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Smart Kitchen Appliances Market to Grow at Over 29% CAGR from 2014 to 2022 with North America as Worldwide Leader
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On the basis of product type, the smart kitchen appliances market is segmented into smart dishwashers, smart refrigerators, smart cookware and cooktops, smart ovens, smart thermometers and scales, and others including smart coffee makers and kettles. In terms of revenue, the segment of smart refrigerators held a 28.0% share in the overall market, making it the leading product segment. The category is projected to develop at a CAGR of 29.5% through 2022.
Smart kitchen appliances have two major applications: commercial and residential. In 2013, the residential application segment accounted for 88% of the overall market, making it the larger segment of the two in terms of revenue. Retaining its dominant position through 2022, the residential application segment of the smart kitchen appliances market is estimated to register a 29.1% CAGR during the forecast period.
On the basis of geography, the global smart kitchen appliances market comprises five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Driven by the rising number of smart grid projects and high purchasing power of the consumers, North America emerged as the largest smart kitchen appliances market in 2013; the region held a 39.5% share in the global market. Asia Pacific, on the other hand, is likely to become the fastest growing regional segment of the smart kitchen appliances market by 2022 owing to increased demand from countries such as Australia, Japan, India, South Korea, and China. Supported by greenhouse and agriculture applications, the demand for smart kitchen appliances in Asia Pacific is likely to grow at a 29.9% CAGR from 2014 to 2022.
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The most prominent players operating in the global smart kitchen appliances market include Dongbu Daewoo Electronics Corporation, LG Electronics Co. Ltd., Haier Group, Samsung Electronics Co. Ltd., Panasonic Corporation, AB Electrolux, Whirlpool Corporation, Sub-Zero, Inc., and BSH Home Appliances Corporation. Each of these players is profiled in the smart kitchen appliances market report on the basis of criteria such as company and financial overview, recent developments, business strategies, and SWOT analysis.
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