LONDON--(BUSINESS WIRE)--The global smart kitchen appliance market is expected to post a CAGR of close to 23% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
A key factor driving the growth of the market is the growing demand for premium innovative appliances. Consumers prefer innovative products over the traditional ones owing to technological advancements. Consumers also look for eco-friendly appliances, have a user-friendly interface, and can perform tasks with minimum energy. These factors have compelled vendors to continually engage in R&D and innovation to sustain in the competitive market environment. Therefore, the global smart kitchen appliance market has been recording significant product innovations in terms of technology, features, performance, and design. Thus, the growing demand for premium innovative appliances is expected to have a positive influence on market growth during the forecast period.
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As per Technavio, the advent of multi-cooking functionalities in smart cooking appliances will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Global Smart Kitchen Appliance Market: Advent of Multi-Cooking Functionalities in Smart Cooking Appliances
The advent of multi-cooking functionalities in smart cooking appliances is one of the critical trends of the global market. Multi-cooking features are a few of the purchase deciding factors for customers opting for smart cooking appliances. Consumers are seeking smart cooking appliances in which they can perform different cooking techniques, including sauté, sear, poach, simmer, sous-vide, and stir-fry. Thus, the rising need for smart cooking appliances with multi-cooking functionalities is expected to propel the market growth over the forecast period.
“Apart from the advent of multi-cooking functionalities in smart cooking appliances, the increasing adoption of smart connected home systems will significantly boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Smart Kitchen Appliance Market: Segmentation Analysis
This market research report segments the global smart kitchen appliance market by product (smart large cooking appliance, smart refrigerator, smart small cooking appliance, and smart dishwasher), distribution channel (offline and online), and geographical regions (the Americas, APAC, and EMEA).
The Americas led the market in 2018, followed by EMEA and APAC. During the forecast period, the Americas is expected to maintain its dominance in the global market. This is due to the high consumer awareness about the benefits of smart kitchen appliances in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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