LONDON--(BUSINESS WIRE)--The global smart kitchen appliance market is expected to grow by USD 6.16 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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With advancements in technology, the demand for innovative products is on the rise. Consumers are also looking for eco-friendly appliances, with a user-friendly interface that can perform tasks with minimum energy consumption. These factors have compelled vendors to continually engage in R&D and innovation to sustain in the competitive market environment. As a result, the global smart kitchen appliance market has been recording significant product innovations in terms of technology, features, performance, and design. The growing demand for premium innovative appliances is hence, expected to have a positive influence on market growth during the forecast period.
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As per Technavio, the increased adoption of modular kitchen will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Kitchen Appliance Market: Increased Adoption of Modular Kitchen
The increased adoption of modular kitchen is one of the key factors, which are positively impacting the smart kitchen appliance market. The growing adoption of modular kitchen is attributed to the improving living standards and rising expenditure by population on household infrastructure. This is stimulating the demand for smart kitchen appliances which require minimal space and enhance the look of the modular kitchen. As a result, the market for smart kitchen appliances is expected to grow significantly during the forecast period.
“Factors such as the increasing adoption of smart connected home systems, and the ease of use and convenience offered by smart kitchen appliances will significantly boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Smart Kitchen Appliance Market: Segmentation Analysis
This market research report segments the smart kitchen appliance market by product (smart large cooking appliance, smart refrigerator, smart small cooking appliance, and smart dishwasher) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the smart kitchen appliance market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth 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:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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