Smart Kitchen Appliance: Know About Upcoming Features, Trends
The smart kitchen appliance market in terms of revenue accounted to US$ 13.6 Bn in 2018 and is expected to grow at a CAGR of 14.7% during the forecast period 2019 – 2027, to account to US$ 43.4 Bn by 2027.
In the recent years, several developed countries in North America and Europe has witnessed the growth in adoption of smart kitchen appliances, which is majorly attributed to the significant rise in Internet of Things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled the end users to procure smart kitchen appliances, thereby, have boosted the growth of smart kitchen appliances market size.
Similarly, the Asia Pacific region is also witnessing staggering growth in internet penetration owing to the advancements in internet infrastructure. According to Internet Worldstats, EuroStats, CIA World Factbook, and various governmental authorities, internet penetration in the Asia Pacific is 48% of the 4.21 Billion population. Pertaining to the fact that, the operations of these smart kitchen appliances are primarily based on internet infrastructure, the stimulating internet infrastructure in the Asia Pacific is boosting the adoption of smart kitchen appliances in the region. Japan and South Korea account for the most significant internet users and is the home to several electronics, home appliances, and sensors manufacturers. This factor is catalyzing the demand for smart kitchen appliances in these countries, thereby, driving the smart kitchen appliances market.
Additionally, the benefit of the reduction of operational costs and risks is supporting the growth of smart kitchen appliances in several countries in the Asia Pacific. Thus, the growing internet penetration in the Asia Pacific is catalyzing the progression of the smart kitchen appliance market.
The major companies offering smart kitchen appliance market include Samsung Electronics Co. Ltd., BSH Hausgeräte GmbH, LG Electronics Inc., Breville Group Limited, General Electric (a Haier Company), KONINKLIJKE PHILIPS N.V., Vita-Mix Corporation, AB Electrolux, Whirlpool Corporation, and Panasonic Corporation, among others. Several other companies are also offering these smart kitchen appliances for various kitchen tasks which is facilitating the market to propel over the years.