Key Trends in the Smart Kitchen Appliances Market from 2022-2031

Smart kitchen appliances include the use of technology that allows people to perform tasks more quickly and cheaply with the help of machines. These appliances are more energy efficient than the traditional kitchen appliances. One of the major factors driving the smart kitchen appliances market is the automatic on-off switches as per the owner's convenience. Furthermore, the increasing adoption of IoT technology is projected to augment the sales growth of the smart kitchen appliances market. On the contrary, the unawareness about the benefits among consumers and high cost of maintenance and repairing of these appliances may hamper the growth of the overall market in the coming years.

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According to a research report on the smart kitchen appliances industry by TMR, the market is projected to rise at a CAGR of 25.5 % and rise from a value of USD 2,725 Mn in 2021. The forecast period set between 2021 and 2031 and the market is expected to reach USD 8,501.1 Mn by 2031.

Easy Operation Ability and Energy Efficient Features will Bolster Growth

Smart kitchen appliances consist of various sensors that allow users to operate them with ease. Furthermore, some of these appliances are designed with connectivity features for example via Bluetooth or Wi-Fi. This connectivity feature allows them to connect to other household appliances as well as handheld devices such as smartphones, tablets, and others. Customers can also control kitchen appliances remotely. Leading players of the smart kitchen appliances market are investing in R&D in order to launch various innovative products. Sensors are now integrated into smart kitchen appliances on the market, which has boosted the market. These appliances are also easy to use and energy efficient, which makes it more in demand as compared to traditional kitchen appliances. Furthermore, the rising energy prices and convenience of owing smart home appliances to assist in the continuously changing lifestyle and busy schedules of people are further projected to increase demand for smart kitchen appliances in the forecast period.

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Rising Popularity of Time-saving Appliances will Boost Growth

The rapidly growing construction industry and urbanization process have provided opportunities for the smart kitchen appliances market to grow. This is attributed to people's increased interest in smart home developments. As a result, there is a growing demand for technologically connected homes outfitted with technologically advanced appliances and devices. This is attributable to the increased demand for time-saving appliances, particularly in urban areas due to the hectic lifestyle. Furthermore, the fact that the use of these smart gadget such as smart juicers & blenders, smart coffee vending machines, and others provides major convenience and thus, necessitates the need for smart appliances, which further augments market growth.

Residential Segment Held Dominance owing to Rising Consumer Expenditure

With respect to segmentation by application, the global smart kitchen appliances market is categorized into commercial and residential. Among these, the residential sector held the dominant share on account of the rising number of construction activities and rising adoption of smart kitchen appliances for smart homes especially in the developed nations.

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Asia Pacific to witness Lucrative Growth Opportunities Owing to Rising Purchasing Power

Geographically, Asia Pacific emerged as the largest revenue generator for smart kitchen appliances market on account of the high potential to construct smart homes with smart kitchen appliances. The rapid rate of urbanization, increasing disposable incomes and rise in busy lifestyle of people in the developing nations such as Japan, India, and China will further help this region witness lucrative growth opportunities in the forecast period.

Companies Focusing on Better Marketing Strategies to Gain Impetus

Players of the global smart kitchen appliances market are engaging in multiple marketing tactics and advertising strategies to obtain a competitive edge in the market competition. Merger and acquisition strategies and collaborations with government officials to gain popularity among consumers will further help players obtain a significant position in the overall market competition in the forecast period.

Some of the key players of the global smart kitchen appliances market include Samsung Electronics Co.Ltd., LG Electronics, Whirlpool Corporation, Miele, Koninklijke Philips N.V., bsh Hausgerate GmbH, Haier Group, Panasonic Corporation, AB Electrolux, and others

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