Smart kitchen appliances deliver higher efficiency, comfort, convenience and increased safety as compared to traditional kitchen appliances. Smart kitchen appliances are equipped various components and hardware with sensing technologies as well as advanced connectivity features with the help of which they can be connected to mobile phones or tablets with a view to enable remote access. Safety, enhanced productivity, increased comfort, reduction in wastage, increased energy saving, and efficient power consumption are few of the benefits of smart kitchen appliances. The increased per capita expenditure owing to higher disposable income of individuals around the globe and tech savvy nature of individuals is expected to drive the global smart kitchen appliances market. The global market for smart kitchen appliances is expected to grow at a meteoric CAGR throughout the period of forecast and is anticipated to reach a market valuation of more than US$ 2200 Mn by the end of the year of forecast (2026).
Global Market for Smart Kitchen Appliances: Dynamics Influencing Growth – There are various factors that have propelled the use of smart kitchen appliances. Kitchen is one of the most important facility in any house and needs to be kept up to date. The smart technology has been applied in this section with a view to enhance and modify current kitchen scenario. The increasing percentage of working population has made it imperative for manufacturers to develop a technology that can be used to control and monitor home remotely. This concept gave rise to smart kitchen appliances that can be remotely accessed. Additionally, various benefits associated with smart kitchen appliances have surged the demand in the coming years. The increasing disposable income, growing adoption of Internet of Things (IoT), favorable government initiatives and technological advancements to manufacture new smart kitchen products have contributed to the growth of the global smart kitchen appliances market. However, higher pricing is a factor of concern that has challenged the market’s growth.
Global Market for Smart Kitchen Appliances: Segmental Snapshot – The global smart kitchen appliances market has been segmented on the basis of components, by appliances, by connectivity technology and by region. By region, Europe is the most attractive from a growth perspective. This region has shown high growth potential and is marked with increased adoption of smart kitchen appliances. The market for smart kitchen appliances in Europe is estimated to reach a high market valuation as compared to other regions thus leading the global market; In the components category, the hardware and software segments are expected to reflect high market valuations. By the end of the year of forecast, the valuation of hardware segment is poised to touch US$ 917 Mn. The software segment is projected to grow at the highest rate during the forecast period; By connectivity technology, the Wi-Fi segment is expected to dominate the global market in terms of market strength followed by the bluetooth segment. This segment is also expected to grow at a higher CAGR throughout the assessment period; By appliances, smart oven segment is the fastest growing and is expected to reflect a value CAGR of more than 18% throughout the forecast period.―The Business Investment