from QYResearch: Global Multifunctional Electric Pressure Cooker Market Report 2024-2030 (published in 2024). If you need the latest data, plaese contact QYResearch.
This report profiles key players of Multifunctional Electric Pressure Cooker such as Midea Group, Cuckoo Electronics Co., Ltd., Panasonic Holdings Corporation, SUPOR, Instant Brands Inc., Joyoung, Galanz Group, Xiaomi Group, Sharp Corporation, ASD Group Co., Ltd., Oaks Group Co., Ltd., Pentium Electric (Shanghai) Co., Ltd., Changhong Meiling Co., Ltd., Zhuhai Double Happiness Electric Appliance Co. Ltd., Guangzhou Light Industry and Trade Group Co., Ltd., Hefei Royalstar Electronic Appliances Group Co., Ltd., Little Bear Electric Appliance Co. LTD, Fissler, etc.
In 2023, the global top five Multifunctional Electric Pressure Cooker players account for 75.10% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Multifunctional Electric Pressure Cooker.
- Multifunctional Electric Pressure Cooker, Global Market Size, Split by Product Segment
Based on or includes research from QYResearch: Global Multifunctional Electric Pressure Cooker Market Report 2024-2030.
In terms of product type, ＞ 5 L is the largest segment, hold a share of 64.40%.
- Multifunctional Electric Pressure Cooker, Global Market Size, Split by Application Segment
Based on or includes research from QYResearch: Global Multifunctional Electric Pressure Cooker Market Report 2024-2030.
In terms of product application, Household Use is the largest application, hold a share of 90.59%.
- Multifunctional Electric Pressure Cooker, Global Market Size, Split by Region
Based on or includes research from QYResearch: Global Multifunctional Electric Pressure Cooker Market Report 2024-2030.
Market Drivers:
Healthy cooking methods have a profound impact on the body. It is not only related to consumers' physical and mental health, but also improves people's quality of life. With the improvement of people's living standards, on the basis of basic living needs, consumers are paying more and more attention to environmental protection and health, and the demand for healthy living is becoming increasingly strong, further promoting the development of Multifunctional Electric Pressure Cooker products. In the post-epidemic era, consumers pay more attention to food and cooking in their lives, accelerating the development of Multifunctional Electric Pressure Cookers.
The penetration rate of the home appliance retail market is increasing rapidly. Since Multifunctional Electric Pressure Cookers have the characteristics of small size, light weight, low unit price, and no need for installation, and merchants can introduce products and display functions in the form of pictures, text, audio and video on e-commerce platforms, Suitable for online purchasing. Benefiting from the traffic dividend of e-commerce channels, online retail sales growth is higher than offline. Under new online traffic attraction models such as live video streaming and social e-commerce, it is expected that online retail growth will remain at a high level in the future, bringing opportunities to emerging companies. Emerging enterprises can seize channel dividends, increase online exposure, strengthen the construction of online sales channels, and create an excellent brand image to achieve effective overtaking in corners.
People have a demand for upgrading existing Multifunctional Electric Pressure Cookers, and their purchasing intentions are gradually becoming more intelligent and high-quality. Secondly, the continuous upgrading of Multifunctional Electric Pressure Cookers meets people's pursuit of quality of life. To a certain extent, appearance has also become the competitive field of Multifunctional Electric Pressure Cookers.
Marketing capabilities will become one of the core competitiveness of small home appliance companies. Whether it is sales on online Internet platforms or offline physical stores, companies need to invest in research and capital in marketing methods, advertising promotion, and consumer guidance. The unique marketing method will make consumers shine and pay for the product.
With the rapid development of the economy, the continuous improvement of residents' income and urbanization level, creative small household appliances have experienced two major stages of meeting consumers' basic needs and improving users' quality of life, and then entered a new round of industry transformation and upgrading. In addition to meeting life needs, Basically, people pay more attention to personalized and high-quality lifestyles. Various products emerge in an endless stream to meet the different needs of consumers, promoting the growing scale of the industry.
Restraint:
Home appliance manufacturing is a labor-intensive industry. If the price of raw materials increases significantly, or the costs of labor, water, electricity, land and other production factors fluctuate greatly due to changes in the macroeconomic environment and policy adjustments, lean production and efficiency improvements will bring The cost reduction and the overall sales price of end products cannot fully absorb the impact of cost fluctuations. Therefore, raw material price fluctuations have a greater impact on production and operations.
Its market demand is greatly affected by the economic situation and macro-control. If there are major fluctuations in the global economy and the growth of the macro-economy or consumer demand slows down, the growth of the relevant market will also slow down, which will have a negative impact on product sales.
As residents' income levels increase, Multifunctional Electric Pressure Cookers, as a consumer upgrade product, have huge market potential. However, the market entry threshold is low, and domestic and foreign manufacturers are also accelerating their entry and expansion into this market. At the same time, there are also some unfair competition phenomena in the industry, such as price wars, patent infringement, trademark infringement, corporate name infringement, etc. With the development of the industry, enterprises face the risk of increasing market competition. Intensified market competition may cause the gross profit margin of the company's products to decline, thereby having a certain impact on earnings.
Facing the emergence of rice cookers, electric rice cookers and other similar categories, Multifunctional Electric Pressure Cookers lack unique competitiveness. Overall, the products are highly substitutable, and their market share is easily cannibalized by other similar categories.
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