With increasing economical activity and rising employment opportunities, working population in the country is on the rise. Women, in particular, are forming a major base in the country's workforce. As a result, people are willing to spend more on modular kitchens for their convenience and luxury, which is expected to drive the sales of electric cookers in India.
India has been witnessing significant growth in electric kitchen appliances sales for past few years. With more young people joining the working brigade every year, consumer preference is gradually shifting from utility product to luxury product. Younger workforce is giving more preference to innovative design, styles and features in kitchen appliances. The increasing popularity of modular kitchens has fuelled an interest in modern electric cooking appliances. Electric cooker has become integral to the functioning of most contemporary kitchens. This in turn, is driving the adoption of modern electric appliance like electric cookers with an array of functions and operational settings.
According to recently published report of Bonafide Research "India Induction Cooktop & Electric Cooker Market Overview", the market for electric cooker will grow at a CAGR of more than 10% over next five years. Growing domestic sales and export demand, coupled with increasing consumer preference for convenience, style and innovative design is expected to drive the market of electric cookers in India during forecast period. However, electric cooker topped with most of the middle class population. Affluent consumers are buying it for enhanced convenience, luxurious life style for and modular kitchen trend. Incessantly growing LPG prices is another key factor driving the demand for electric cooker in the country.
Ever-shifting and ever-evolving nature of the technologies enables the products and services contributing to the growth of the electric cooker market in India. People living alone are more conscious of the features of electric kitchen appliances than their price. This trend will prove most beneficial to electric kitchen products such electric cookers. Hence, it is not surprising that this product is contributing the significant growth of its respective segments of cookers. Especially, the market is driven by a need for energy-efficient and easy-to-maintain electric cooking appliances that are fitted with advanced features.
Abundance of raw material and easy availability of skilled manpower at cheaper rates further encourages national/multi-national companies to set-up their manufacturing base in India. Other major factors boosting the country's electric cooker market include expanding retail formats such as supermarkets, convenience stores and hypermarkets across the country. Moreover, increasing online availability of electric cooker is further augmenting the product sales. However, the impact on electric cooker may be moderate due to dual functionality of the product, where it can also be used as a reheating appliance. With the growing awareness about benefits of electric cooker and its environment friendly nature, there is a shift in consumers preferring to adopt the device. The trend is currently more prominent in urban regions, which have high growth rate.
Major companies operating in the induction cooktop and electric cooker of India are TTK Prestige Limited, Bajaj Electricals Limited, Preethi Kitchen Appliances Pvt. Ltd., Philips India Limited and Stovekraft Pvt Ltd.