Global Smart Kitchen Appliances Market: Snapshot
Technological advancements have taken regular kitchen appliances altogether to a different level. Nowadays, smart kitchen appliances available in the market are integrated with sensors, which has boosted the market. These appliances also offer easy operability and are energy efficient, which keep them ahead from traditional kitchen appliances. Moreover, growing prices of energy are expected to fuel the demand for smart kitchen appliance in the forthcoming years. Rising disposable income in both developed and developing regions is also expected to benefit market’s growth.
However, high cost incurred on initial set-up and maintenance may hamper the growth prospects of the smart kitchen appliances market. In addition, lack of awareness and hesitant customers are also restraining the growth of this market.
According to a recent report published by Transparency Market Research (TMR), the global smart kitchen appliances market is likely to rise at a healthy 29.1% CAGR during the forecast period between 2014 and 2022. The valuation of the global smart kitchen appliances market is expected to reach US$2.73 bn by 2022 from US$0.476 bn earned in 2013.
Application of Smart Kitchen Appliances to Increase in Residential Sector
The global smart kitchen appliances market is categorized on the basis of product type and application. Based on product type, the market is segmented into smart dishwashers, smart ovens, smart cooktops and cookware, smart refrigerators, smart scales and thermometers, and other including coffee makers and kettles. Among these, smart refrigerators segment held larger share in terms of revenue in 2013. Efforts made by the leading companies in using innovative technology to develop advanced refrigerators models led the growth of this market. In addition, in the coming years, smart ovens and smart dishwashers are also expected to grow at a significant rate.
Application of smart kitchen appliances is seen in residential and commercial use. Of these two, the residential application leads the global smart kitchen appliances market and held dominant share in the market in 2013. This is owing to the large spending on household appliances across the globe. moreover, the demand for commercial application segment is high in the hospitality sector.
Asia Pacific to Offer High Growth Opportunities Smart Kitchen Appliance Manufacturers
On regional front, the global smart kitchen appliances market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2013, North America held 39% of market share in terms of revenue. Thus, this region is expected to lead the market during the forecast period between 201 and 2022. This is due to the rising purchasing power and growing preference of the people in the region. Moreover, government initiatives to support the growth of smart kitchen appliances has also fueled the demand in this market. On the other hand, Asia Pacific is considered one of the key regions having the potential to grow this market. Attributing to the growing disposable income that has increased the demand for smart kitchen appliances in this region.
The vendor landscape mentioned in the report provides the details about the leading players existing in the market. To mention some of the leading players in the market are Inc., Whirlpool Corporation, LG Electronics, and Samsung Electronics Co. Ltd. these players has created their dominance in the market by introducing innovative kitchen appliances to offer their customers and are estimated to do so in the forthcoming years.
Smart kitchen appliances are premium appliances that are designed for comfortable and efficient operation as compared to the traditional appliances. The most significant advantage of smart kitchen appliances is the high energy efficiency over traditional kitchen appliances. Due to growing advancements in the kitchen appliances industry, the smart kitchen appliances market is expected to witness strong growth in the near future. Smart kitchen appliances are equipped with different sensors that facilitate easy operation for the users. In addition some of the smart kitchen appliances are designed with connectivity features that can connect to the other household appliances and also to handheld devices such as smartphones, tablets and others. Thus, users can operate their kitchen appliances remotely from their handheld devices thereby increasing the ease of usage of these appliances.
The smart kitchen appliances market is majorly driven by the rising discretionary income of the people globally. Due to growing purchasing power, people tend to adopt luxurious goods thereby boosting the demand for smart appliances. Another significant factor fuelling the growth of smart kitchen appliances is the high advantages of smart kitchen appliances over traditional appliances. However, major factor hindering the market growth is the high costs of these appliances over traditional kitchen appliances.
The global market for smart kitchen appliances is segmented on the basis of products, applications and geographic regions. On the basis of products, the market for smart kitchen appliances is segmented into smart refrigerators, smart dishwashers, smart ovens, smart cookware and cooktops, smart scales and thermometers and others. The others segment comprises smart kettles and coffee makers. Further, the global smart kitchen appliances market is segment based on the applications into residential and commercial applications. Furthermore, on the basis of geographic regions the market for smart kitchen appliances is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America.
This report studies the current as well as the future market potential for smart kitchen appliances across the world. The market for smart kitchen appliances has been segmented into following appliances: smart refrigerators, smart ovens, smart dishwashers, smart scales and thermometers, smart cookware and others. The others segment comprises coffee makers and kettles. The market for smart kitchen appliances has been extensively analyzed on the basis of factors such as products, applications and geographic regions. The market size and forecast in terms of revenue (US$ Mn) for each of these segments has been provided for the period from 2014 to 2022, considering 2012 and 2013 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for the forecast period from 2014 to 2022.
Geographically, the market for smart kitchen appliances has been segmented into five regions: North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. The market size and forecast for each region has been provided for the period from 2012 to 2022 including the CAGR (%) for the forecast period from 2014 to 2022. The study also includes qualitative analysis of the competitive scenario in these regions. The overview section of the report comprises qualitative analysis of the overall market, highlighting the factors determining the market dynamics such as drivers, restraints, and opportunities along with distribution chain analysis.
The report also provides a section on the competitive landscape, wherein the market positioning analysis of leading players in the Global Smart Kitchen Appliances market, in 2013, has been discussed. The report concludes with the profiles of major players in the global smart kitchen appliances market such as AB Electrolux, Whirlpool Corporation, Samsung Electronics Co., Ltd., LG Electronics, Inc., Haier Group, Panasonic Corporation, Dongbu Daewoo Electronics Corporation, BSH Home Appliances Corporation (Robert Bosch GmbH) and Sub-Zero, Inc.
Smart Kitchen Appliances Market Segmentation:
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