The global smart kitchen appliances market is expected to grow at a CAGR of over 25% from 2015 to 2022. Growing preference towards eco-friendly measures worldwide in the wake of power conservation initiatives by regulatory bodies is expected to play a pivotal role in market growth over the forecast period.
These kitchen devices are designed for efficient as well as comfortable operation in comparison with the traditional devices. On account of increasing advancements in kitchen appliances industry, the industry is anticipated to witness significant growth over the forecast period.
These devices are well-equipped with sensors as well as are designed with advanced connectivity features, which can connect to handheld devices (such as tablets or smartphones) or other household devices. Functional as well as easy operability is anticipated to gain prominence, thereby leading to the development of efficient devices. High energy consumption of traditional appliances is expected to be one of the important factors driving the shift towards smart devices over the forecast period.
Growing energy prices is expected to drive the industry over the forecast period. Rising purchasing power of the consumers, particularly in developed countries and increasing adoption of luxurious goods have favorably impacted market demand. High energy-efficiency is also one of the key factors expected to boost adoption.
Lack of awareness about these appliances and their benefits over the traditional devices are anticipated to hinder market growth over the next few years. Large-scale digitization is anticipated to open avenues for industry growth. High initial as well as maintenance costs of the devices are expected to pose a challenge to industry growth, especially in developing economies over the forecast period.
The smart kitchen appliances market can be segmented on the basis of products as well as applications. Products can further be segregated into ovens, refrigerators, dishwashers, scales & thermometers, and cookware & cooktops, kettles as well as coffee makers. On the basis of applications, the market can be segmented into commercial and residential verticals. Residential applications are expected to account for largest share in terms of revenue on account of rising expenditure on household devices.
North America is expected to hold major share in the smart kitchen appliances market. This can be attributed to the growing number of smart grid projects and changing preferences of consumers coupled with the subsequent rise in their purchasing power. Increasing government initiatives for the adoption of energy-efficient devices is one of key factors driving industry growth over the forecast period, on account of changing lifestyles of people as well as increasing awareness pertaining to the benefits of such devices. Asia Pacific is also anticipated to witness a considerable growth over the forecast period.
Leading industry participants’ focus on the adoption of technologically-advanced products and acquisition as the developmental strategy to meet consumers’ requirements, increase the smart appliances’ demand.
For instance, LG’s HomeChat allows users to easily communicate easily with home appliances. Furthermore, partnerships with “Line”, Japanese mobile messaging app, allows the use of LG’s smart manager software for refrigerators, thereby allowing the users to message from the grocery passageway to their fridge and further ask questions related to the products inside the refrigerator.
Samsung is expected to launch a Wi-Fi enabled refrigerator, which allows users to receive as well as make phone calls and furthermore, helps in transferring TV programming from different rooms to the refrigerator screen. With the most recent development of the Wi-Fi refrigerator, Samsung aims to keep the families well connected. In addition to Samsung and LG, GE’s Brillion app. is engaged in allowing the users to monitor the ovens distantly with no access to Wi-Fi.
Whirlpool’s kitchen of the future prototype is engaged in launching a touchscreen cooktop, which allows the recipe and boiling pot to be placed alongside. The surface involves induction for heating the pots, thereby keeping the cooktop to the touch. Touchscreen cooktop has a social interface, with different recipes at social media sites being available at the swipe of a finger.
Key industry players include Whirlpool Corporation, LG Electronics, Dongbu Daewoo Electronics Corporation, AB Electrolux, Panasonic Corporation, Haier Group, and Samsung Electronics Co. Ltd.
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