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

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.

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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.

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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 for premium innovative appliances coupled with the increased adoption of modular kitchen is driving smart kitchen appliance market growth.

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Smart Kitchen Appliance Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist smart kitchen appliance market growth during the next five years
• Estimation of the smart kitchen appliance market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the smart kitchen appliance market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart kitchen appliance market vendors

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Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Smart large cooking appliance - Market size and forecast 2019-2024
• Smart refrigerator - Market size and forecast 2019-2024
• Smart small cooking appliance - Market size and forecast 2019-2024
• Smart dishwasher - Market size and forecast 2019-2024
• Market opportunity by Product

Market Segmentation by Distribution channel

• Market segments
• Comparison by Distribution channel
• Offline - Market size and forecast 2019-2024
• Online - Market size and forecast 2019-2024
• Market opportunity by Distribution channel

Customer landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Impact of COVID-19 pandemic on the market
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• 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.
• Whirlpool Corp.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201009005158/en/