Market Trends and Growth: February 2022

Friday 4 February 2022

Smart Kitchen Appliances Market: Industry Insights By Product and Application

The global Smart Kitchen Appliances Market size is expected to reach USD 43.83 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 18.6% from 2021 to 2028. Customers are drawn to the new and smart kitchen appliances because they are energy-efficient, eco-friendly, and have a user-friendly interface. Furthermore, as disposable income and purchasing power rise, customers are able to increase their spending on high-end smart kitchen equipment, resulting in increased demand and market growth.

Kitchen appliance manufacturers have recognized the potential of IoT and are investing time and money to build infrastructures that will allow their products to communicate with one another. This feature is valued by consumers that use IoT devices, and it is expected to boost the market growth throughout the forecast period. The Internet of Things (IoT) is a growing network of common objects that connects industrial machinery with consumer home appliances to share data and complete tasks while people are occupied with other activities. The inclusion of small amounts of computational power in appliances has resulted in significant lifestyle enhancements.

Millennials and Gen Xers are most likely to have smart home technology products in their homes, according to Security.org. Persons under the age of 44 are more likely to acquire smart kitchen equipment than people over 45.

According to ValuePenguin, 52% of people who are very concerned about climate change and own a smart home device acquired it because it is better for the environment, compared to 20% of those who are moderately concerned and 10% of those who are not. In addition, 66% of those who are extremely concerned about climate change intend to purchase another smart home gadget in the next six months. Only 41% of respondents were somewhat concerned, while 20% were not at all concerned, indicating that people concerned about the environment are more likely to be repeat buyers of smart home gadgets.

Related Press Release@ Smart Kitchen Appliances Market Report

Smart Kitchen Appliances Market Report Highlights

By product, the smart refrigerators segment accounted for the largest share of 34.23% in 2020. Smart refrigerators are becoming more common as smart cities and smart infrastructure are more widely adopted. They have emerged as the most popular kitchen appliances. Owing to technological advancements, consumers can now view what's inside their refrigerators with their smartphones
Based on the application, the residential segment dominated the market and grabbed a revenue share of 56.83% in 2020. As smart appliances are replacing traditional appliances in kitchens, millennials and the young population are also taking interest in cooking. In addition, rising tourism and travel are increasing consumers’ interest in different cooking cultures and multi-cuisine food, which is thereby contemplating consumers to opt for smart kitchen appliances in their households
North America dominated the market and held a revenue share of 33.33% in 2020. The increasing number of smart grid projects, changing consumer preferences, and an increase in spending power are fueling regional market growth. Another noteworthy trend in North America is the increased investments in residential construction projects. The rise in the number of residential and commercial construction projects will lead to an increase in the regional demand for smart kitchen appliances

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Thursday 3 February 2022

Global Scented Candles Market – Industry Trends and Forecast, 2028

The global Scented Candles Market size is anticipated to reach USD 690.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.3% from 2021 to 2028. These are candles are available in various sizes, designs, colors, and scents to meet consumers’ requirements and preferences and home décor aesthetics.

Candle-making is considered the biggest lockdown trend and has gained traction owing to social media platforms like TikTok, resulting in a 3,500% spike in searches for soy candle-making kits. In addition to this, the National Candle Association (NCA) spokesperson Kathy LaVanier, and CEO of Renegade Candle Company, stated that the overall U.S. candle sales have increased by 30% since the pandemic.

Each aroma has its own therapeutic value, there is a growing need for customized scented candles to be used in therapies and to achieve relaxation in a specific health state. For instance, Jonathan Adler's Muse Gilded candle is a blend of soy and paraffin wax and helps to create a pleasantly scented interior atmosphere. Once the candle is finished, the gold-gilded porcelain bowl can be used as a vase. Pink grapefruit, raspberry, French cassis, violet leaves, rose petals, and grape leaf are some popular scents.

The market is projected to witness continuous growth as social media influencers around the globe are promoting them off as forms of self-care, new hobbies, or even businesses, which is supported by the monthly search volumes data provided by The Dubrovnik Times in 2021. OnBuy’s Health and Beauty Department found that 81,560 searches are made each month from people looking to try these latest candle trends.

More and more consumers are ordering online and are acutely aware of the need to stay in good shape, both physically and mentally, customers spent more time at home looking for entertainment and a cozy environment, consumers are increasingly spending on renovation and redecorating the home.

These current trends are considered continuations of previously established consumer trends; some may be accelerated. The disposable money people may or may not have after the pandemic, owing to economic slowdown and losses in jobs, will be a major factor influencing consumers’ purchasing decisions.

Related Press Release@ Scented Candles Market Report

Scented Candles Market Report Highlights

The container-based segment accounted for the largest revenue share of 56.9% in 2020 and is expected to expand at a CAGR of 3.6% from 2021 to 2028
The hypermarkets and supermarkets segment accounted for the largest revenue share of 26.1% in 2020 and is estimated to witness a CAGR of 3.4% over the forecast period
North America dominated the market and accounted for the largest revenue share of 33.1% in 2020

Surfing Equipment Market Size Worth $5.47 Billion By 2028

The global Surfing Equipment Market size is anticipated to reach USD 5.47 billion by 2028, registering a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The primary factor driving the market growth is the push by surfing equipment manufacturers, marketers, and associations to make surfing much more approachable than it has been in previous years. In addition, increased interest in surfing due to the growing focus of consumers on wellness and fitness will support the market growth. Over the years, surf tourism has had a considerable impact on the demand for surfing equipment and apparel.

In recent years, increased accessibility and affordability have attracted a large number of surfers from many demographic groups. Due to the use of wave pools for training, surfing has become more accessible to people who do not live near a beach. Surfers who can access these pools can train regardless of the weather and at any time of the day. Thus, an increasing number of wave pools has increased the demand for surfing equipment.

People are spending an increasing amount of money on surfing as the sport’s culture grows. Surfers in the United States spend more than USD 3 billion on local surfing trips each year, according to Surf Park Central. The average surfer in the United States owns four different surfboards and spends 2.5 hours surfing per local season.

Related Press Release@ Surfing Equipment Market Report

Surfing Equipment Market Report Highlights

The surfing boards segment accounted for the largest revenue share of more than 68% in 2020 and is projected to expand further at a steady CAGR over the forecast period
In recent years, surfing equipment has undergone different technological advancements, which will drive the product demand
For example, shark repellents have been introduced to the list of crucial equipment used by surfers
Surfers also like to completely cover their bodies to protect themselves from the sun, which will drive the demand for apparel and accessories
The online distribution channel segment accounted for the second-largest revenue share in 2020 and is estimated to ascend at the fastest CAGR of more than 5% over the forecast period
North America was the largest regional market in 2020; however, Asia Pacific will register the fastest CAGR from 2021 to 2028

Wednesday 2 February 2022

Portable Toilet Rental Market: Industry Insights By Application and Technology

The global Portable Toilet Rental Market size is anticipated to reach USD 28.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. Increasing infrastructural development, particularly in regions like Asia Pacific, is expanding the scope of the market. The construction of an 850km-long-road in Indonesia including new sections of the Trans-Sumatran highway, major road and rail projects underway in Melbourne, Perth, and Sydney in Australia, and an investment of USD 109 billion on roads and highways in India by 2023 are some of the major infrastructural projects that are underway. All of these projects are fueling the need for portable toilet rental services.

The increasing number of residential, hotel and social infrastructural projects is also propelling the demand for portable toilets. The application of green materials to sustainable buildings has become a common consideration in modern housing designs as well as construction techniques because of their environmental benefits and a significant return on investment for homeowners. Rental service providers offer a variety of options catering to the different needs and requirements of customers. For instance, event organizers may choose portable toilets that provide facilities similar to an indoor restroom. Based on the type of events, deluxe models that offer more room than the standard ones are being preferred. Renting services comprising cleaning and drainage facilities and pickup and delivery services are widely preferred by customers.

In order to meet the increasing demand for portable toilets rentals, companies are expanding their manufacturing facilities to boost production. For instance, in March 2019, Satellite Industries announced the opening of a new PolyPortables Distribution Center in Oregon, U.S. The company planned to expand its Portland, Oregon Regional Service Center with 30,000 sq. ft. of inside storage and 45,000 sq. ft of outside storage, making the new facility seven times larger than the current location.

Moreover, companies are continuously working to make their portable toilet units more convenient and user-friendly so that they can be used at several locations and for various purposes. These factors present the portable toilet rental services market with immense scope for growth. Increasing innovation and new product development by companies with respect to features, functionality, and raw material have piqued the interest of consumers for these products. For instance, the development of SL2 toilets across the globe has resulted in the rapid adoption of these products by various manufacturers such as Shorelink. These toilets have proven to be durable with fewer replacement needs, resulting in greater product popularity among rental companies.

Related Press Release@ Portable Toilet Rental Market Report

Portable Toilet Rental Market Report Highlights

The construction segment accounted for the largest revenue share of 59.1% in 2020 and is expected to expand at a CAGR of 6.2% from 2021 to 2028
The standard portable toilet segment accounted for the largest revenue share of 70.9% in 2020 and is estimated to ascend with a CAGR of 6.2% over the forecast period
Asia Pacific dominated the market and accounted for the largest revenue share of 44.1% in 2020