Global Smart Kitchen Appliance Market 2019-2023| 23% CAGR Projection Over the Next Five Years| Technavio
LONDON--(BUSINESS WIRE)--Jan 7, 2019--The global smart kitchen appliance market is expected to post a CAGR of close to 23% during the period 2019-2023, according to the latest market research report by .
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Technavio predicts the global smart kitchen appliance market to post a CAGR of close to 23% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing demand for premium innovative appliances. Growing innovation and technological advances have changed consumer preferences and propelled the demand for innovative products. Consumers also look for appliances that are eco-friendly, have a user-friendly interface, and can perform tasks with minimum energy. This has compelled vendors to continually engage in R&D and innovation to sustain in the competitive market environment. The global smart kitchen appliance market witnesses major product innovations in terms of technology, features, performance, and design. For instance, LG Electronics has launched a smart refrigerator that allows the user to remotely control its features through a smartphone. The smart refrigerator is compatible with Google Assistant and Amazon Alexa for voice control. Thus, growing demand for premium innovative appliances is expected to register a positive outlook during the forecast period.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the advent of multi-cooking functionalities in smart cooking appliances as one of the key emerging trends in the global smart kitchen appliance market:
Global smart kitchen appliance market: Advent of multi-cooking functionalities in smart cooking appliances
The demand for smart cooking appliances with multi-cooking functionalities is high. For customer convenience, vendors focus on providing cooking appliances equipped with wireless technology for remote access. Multi-cooking functionalities are one of the deciding factors for customers opting for smart cooking appliances. Paragon induction cook-top is an innovation by a part of Haier Group, GE Appliances’ FirstBuild, which is a co-creation community. The community developed a smart induction cooktop that uses Bluetooth connection between induction cook-top, the mat, and the probe. A user 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 market growth.
“Another innovative feature that most vendors are offering smart kitchen appliances, are compatible with voice-controlled personal assistants such as Google Assistant and Amazon Alexa. Voice-controlled personal assistant is a smart hub that links various internet-connected services and devices together. Voice-controlled personal assistant allows users to control their smart appliances and devices with their voice commands, making the kitchen experience more dynamic,” says a senior analyst at Technavio for research on home, kitchen and large appliances.
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) and geographical regions (APAC, EMEA, and the Americas).
The smart large cooking appliance segment led the market in 2018 with a market share close to 52%, followed by smart refrigerator, smart small cooking appliance, and smart dishwasher respectively. However, during the forecast period, the smart refrigerator segment is expected to register the highest incremental growth, followed by the smart small cooking appliance segment.
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Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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