Global Smart Kitchen Appliances Market to Exhibit 29.1% CAGR 2014-2022 Driven by Rising Disposable Income of Consumers

The rising demand for smart kitchen appliances is linked to their premium design that offers better effectiveness and more comfort than their traditional counterparts. With energy efficiency at its core, the global market for smart kitchen appliances is expected to surge at a robust pace in the near future.In a report titled “Smart Kitchen Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” Transparency Market Research pegs the overall value of the global smart kitchen appliances market at US$476.2 mn in 2013. The market is forecast to exhibit a CAGR of 29.1% between 2014 and 2022 and reach US$2,730.6 mn by the end of 2022.

Smart kitchen appliances are advanced devices that are designed to ensure comfortable and more efficient kitchen operations. High energy efficiency ensured by smart kitchen appliances is the prime factor boosting their demand in the market. Smart kitchen appliances have become a commonplace in the Internet of Things revolution with new and connected appliances up for grabs ranging from smart stoves to cutlery. Due to the recent advances witnessed in the kitchen appliances industry, consumers are expected to be delighted with smarter kitchen appliances in the next few years.

The report on the global smart kitchen appliances market provides a granular analysis of the various factors that are influencing the market’s trajectory. It sums up the growth drivers and key restraints that could have an impact on the market’s overall performance during the forecast period.

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The rising demand for luxury products is the prime factor propelling the growth exhibited by the global smart kitchen appliances market. Additionally, operational advantages offered by these appliances and the increasing willingness among consumers to invest in sophisticated kitchen appliances will significantly contribute to the penetration of the market worldwide. The global smart kitchen appliances market is poised to expand at an exponential rate in the near future with majority prominent enterprises stepping up their efforts to develop connected kitchen accessories and appliances that can be compatible with handheld devices,.

Based on product type, the global smart kitchen appliances market has been segmented into smart refrigerators, smart thermometers and scales, smart dishwashers, smart ovens, smart cookware and cooktops, and others. Of these, the smart refrigerators segment held a dominant share of 28% in the overall market in 2013. The segment is also expected to report a CAGR of 29.5% through 2022.

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Based on application, the global smart kitchen appliances market is bifurcated into commercial and residential. Of these the residential segment accounted for a share of 88% in the market. The segment is expected to expand at a CAGR of 29.1% during the forecast period.

Regionally, the global smart kitchen appliances market is segmented into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. Of these, North America dominated the global smart kitchen appliances market in 2013, holding a share of 39.5%. However, during the forecast period Asia Pacific is expected to report the highest CAGR of 29.9%.

Some of the most prominent vendors operating in the market are Dongbu Daewoo Electronics Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Haier Group, LG Electronics Co. Ltd., Whirlpool Corporation, and AB Electrolux.

Smart Kitchen Appliances Market, by Products

Smart Refrigerators
Smart Dishwashers
Smart Ovens
Smart Cookware and Cooktops
Smart Scales and Thermometers
Other Products (Kettles and Coffee Makers)

Smart Kitchen Appliances Market, by Applications

Residential
Commercial

Smart Kitchen Appliances Market, by Geography

North America
Europe
Asia Pacific
Middle East and Africa (MEA)
Latin America

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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This release was published on openPR.