LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global multi-cooker market report. This research report also lists six other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
The global multi-cooker market includes well-diversified international and regional vendors, with the top key vendors dominating the market. The competition among these top vendors is robust, which is leading to the introduction of many innovative and advanced products. These vendors also provide innovative solutions as part of their product portfolio.
“Vendors should modify their market strategies to suit the needs of customers in mature and growing markets. In mature markets, consumers are taking an interest in cooking at home and have adopted it as a hobby or passion. However, in emerging countries the growth is being propelled by the enhanced standard of living due to the rise in purchasing power,” says Faizan Akhtar, a lead analyst at Technavio, specializing in home, kitchen, and large appliances research.
Top six multi-cooker market vendors
The major strengths of Breville are its geographical presence in all the prominent kitchen appliance markets and its wide range of innovative products. The company is focused on providing sustainable growth through enhancement in distribution and innovation. The company’s strong presence on social media is a major strength that it can capitalize on to attract the younger consumer base. Breville believes in sustainable development, and products that do not fulfill its criteria about quality are recycled by being de-manufactured to the material level.
The company is a leading vendor in the Spanish and French markets. They are the fifth largest manufacturer of electric appliances in Europe. The company markets its appliances in over 100 countries. To ensure more in-house production, the company has its manufacturing plants in five countries - Spain, Morocco, Poland, China, and France. The company has been a finalist in the prestigious EFQM award, which is presented to organizations that attain financial success, implement their goals to achieve targets, and focus on creating a sustainable future. Despite the downturn in the Spanish market, the company increased its share by 11% and successfully captured its position as a leader in pressure cookers.
The company has the KitchenAid Experience Center, where customers can participate in live demonstrations of appliances. In this innovative retail experience, the company sells refurbished appliances at attractive discounts. This venture of KitchenAid differentiates it from other small appliance manufacturers. Another major strength of the company is its strong geographical presence across the globe.
The company has its origins in the UK and a presence in various other countries, including India, the Czech Republic, China, Australia, Italy, France, and various South Asian and European countries.
Seeing India as a market with tremendous potential, the company entered into a trademark license partnership and strategic alliance with Bajaj Electricals, an Indian company, in 2002. For efficient management of its portfolio, Morphy Richards has modified its offerings to suit to Indian tastes.
Philips has attained a considerable market share through its consistent focus on attaining new users and retaining existing users with superior innovation and value propositions. The company ensures that it offers a diverse range of products at relevant price points. The company also ensures modifications in product offerings to appeal to the local taste of its target customers. The company is rapidly increasing its presence in newer markets like Russia and China.
To enhance the product experience online, the company endorsed the product through its digital content and 360 degree advertising campaigns, which helped build brand awareness and visibility among target consumers.
Tefal is a brand under Groupe SEB. The geographical reach of the company with a presence in over 150 countries gives it the advantage of a strong, wide consumer base along with established distribution networks across the globe. The company makes efforts to tailor its offerings as per the local needs of the customers. Instead of exporting goods from the country of production, the group strives to locally manufacture the products in each region. In 2012, nearly 45% of its turnover was garnered from the sales of products in emerging countries.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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