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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- 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