Published Date : May 25, 2016
The rising demand for linking kitchen appliances and accessories to smart technologies is the prime factor driving the global smart kitchen appliances market. Smart kitchen appliances boast premium design and offer better effectiveness and comfort than their traditional counterparts. These appliances also ensure energy efficiency.
According to a report recently published by Transparency Market Research, the global smart kitchen appliances market, which stood at US$476.2 mn in 2013, is expected to reach US$2,730.6 mn by the end of 2022. The market is therefore expected to expand at an impressive CAGR of 29.1% between 2014 and 2022.
Demand for Smart Kitchen Appliances Poised to Surge Due to Energy Efficiency they provide
Smart kitchen appliances are high-tech devices that are designed to ensure more comfort and efficiency while performing day-to-day kitchen operations. This is the key factor fuelling demand from the global smart kitchen appliances market. These appliances also offer high energy efficiency, which also aids in expansion of the market. With the introduction of the latest technologies these appliances have become a commonplace in the IoT revolutions. Thus the market now have new and connected appliances up for grabs ranging from cutlery sets to smart stoves.
Increasing Demand for Smart and Sophisticated Products to Boost Global Smart Kitchen Appliances Market
The increasing demand for smart and luxury products has proved beneficial for facilitating the growth of the global smart kitchen appliances market. Additionally, the consumers are also attracted by the operational advantages offered by appliances. A majority of enterprises operating in the market are focusing their attention on developing connected kitchen accessories and appliances to enable users perform their daily tasks with ease and operate these smart appliances using hand held devices. The introduction of the latest technologies will therefore augment the demand from the market.
Asia Pacific to Exhibit Fastest CAGR in Near Future
Regionally, North America dominates the global smart kitchen appliances market. The region accounted for a share of 39.5% in the overall market in 2013. However, over the forthcoming years Asia Pacific is expected to exhibit the fastest CAGR of 29.9%. Other major regional markets for smart kitchen appliances include Latin America, Europe, and the Middle East and Africa.