Core Viewpoint - The electric pressure cooker market in China is experiencing significant growth, with a projected sales revenue of 5.1 billion yuan in 2024, driven by rising living standards and the increasing demand for multifunctional kitchen appliances [1][13]. Industry Definition and Classification - Electric pressure cookers are electric heating devices that use temperature and pressure control to achieve rapid cooking, combining the advantages of traditional pressure cookers and rice cookers [2]. - They are characterized by high thermal efficiency (over 80%), time and energy savings, health benefits, convenience, and durability [2]. Industry Development History - The electric pressure cooker industry in China has evolved through several key stages, starting from its inception in the 1950s to the current era of smart and multifunctional products [6][7]. - The market has matured over the years, with brands like Midea and Supor leading through technological innovation and quality enhancement [7]. Industry Supply Chain Analysis - The supply chain consists of upstream raw material suppliers, midstream manufacturers, and downstream sales channels, all of which are interdependent and promote the healthy development of the electric pressure cooker industry [4]. - China is the largest producer of stainless steel, with a production of 39.44 million tons in 2024, which supports the electric pressure cooker industry by providing stable raw material supply [9]. - Aluminum alloy production is also on the rise, reaching 16.14 million tons in 2024, ensuring timely access to materials for manufacturers [11]. Current Industry Status - The electric pressure cooker market is increasingly favored by consumers due to its diverse cooking functions and growing quality expectations [13]. - Consumers are now looking for products that offer safety, durability, intelligence, and effective cooking results for various ingredients [13]. Key Companies Analysis - Midea Group leads the market with strong technological innovation and high market share, continuously launching advanced products [15][17]. - Supor is known for its high-quality products and strong brand reputation, focusing on both domestic and international markets [19]. - Joyoung leverages its experience in kitchen appliances to innovate and meet diverse consumer needs [15]. - Other notable companies include Boss Electric, Double Happiness, and Bear Electric, each with unique market strategies and product offerings [15][17]. Future Development Trends - The industry is moving towards deeper integration of smart technology, allowing for remote control and enhanced safety features in electric pressure cookers [21]. - There is a growing trend towards multifunctionality, with products designed to perform various cooking tasks, catering to diverse consumer needs [22]. - Aesthetic design is becoming increasingly important, with manufacturers offering a variety of styles and colors to meet consumer preferences [23].