Global increase in energy demand can be attributed to rise in per capita income of people and increasing number of middle-income families, particularly in countries such as China and India. Increasing cost of fossil fuel is compelling people to save energy to keep a balance on their budgets. Energy-efficient smart kitchen appliances that can reduce energy consumption and save on electricity bills are attracting more and more consumers across the world.
Furthermore, with increasing discussion on climate change and energy conservation, governments are also promoting the use of energy-efficient smart kitchen appliances. Rising demand coupled with high disposable income and favourable regional policies are forecasted to drive growth of the market for energy-efficient smart kitchen appliances in the coming decade. As per a new report published by Fact.MR, the sales of smart kitchen appliances market is anticipated to surge at a CAGR of around 25% over the next ten years (2021 to 2031).
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Key Market Segments Covered
- Product
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Application
- Residential Smart Kitchen Appliances
- Commercial Smart Kitchen Appliances
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Key Trends of Smart Kitchen Appliances Market
- Market Insights of Smart refrigerators are anticipated to be witness high sales over the coming years.
- Among the applications, the residential sector has been the fastest-growing segment, owing to rise of high disposable and middle-income families over the past half-decade.
- The North American region is set to dominate sales revenue in 2021 and beyond.
- Sales of Smart kitchen appliance in Asia Pacific are expected to rise significantly through 2031.
- Due to the COVID-19 crisis, demand for smart kitchen appliances was hit in 2020, which saw a decline. But with voice-assisted smart kitchen appliances coming into the market, demand is expected to pick up again.
Key Companies Profiled
- Samsung Electronics Co. Ltd.
- Haier Group
- LG Electronics Inc.
- AB Electrolux
- BSH Home Appliances Corporation (Robert Bosch GmbH)
- Panasonic Corporation
- Whirlpool Corporation
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Winning Strategy
Key market players have been spending on research & development to come up with newer technologies with improved IoT technologies and higher operational flexibility. These enhancements will drive demand and sales of smart kitchen appliance in the medium- to long-term forecast period.
