A recent market intelligence report that is published by Data Insights Partner on the global Smart Kitchen Appliances Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Smart Kitchen Appliances Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Smart Kitchen Appliances Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Smart Kitchen Appliances Market is offered. In accordance with the report, the global Smart Kitchen Appliances Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
The utilization of technological advancement in the varied equipment used in the kitchen are termed as smart kitchen appliances. Smart kitchen appliances have led to the transition of kitchens and dining spaces into comfortable, pleasurable and smart experiences. The deployment of smart kitchen appliances has helped in reducing waste, faster food preparation, automation in the cooking process and avoid overcooking.
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The advancement of technology and its application on the kitchen appliances is providing the initial impetus to the smart kitchen appliances market. The utilization of Internet of Things and Artificial Intelligence in smart kitchen appliances is beneficial. These products have intelligent and smart sensors that can be operated through voice controls and by the use of smart phones, and tablets. These appliances can be remotely accessed with the help of speaker and voice interface which is driving this market.
The recent upsurge in fuel prices coupled with the depleting non-renewable resources is creating an acute shortage of sources of energy and power and calls for energy conservation. Smart kitchen appliances function in an energy efficient way and curbs down the wastage of energy which is fueling this market.
The rising participation of women in the workforce is limiting their time spent in household kitchens. Moreover, after a hectic day in the workplace, some work relief is needed in the kitchen which is made possible by the use of smart kitchen appliances. These products not only reduce human interference in the cooking process but also reduces the time needed food preparation.
The use of smart kitchen appliances in the households is a symbol of wealth. The development of modular kitchen has to be associated with the incorporation of smart kitchen appliances that not only beautifies the kitchen but also it is a great feature for smart homes.
As a result of imputing advanced technologies in the smart kitchen appliances, these products have been immoderately priced. This keeps the product out of the reach of the low-income class which is severely straining the growth prospects of this market.
Further, the cost of maintaining smart kitchen appliances is extravagant. In case of need for any repair, the company has to be consulted which charges premium repairing cost. This factor is hampering the growth of the smart kitchen appliances market.
The application of technology in smart kitchen appliances is finely new. While the population of the developing and non-developed economies lacks knowledge and information with regard to the use of this smart technologies which is impeding the growth of this market.
The soaring adoption of smart projects like smart city, smart home, smart grids and other smart projects is expected to provide lucrative opportunities for the development of smart kitchen and utilization of smart kitchen appliances.
The upsurge in the purchasing power of the consumers and their dependence on artificial technologies to carry out the daily activities is expected to boost this market in the near future.
The involvement of smart phone application in monitoring and controlling smart kitchen appliances is a good scope to kickstart operations in the smart kitchen appliances market.
At present North America dominates the market for smart kitchen appliances and is expected to continue its domination in the forecast period. This can be traced back to the soaring purchasing power of the population of this region, transitioning lifestyle of the people, tendency to renovate kitchens and investments in this sector. The Asia Pacific region is projected to be the fastest growing region in the forecast period owing the adoption of smart ovens and smart refrigerators in China and rising disposable income of the population of this region. Globally, the smart kitchen appliances market is expected to grow at a CAGR of 19.1%. In terms of product insights, the smart refrigerator segment dominates the market. However, the smart cooktops and cookware is expected to be grow significantly at a CAGR of 20.2% in the forecast period. The Wi-Fi connectivity section of the smart kitchen appliances market is estimated to be the fastest growing segment in the forecast period.
This market intelligence report on the global Smart Kitchen Appliances Market encompasses market segments based on product type, connectivity technology, end user and country.
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By Product Type the global Smart Kitchen Appliances Market has been divided into:
q Smart & Integrated Ovens and Cooktops
q Smart Cooktops and cookware
q Smart Cooker and Cooking Robots
q Smart Juicers and Blenders
q Smart Sous Vide
q Smart Ovens
q Smart Refrigerators
By Connectivity Technology the global Smart Kitchen Appliances Market has been divided into:
By End User the global Smart Kitchen Appliances Market has been divided into:
By country/region, the global Smart Kitchen Appliances Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q BSH Hausgerate
q AB Electrolus
q Whirlpool Corporation
q Vita-Mix Corporation
q GE Appliances
q LG Electronics Inc
q Panasonic Corporation
q Breville Group Limited
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Smart Kitchen Appliances Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
In February 2019, Whirlpool Corporation showed its brand-new innovation of smart home appliances at the 2019 NABH IBS, Las Vegas. KitchenAid Smart Oven+ incorporated with powered attachments was one of such innovation.
In August 2018, the collaboration between Google Inc and Electrolux took place. This resulted in the integration of Google Assistant with connected kitchen products in Europe that enables voice control.
BSH Hausgerate GmbH
In January 2018, an approximate of 65% of the Kitchen Stories, a global food platform was acquired by BSH Hausgerate GmbH.
Ø This study offers comprehensive yet detailed analysis of the Smart Kitchen Appliances Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Smart Kitchen Appliances Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Smart Kitchen Appliances caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Smart Kitchen Appliances Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
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v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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