Smart Kitchen Appliances Market Is Expected To Register a CAGR Of 14% During 2019-2028
The report entitled “Global Smart Kitchen Appliances Market Analysis and Forecast, 2019-2028” analyzes the market in the region according to type, application, channel, and location. An in-depth market analysis report gives an overall historical as well as future amount of the market in the form of market value (US$ million) in addition to volumes (‘000 units) and a complete market assessment (year-on-year increase). Market share analysis, the expansion of the food and beverage industry, a summary of competition, strategic essentials, plans and strategies, the key value and strategies of the top market players, the most important applications, sales channels potential growth drivers, and analysis of competition for the players that are targeted as part of the market research.
Market Overview And Dynamics
Globally, the smart kitchen appliance market is projected to grow with a robust growth rate of about 14% in the period between 2019 and 2028. Growing adoption of cutting-edge technology like artificial intelligence (AI) as well as the Internet of Things (IoT) cloud computing, along with an increase in disposable income is expected to boost the global market for smart kitchen appliances. Furthermore, the introduction of modern technology has brought about improved efficiency, comfort, and personalization of experiences, which has led to a higher demand for these intelligent kitchen appliances. Additionally, smart kitchen appliances are made to help you save time and help cook and do other kitchen chores more efficiently. This is an important factor in the market’s growth as customers want quick and effective results within the shortest time frame.
Market Drivers And Trends Of The Global Smart Kitchen Appliances Market
The market for smart kitchen appliances has marked significant growth in the past years and is expected to further grow at a similar pace, as consumers are increasingly interested in products that can save time and make their lives easier.
• The market is driven by factors such as increasing disposable incomes, the growing popularity of smart homes, and the need for energy-efficient and eco-friendly appliances. However, high costs and concerns around data privacy and security may hinder the growth of the market in some regions.
• Moreover, smart kitchen appliances are designed to be energy-efficient and eco-friendly, which plays a key role in driving market growth, as consumers are transitioning to more environmentally friendly technologies and appliances.
• In addition, with more people moving to urban areas, the demand for compact and space-saving appliances has increased, leading to the development of smart kitchen appliances that can be easily integrated into small kitchen spaces. Overall, the global smart kitchen appliances market is expected to continue growing in the coming years, driven by these and other factors.
• Based on the application, the Commercial sector is dominating the market, due to the varied use of smart kitchen appliances in the sector. Moreover, the ease of business and convenience in the sector is expected to further contribute to the growth of the global smart kitchen appliances market.
• Based on Region, North America, and Europe are dominating the smart kitchen market due to the higher disposable income of the population and the hectic schedule of individuals in the country, which requires the constant use of smart kitchen appliances.
Global Players to Have a majority share in the Smart Appliances Market The smart appliances market is expected to grow significantly in the upcoming years and will gain popularity as it saves time and is also energy efficient, which are expected to contribute to the growth of the market. Companies in the smart kitchen appliances market are working to address these concerns by developing and implementing innovative solutions such as silent appliances, and Wi-Fi-based appliances, and developing new technologies, etc. to reduce emissions and decrease turn-around time.
These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the global smart kitchen market include,
• In April 2022, LG Electronics announced the launch of product lines, including Door-in-Door Refrigerators, VIRAAT ACs, AI Direct Drive Washing Machines, and the new Charcoal Microwave range UF + UV Water Purifiers.
• In March 2021, Philips N.V. (India) launched a silent Mixer Grinder with high performance; the product is an innovative smart kitchen appliance with soft sound technology.
• In August 2021, Samsung Electronics Co. Ltd. introduced Wi-Fi-based smart Induction to cook food faster and reduce emissions and energy. Some of the key players operating in the market include Samsung Electronics Co. Ltd, Panasonic Corporation, LG Electronics, Huawei Technologies Co, Whirlpool Corporation, Dacor, General Electric Co, Haier Group, SectorQube Electrolux AB, Breville Group Limited, and Hestan Cue Inc. among others. RationalStat has segmented the global smart kitchen appliances market based on type, appliances, sales channel, and region.
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Key Questions Answered In The Report:
• What will be the market value of the global smart kitchen appliances market by 2028?
• What is the market size of the global kitchen appliances market?
• What are the market drivers of the global smart kitchen market?
• How many smart kitchen appliances are sold each year?
• What are the key trends in the global kitchen appliances market?
• Which is the leading region in the global smart kitchen appliances market?
• What are the major companies operating in the global smart kitchen appliances market?
About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually. RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs.
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