Global Smart Kitchen Appliance Market revenue accounted to US$ 12.6 Bn in 2018 and is expected to grow at a CAGR of 14.9% during the forecast period 2019 – 2027
PUNE, MAHARASHTRA, INDIA, December 23, 2019 /EINPresswire.com/ — The global smart kitchen appliance market revenue accounted to US$ 13.6 Bn in 2018 and is expected to grow at a CAGR of 14.7% during the forecast period 2019 – 2027, to account to US$ 43.4 Bn by 2027. Whereas, by volume, the global smart kitchen appliance market is expected to grow at a CAGR of 17.2% during the forecast period.
The rise in the integration of technologies and other smart solutions across various home appliances and products has gained significant momentum, especially across the developed economies. As a result, the smart device through Wi-Fi connectivity, sensors, and web or mobile-based applications facilitate the enhanced consumer experience. For instance, the mobile app-enabled refrigerators, air conditioning, and washing machines enable the individuals to remotely control the product settings and subsequently aid in energy efficiencies and flexible device operation. Among these, the smart kitchen appliance constitutes the technology-driven enhanced kitchen appliances such as refrigerators, ovens, cooktops, blenders & juicers, and smart sous vide among other kitchen appliances.
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The devices through the availability of sensors, connectivity, and automatic features facilitate the smart kitchen solutions for the consumers. The increase in disposable income coupled with a rise in awareness towards improved health and fitness lifestyle among the individuals has a decisive influence over their propensity to spend towards smart as well as an efficient kitchen appliance. Furthermore, the growing popularity of technology-enabled smart solutions has witnessed unprecedented traction across various end-user segment has also facilitated in a lucrative market across the kitchen for residential and commercial end-users. Thus, the smart kitchen appliance market is poised to provide numerous attractive, profitable opportunities during the coming years.
Global Smart Kitchen Appliance Market – Company Profiles
BSH Home Appliances Group
Breville Group Limited
GE Appliances (A Haier Company)
LG Electronics Inc.
Several developed countries in North America and Europe has witnessed the growth in adoption of smart kitchen appliances, which is majorly attributed to the significant rise in Internet of Things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled the end users to procure smart kitchen appliances, thereby, have boosted the growth of smart kitchen appliances market size. Similarly, the Asia Pacific region is also witnessing staggering growth in internet penetration owing to the advancements in internet infrastructure.
The global smart kitchen appliance market by product type is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cookers & cooking robots, smart cooktops, smart integrated ovens & cooktops, and others. Smart refrigerators by revenue dominates the smart kitchen appliance market heavily, however, smart ovens by volume dominates the market and is expected to continue its dominance throughout the forecast period from 2019 – 2027.
The smart kitchen appliance market revenue by connectivity technology is further segmented into Wi-Fi and Bluetooth technologies. Wi-Fi dominates the smart kitchen appliance market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The growing adoption rate of Wi-Fi enabled smart kitchen appliances among residential and commercial end users, is catalyzing the growth of connectivity technology segment in a smart kitchen appliance market.
The smart kitchen appliance market revenue by end user is segmented into residential and commercial. The smart kitchen appliance market by residential segment led the market in 2018 with the maximum market share and is expected to continue its dominance during the forecast period. Due to traditional heating kitchen appliances, the homeowners look ahead for technological advanced and aesthetic, smart kitchen appliances. In addition to adoption of smart kitchen appliances, homeowners with high net worth possess high usage of these connected and smart kitchen appliances to ease their regular activities of kitchen.
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Source: EIN Presswire