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
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring relevant
and fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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