DUBLIN–(BUSINESS WIRE)–May 5, 2022–
The smart kitchen appliance market is expected to reach US$ 47,071.2 million by 2028 from US$ 13,786.0 million in 2020; it is estimated to grow at a CAGR of 17.4% from 2020 to 2028. The overall market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South and Central America.
The connected home devices industry has witnessed significant growth across the globe in the current scenario and is expected to be adopted in large quantities in the coming years. Several manufacturers of electronics and electrical equipment are increasingly emphasizing the development of smart kitchen appliances to benefit their customers with advanced technologies. The presence of long-established and industry-recognized manufacturers in the smart kitchen appliance market is facilitating the market to proliferate quickly. Additionally, rising disposable income among middle-class societies in developed and developing countries is influencing residential end users to adopt newer technologies, such as intelligent kitchen appliances, which is paving the growth path for the smart kitchen appliance market.
The entry barrier to the market is moderate at this stage. Due to which several startups are coming up with advanced technological solutions. Pertaining to the fact that various sensors and microchip manufacturers are present globally, startups are easily acquiring the smart kitchen appliance market ecosystem. These startups and tier-2 companies are gaining immense prominence through partnering with kitchen appliance manufacturing leaders worldwide. The partnerships are aiding the growth of smart kitchen appliance market in the current scenario. The surge in startups and partnership trends is anticipated to grow in the coming years, resulting in a low entry barrier to the market.
The global smart kitchen appliance market is anticipated to exhibit high growth in the future. A few of the major driving factors contributing to the market growth include benefits of cost-effectiveness on a long run, improved communication ability, and a surge in smart grids in developed and developing nations in North America, Europe, and Asia Pacific. Also, growth in internet penetration and awareness related to smart kitchen appliances among the population in developing countries help customers in these regions procure an increased number of smart kitchen appliances, thereby benefiting the manufacturers operating in the smart kitchen appliance market. However, the initial cost of these intelligent devices is much higher than traditional kitchen appliances, which is a critical barrier to the growth of the smart kitchen appliance market.
The global smart kitchen appliance market is segmented into product, end-user, and connectivity.
- Based on product, the smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cooker & cooking robots, smart cooktops, smart & integrated ovens & cooktops, and others.
- Based on end user, the smart kitchen appliance market is segmented into commercial and residential.
- On the basis of connectivity, the smart kitchen appliance market is segmented into Wi-Fi and Bluetooth.
4. Global Smart Kitchen Appliance Market landscape
5. Smart Kitchen Appliances Market – Key Industry Dynamics
5.1.1 Cost-Effectiveness and Communication Ability of Smart Kitchen Appliances
5.1.2 Increase in Internet Penetration
5.2.1 Vulnerability to Cyber Crimes and Higher Upfront Cost
5.3.1 Substantial Growth in Smart Home and Smart Hotel Projects
5.4.1 Mergers and Partnerships
5.5 Impact Analysis Of Drivers And Restraints
6. Smart Kitchen Appliance – Global Market Analysis
6.1 Global Smart Kitchen Appliance Market Overview
6.2 Global Smart Kitchen Appliance Market Revenue Forecast and Analysis
6.3 Global Smart Kitchen Appliance Market …….