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Global Smart Kitchen Appliances Market – by Product, Distribution Channel, Application, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Smart Kitchen Appliances Market – Segmented by Product, Distribution Channel, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts | MarkGenes
Smart kitchen appliances are premium kitchen appliances designed for optimal efficiency and high performance. They are provided with different sensing devices and remote connectivity and thus are functional from remote location using smartphones by installing the relative applications
The global smart kitchen appliances market was USD 1023.11 million in 2018 and is estimated to reach USD 3915.94 million by 2025 at a CAGR of 21.14% during the forecast period
Growth by Region
In North America, significant growth is witnessed in the commercial application of smart kitchen appliances over the last few years as it decreased the operational cost. In Asia pacific region, with growing penetration of broadband devices and home automation, consumers are gradually opting for connectivity- enabled devices and appliances
Drivers and Restraints
The factors which are expected to drive the industry are the growing energy prices, rising purchasing power of the consumers, particularly in developed countries and increasing adoption of luxurious goods, and high energy-efficiency. Large-scale digitization is also likely to open avenues for industry growth. Lack of awareness about these appliances and their benefits over the traditional devices, high initial as well as maintenance costs of the devices are the major factors hindering the market growth over the forecast period.
Industry Trends and Updates
The key trend of the market includes expansion through partnerships, joint ventures and acquisition, development of more sophisticated connected smart appliances, targeting developing and promising market such as India and China having massive consumer base, and lastly, providing a complete product line of smart appliances.
In January 2018, Whirlpool collaborated with Amazon and Google to increase the sophistication of the products provided. These collaborations have catered hands-free help from Google Assistant and voice control applications from Alexa.
In March 2017, Electrolux acquired Grindmaster – Cecilware, a manufacturer of frozen, hot and cold beverage dispensing equipment and coffee makers which is expected to increase the company’s access to the US market, and at the same time broaden its portfolio.
Browse other Consumer Goods and Services reports at: https://markgenes.com/industry-reports/consumer-goods-and-services
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