Smart Kitchen Appliance Market | Demand for Innovative Appliances to Boost the Market Growth | Technavio

LONDON–(BUSINESS WIRE)–The global smart kitchen appliance market size is poised to grow by USD 6.16 billion during 2020-2024, progressing at a CAGR of over 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

The innovative and smart kitchen appliances are eco-friendly, exhibit a user-friendly interface, and are energy-efficient, which attracts customers to buy it. Moreover, rising disposable income and growing purchasing power are making customers capable enough to increase their spending on premium smart kitchen appliances, which increases their demand and drives the market.

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Report Highlights:

  • The major smart kitchen appliance market growth came from the smart large cooking appliance segment. This segment is the largest contributor to the global smart kitchen appliance market led by enhanced living standards and growing interest in smart connected home appliances. Moreover, augmented technology used in these appliances and their add-on connectivity features contribute to the growth. The smart large cooking appliance segment is expected to grow with the rise in consumer demand for energy-efficient appliances with user-friendly interfaces.
  • North America was the largest smart kitchen appliance market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of favorable infrastructure, adoption of smart home technologies, technological advancements, and increased product offerings will significantly drive smart kitchen appliance market growth in this region over the forecast period.
  • The global smart kitchen appliance market is fragmented. AB Electrolux, Glen Dimplex Group, Gourmia Inc., Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Whirlpool Corp. are some of the major market participants. To help clients improve their market position, this smart kitchen appliance market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global smart kitchen appliance market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Increased Adoption of Modular Kitchen will be a Key Market Trend

The increased adoption of modular kitchen is positively impacting the smart kitchen appliance market. The adoption of modular kitchen is growing rapidly because of the improving living standards and rising expenditure by population on household infrastructure. Customers prefer smart kitchen appliances that require minimal space and provide an attractive look to their modular kitchen. The growing demand

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Smart Kitchen Appliance Market | Demand for Innovative Appliances to Boost the Market Growth

The global smart kitchen appliance market size is poised to grow by USD 6.16 billion during 2020-2024, progressing at a CAGR of over 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005158/en/

Technavio has announced its latest market research report titled Global Smart Kitchen Appliance Market 2020-2024 (Graphic: Business Wire)

The innovative and smart kitchen appliances are eco-friendly, exhibit a user-friendly interface, and are energy-efficient, which attracts customers to buy it. Moreover, rising disposable income and growing purchasing power are making customers capable enough to increase their spending on premium smart kitchen appliances, which increases their demand and drives the market.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio’s SUBSCRIPTION platform

Report Highlights:

  • The major smart kitchen appliance market growth came from the smart large cooking appliance segment. This segment is the largest contributor to the global smart kitchen appliance market led by enhanced living standards and growing interest in smart connected home appliances. Moreover, augmented technology used in these appliances and their add-on connectivity features contribute to the growth. The smart large cooking appliance segment is expected to grow with the rise in consumer demand for energy-efficient appliances with user-friendly interfaces.

  • North America was the largest smart kitchen appliance market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of favorable infrastructure, adoption of smart home technologies, technological advancements, and increased product offerings will significantly drive smart kitchen appliance market growth in this region over the forecast period.

  • The global smart kitchen appliance market is fragmented. AB Electrolux, Glen Dimplex Group, Gourmia Inc., Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Whirlpool Corp. are some of the major market participants. To help clients improve their market position, this smart kitchen appliance market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the global smart kitchen appliance market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Increased Adoption of Modular Kitchen will be a Key Market Trend

The increased adoption of modular kitchen is positively impacting the smart kitchen appliance market. The adoption of modular kitchen is growing rapidly because of the improving living standards and

Read more

COVID-19: Smart Kitchen Appliance Market 2020-2024| The Growing Demand for Premium, Innovative Appliances to Boost the Market Growth | Technavio

LONDON–(BUSINESS WIRE)–Technavio has been monitoring the smart kitchen appliance market and it is poised to grow by $ 6.16 bn during 2020-2024, progressing at a CAGR of over 9% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AB Electrolux, Glen Dimplex Group, Gourmia Inc., Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Whirlpool Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

The growing demand for premium, innovative appliances has been instrumental in driving the growth of the market. However, the high cost of installation might hamper market growth.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts

Smart Kitchen Appliance Market 2020-2024: Segmentation

Smart Kitchen Appliance Market is segmented as below:

  • Product
    • Smart Large Cooking Appliance
    • Smart Refrigerator
    • Smart Small Cooking Appliance
    • Smart Dishwasher
  • Geography
    • North America
    • Europe
    • APAC
    • South America
    • MEA

Smart Kitchen Appliance Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The smart kitchen appliance market report covers the following areas:

  • Smart Kitchen Appliance Market Size
  • Smart Kitchen Appliance Market Trends
  • Smart Kitchen Appliance Market Industry Analysis

This study identifies the advent of multi-cooking functionalities in smart cooking appliances as one of the prime reasons driving the smart kitchen appliance market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Smart Kitchen Appliance Market 2020-2024: Key Highlights

  • CAGR of the market during
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