Smart Kitchen Appliance Market Overview
Smart kitchen appliance refers to the kitchen accessories which are designed in a way that provides comfort and ease in almost every work of the kitchen. In comparison to the kitchen appliances, the smart kitchen appliances are costly but they are time saving. Some of the advantages of smart kitchen appliances include energy saving, time consumption, waste reduction and proper cooking.
Market Size and Forecast
Global smart kitchen appliance market is anticipated to flourish at a CAGR of 13.8% during the forecast period i.e. 2017-2024. Further, global smart kitchen appliance market is likely to grow highly as anticipated due to the increase in the advancement of the home appliances region. Moreover, rising innovation through smartphones is anticipated to positively impact the growth of the global smart kitchen appliance market.
In the regional market, North America is expected to dominate the overall market of global smart kitchen appliances over the forecast period. Rising consumer requirement has led to the growth of the smart kitchen appliance market globally. Change in lifestyle and government initiatives regarding such devices will further boost the growth of the global smart kitchen appliance market over the forecast period.
Europe smart kitchen appliance market is anticipated to showcase exponential growth over the forecast period due to the increasing demand for the luxury cookware from the European consumers end. Asia Pacific region is expected to observe outstanding growth in near future due to the technological advancement and superior quality of product.
Based on product type, smart kitchen appliance market is segmented into smart refrigerator, smart cookware, smart dishwasher, smart kettles, smart coffeemaker and smart thermometers.
Our in-depth analysis has segmented global smart kitchen appliance market into the following segments:
By Product Type
By End User
The global smart kitchen appliance market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Factors such as rising discretionary income of the consumers have intensified the growth of global smart kitchen appliance market over the forecast period. Smart kitchen devices are designed for efficient as well as comfortable operation in comparison with the traditional devices. On account of increasing advancements in kitchen appliances industry, the industry is anticipated to witness substantial growth over the forecast period.
Further, smart kitchen appliances are well-equipped with sensors and are designed with advanced connectivity features, which can connect to handheld devices (such as tablets or smartphones). Functional as well as easy operability is expected to gain prominence, thereby leading to the development of efficient devices. Besides this, high energy consumption of traditional appliances is expected to be one of the important factors which will the shift the focus of consumers towards smart devices over the forecast period.
However, lack of awareness about the appliances and their benefits over the traditional devices are anticipated to hinder the market growth over the next few years. Apart from this, large-scale digitization is anticipated to open avenues for industry growth. High initial as well as maintenance costs of the devices are expected to pose a challenge to industry growth, especially in developing economies over the forecast period.
Scope and Context
Overview of the Parent Market
The global smart kitchen appliance market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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