Published On: Jun 15, 2017
The competitive landscape of the global smart kitchen appliances market displays increasing rivalry between the lead players, states Transparency Market Research (TMR). Development of advanced products, escalating technological advancement of firms, and acquisitions of smaller vendors have been frequently observed in the vendor landscape of the global smart kitchen appliances market.
Numerous companies are launching innovative solutions for alluring more customers, thereby boosting their revenue. For instance, LG’s new feature, HomeChat enables customers to communicate with smart home appliances with ease. Similarly, a number of new entrants have been breaking into the global smart kitchen appliances market.
For instance, in January 2017, Griffin Technology, a major manufacturer of mobile accessories plunged into the terrain of smart kitchen appliances via the launch of its new range of products including a smart coffee maker and smart toaster. The new toaster is Bluetooth-enabled, and the user can preset different temperatures for different types of bread from his/her smartphone. Such innovative products are aiding the growth of the global smart kitchen appliances market.
The global market for smart kitchen appliances is slated to attain a revenue of US$ 2.73 bn by the end of 2022, notes the report by TMR. The market is projected to expand at a phenomenal CAGR of 29.1% between 2014 and 2022.
Growing Disposable Incomes of People in Asia Pacific to Level up Demand
By product type, the smart refrigerators segment is likely to witness tremendous demand over the next few years. Expanding at a fruitful CAGR of 29.5%, the segment is likely to retain its dominance by the end of 2022. By geography, the global smart kitchen appliances market is presently led by North America. However, Asia Pacific is seen as the fastest growing market, expanding at a CAGR of 29.9% during the forecast period. The growth of this segment is ensured by the growing disposable incomes of people in the developing nations, expanding population over the world, and development of the food and beverage industry.
Greater Deployment of IoT to Aid Growth
As smart kitchen appliances offer superior productivity, comfort, and convenience when compared with conventional kitchen appliances, the demand for these technologically advanced systems is likely to swell. Fuelled by the need to deploy connected devices in homes, workplaces, schools, and hospitals, the trend of Internet of Things (IoT) is a major factor driving the growth of the global smart kitchen appliances market. More number of consumers prefer luxury goods with an increase in their purchasing capacities. As a result, the global smart kitchen appliances market is expected to gain traction.
The growing costs of power is another factor that is likely to assist the expansion of the market. This is on account of the energy efficient products that are being launched by a number of market players in recent times. Smart kitchen appliances are not only equipped with sensors, but also upgraded connectivity features. On the flip side, the high costs of smart kitchen appliances and low awareness about their benefits might hinder the expansion of the market. However, the extensive digitization across developed and developing regions of the globe is expected to offer considerable opportunities for solid growth.
The information presented in this review is based on a Transparency Market Research report, titled, “Smart Kitchen Appliances Market (Products - Smart Refrigerators, Smart Dishwashers, Smart Ovens, Smart Cookware and Cooktops, Smart Scales and Thermometers, Kettles and Coffee Makers; and Applications - Residential and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”
Key Segments of the Global Smart Kitchen Appliances Market
Smart Kitchen Appliances Market, by Products
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Other Products (Kettles and Coffee Makers)
Smart Kitchen Appliances Market, by Applications
Smart Kitchen Appliances Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa (MEA)
- Latin America
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