GlobeNewswireReportLinker·6 min read
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.
New York, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, by End User, and Connectivity" - https://www.reportlinker.com/p06232602/?utm_source=GNWThe 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.Surge in Internet PenetrationIn recent years, several developed countries in North America and Europe have witnessed the growth in the adoption of smart kitchen appliances, which is majorly attributed to the significant rise in the internet of things (IoT).The availability of better internet infrastructure in the regions mentioned above has enabled end users to procure smart kitchen appliances.Similarly, Asia Pacific is also witnessing staggering growth in internet penetration due to advancements in internet infrastructure.According to the Cisco Annual Internet Report, APAC is projected to have 3.1 billion internet users (72% of APAC population) and 13.5 billion networked devices/connections by 2023. Further, networked devices/connections will be wired or connected over Wi-Fi by 2030. As the operations of these appliances are primarily based on internet infrastructure, the stimulating internet infrastructure in Asia Pacific is boosting the adoption of smart kitchen appliances in the region. Japan and South Korea account for the most significant internet users and are the home to several electronics, home appliances, and sensors manufacturers. This factor is propelling the demand for smart kitchen appliances in these countries, thereby driving the smart kitchen appliance market. Additionally, the benefits of operational costs and risks reduction are supporting the growth of smart kitchen appliance in several APAC countries. Thus, the growing internet penetration in Asia Pacific is driving the progression 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.Substantial Growth in Smart Home and Smart Hotel ProjectsThe global construction sector is witnessing substantial demand for connected homes with technologically advanced appliances and devices.Developed countries such as the US and the UK and developing countries such as China, Japan, and South Korea have made interesting strides in smart home developments.The US market has witnessed substantial growth in the number of smart homes, and the country is expected to experience similar trends in the coming years.The rapid shift in the mindsets of the US population is heavily impacting the growth of smart home appliances such as smart speakers, smart thermostats, smart lighting, and smart security devices.According to Alarm.org, 57% of Americans admitted that by using smart products, they could save ~30 minutes of their time. ~47% of millennials are using smart home products. The adoption of these devices is continuously rising in the US and globally. The penetration of these smart devices opens the growth avenues for smart kitchen appliances as these appliances are among the necessary household items. Due to the change in the mindset of the global population, majorly among the people in developed countries and a few developing countries, the future of smart kitchen appliance is expected to be prominent.Also, the hospitality industry in various geographies is procuring robotic technologies and connected technologies to enhance customer satisfaction.Smart TVs, voice-controlled rooms, robotic luggage storage, and digital concierge are a few of the prominent smart hotel technologies in the current times.Various hotel managements are showcasing decent interest in transforming their kitchens into smart kitchens with the procurement of smart kitchen appliances. The integration of cloud-based technologies and smartphones enables hotels and restaurant owners to remotely control and monitor their commercial kitchen appliances, facilitating the progression of the smart kitchen appliance market in the current scenario.Electrolux AB; BSH Hausgeräte GmbH; GE Appliances; LG Electronics; Koninklijke Philips N.V.; Panasonic Corporation; Samsung Electronics Co., Ltd; Breville Group Limited; Whirlpool Corporation; and Vita-Mix Corporation are among the key players operating in the global smart kitchen appliance market.Read the full report: https://www.reportlinker.com/p06232602/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________
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