Smart Kitchen Appliances Market Assessment Covering Growth Factors and Upcoming Trends

Author : univdatos
Publish Date : 2021-06-01 19:20:57
Smart Kitchen Appliances Market Assessment Covering Growth Factors and Upcoming Trends

Research report presented by UnivDatos, Emphasis on Product Type (Smart Ovens, Dishwashers, Refrigerators, Cookware & Cooktops, Kettle, Others); Technology (Wi-Fi, Bluetooth); Distribution Channel (Multi-Brand Stores, Exclusive Stores, Online Platforms, Others); End-Users (Residential, Commercial), and Geographical analysis (key regions and countries).

As per the research report, Smart Kitchen Appliances Market is expected to exceed US$ 41 Billion by 2027 expanding at a reasonable CAGR of 14.2% during the forecast period (2021-2027) from US$ 17.2 Billion in 2020. Smart kitchen appliances offer intelligence and communications to enable automatic or remote control based on user preferences or external signals from a utility or third-party energy service provider. 65% of Americans have at least one smart home device, and many purchased the smart technology because it’s better for the environment. The most popular smart home devices among our respondents included speakers (31%), thermostats (24%) and lighting (20%). Of the people who own a smart device, 49% have a smart home device that could be considered environmentally friendly. These include a smart thermostat/AC, lighting, kitchen appliances, plugs/outlets, vacuums and sprinklers.

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As per the survey conducted by Scripps Network Interactive it was found that respondents considered technology in the kitchen as “nice-to-have.” Furthermore, 40% of respondents said they “aren’t interested in connected appliances and expressed skepticism of the utility of kitchen-related tech beyond the ‘gee-whiz’ factor.” Smaller kitchen gadgets fared a bit better in the survey with “small kitchen appliances” leading the respondents’ wish lists, followed by automatic cleaning devices and voice-controlled devices. Increasing penetration of smart home, consumer inclination towards smart kitchen appliances, and rising disposable income are driving the market. In addition, increasing spending on home improvement projects and home remodeling is also driving the demand for smart kitchen appliances in the developed regions.

Increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices are spurring the market growth. The federal government is promoting the adoption of energy efficient appliances. Recently, Whirlpool integrated technological innovations in a selection of kitchen appliances, calling it the Smart Home Line. Digital assistance applications in voice-controlled devices such as Amazon Echo and Google Home are gaining popularity due to their ability to control home. According to a recent study by NPR, around 39 million people in America owned a smart speaker for a connected home environment in 2018. As per the Hamerville Media Group, the penetration of smart dishwashers in the U.K. and Germany stood at 43.1% and 54.9% respectively in 2018.

For a detailed analysis of the COVID-19 Impact on Smart Kitchen Appliances Market browse through - https://univdatos.com/report/smart-kitchen-appliances-market-current-analysis-and-forecast-2021-2027

Insights Presented in the Report

“Smart Refrigerator segment is anticipated to dominate the market during the analyzed period”

The smart kitchen appliances market is mainly bifurcated into the smart ovens, dishwashers, refrigerators, cookware and cooktops, kettle, and others. In 2020, smart refrigerator segment accounted for a maximum share in terms of revenue, accounting for more than 25% share. The segment is expected to remain dominant during the analyzed period owing to the increasing penetration of smart household, consumers’ inclinations towards smart kitchen appliances, and rising disposable income.

“Amongst technology, Wi-Fi segment is anticipated to dominate the market”

Based on technology, the global smart kitchen appliances market is fragmented into Wi-Fi and Bluetooth. In 2020, the Wi-Fi technology segment accounted market share in terms of revenue and is expected to remain dominant during the analyzed period.

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“Multi-brand Stores, Exclusive Stores and Online platform were the major distribution channel for Smart Kitchen appliances”

Based on distribution channel, the global smart kitchen appliances market is bifurcated into Multi-brand Stores, Exclusive Stores, Online platform and other.

“Amongst End-Users, resident segment dominated the market during the forecast period”

Based on end user, the global smart kitchen appliances market is fragmented into residential and commercial. In 2020, the resident segment accounted for more than 85% share.

“North America represents largest market for Smart kitchen appliances”

For a better understanding of the market dynamics of the smart kitchen appliancess market, a detailed analysis was conducted for different regions across the globe including North America (U.S., Canada, Mexico, and Rest of North America), Europe (United Kingdom, Germany, Spain, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia Pacific) and Rest of World. North America dominated the market in 2020.

Competitive Scenario

The smart kitchen appliances market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are AB Electrolux, Samsung Electronics Co. Ltd, Whirlpool Corporation, LG Electronics Inc., BSH Home Appliances Corporation, Panasonic Corporation, Haier Group, Breville Group Limited. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Customization Options:

The Smart Kitchen Appliances Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.



Category : business

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