Report : Smart Kitchen Appliance Market to 2027 - Global Analysis and Forecasts by Product (Smart Ovens, Smart Refrigerator, Smart Juicers & Blenders, Smart Cookers & Cooking Robots, Smart Cooktops, Smart Integrated Cooktops & Ovens, Smart Sous Vide, and Others); Connectivity Technology (Wi-Fi and Bluetooth); End User (Residential and Commercial); and Geography
Growing Internet Penetration is Benefiting the Smart Kitchen Appliances Manufacturers to Boost their Sales Statistics
Latest market study on "Smart Kitchen Appliance Market to 2027 by Product (Smart Ovens, Smart Refrigerator, Smart Juicers & Blenders, Smart Cookers & Cooking Robots, Smart Cooktops, Smart Integrated Cooktops & Ovens, Smart Sous Vide, Others); Connectivity Technology (Wi-Fi and Bluetooth); End User (Residential and Commercial); – Global Analysis and Forecast", the smart kitchen appliance market in terms of revenue accounted to US$ 13.6 Bn in 2018 and is expected to grow at a CAGR of 14.7% during the forecast period 2019 – 2027, to account to US$ 43.4 Bn by 2027. Whereas, by volume, the global smart kitchen appliance market is expected to grow at a CAGR of 17.2% during the forecast period. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
In the recent years, several developed countries in North America and Europe has witnessed the growth in adoption of smart kitchen appliances, which is majorly attributed to the significant rise in Internet of Things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled the end users to procure smart kitchen appliances, thereby, have boosted the growth of smart kitchen appliances market size. Similarly, the Asia Pacific region is also witnessing staggering growth in internet penetration owing to the advancements in internet infrastructure. According to Internet Worldstats, EuroStats, CIA World Factbook, and various governmental authorities, internet penetration in the Asia Pacific is 48% of the 4.21 Billion population. Pertaining to the fact that, the operations of these smart kitchen appliances are primarily based on internet infrastructure, the stimulating internet infrastructure in the 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 is the home to several electronics, home appliances, and sensors manufacturers. This factor is catalyzing the demand for smart kitchen appliances in these countries, thereby, driving the smart kitchen appliances market. Additionally, the benefit of the reduction of operational costs and risks is supporting the growth of smart kitchen appliances in several countries in the Asia Pacific. Thus, the growing internet penetration in the Asia Pacific is catalyzing the progression of the smart kitchen appliance market.
The global market for smart kitchen appliance market is segmented based on the parameters such as product type, connectivity technology, end-user, and geography. Based on product type, smart refrigerators by revenue dominates the smart kitchen appliance market heavily, and on the other hand, smart ovens by volume dominates the market and is expected to continue its dominance throughout the forecast period from 2019 – 2027. On the basis of connectivity technology, Wi-Fi segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Further, based on end-user, the residential segment dominates the market and is anticipated to continue to dominate in the market with maximum market share and volume in the coming years. Key players operating in the market are introducing attractive solutions and are partnering with the small as well as large companies which are helping them to gain customer traction. The major companies offering smart kitchen appliance market include Samsung Electronics Co. Ltd., BSH Hausgeräte GmbH, LG Electronics Inc., Breville Group Limited, General Electric (a Haier Company), KONINKLIJKE PHILIPS N.V., Vita-Mix Corporation, AB Electrolux, Whirlpool Corporation, and Panasonic Corporation, among others. Several other companies are also offering these smart kitchen appliances for various kitchen tasks which is facilitating the market to propel over the years.
Smart Kitchen Appliance Market - Region Breakdown by Revenue, 2018 & 2027
The report segments the global smart kitchen appliance market as follows:
Global Smart Kitchen Appliance Market – By Product Type