Smart appliances utilize modern computer and communication technologies to function faster, are cheaper, and more energy efficient. Smart kitchen appliances Market now use IoT (Internet of Things) technology which are coupled with sensors, and designed with advanced connectivity features. Some smart kitchen appliances include smart refrigerator, smart coffee maker, smart dish washer, and others.
Increase in working population, growing preference of consumers for luxury items, and rise in disposable income gave rise to the concept of smart kitchen appliances. Major factor driving growth of the global smart kitchen appliances market includes increasing adoption of IoT (Internet of Things), and advancement of technology in these appliances. These appliances provide safety, convenience, increase productivity, low power consumption, and reduction in waste. Smart kitchen appliances offer timely alerts to a problems, and run on remote access, which make it easier for consumers to operate them from any location, which are other major factors anticipated to contribute growth to this market.
Primary factors restraining growth of this market include higher cost, high maintenance cost of these appliances, and lack of awareness about these appliances among individuals.
The global smart kitchen appliances market report has been segmented on the basis of product, application, and region. On the basis of region, the global smart kitchen appliances market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. On the basis of product, it is divided into smart refrigerators, smart coffee makers, smart dishwashers, smart cookware & cooktop, smart ovens, and other appliances. Smart refrigerators accounted for the highest share in terms of revenue among all products.
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The market in North America is estimated to contribute major revenue share in the global smart kitchen appliances market, owing to early adoption of technological advancements, presence of key market players, and increased disposable incomes in countries in the region. The market in Europe is projected to account for second-highest share in revenue contribution to the global smart kitchen appliances market followed by markets in Europe, Latin America, Asia Pacific, and Middle East & Africa, respectively.
Prominent companies profiled in this market Whirlpool Corporation, LG Electronics, Dongbu Daewoo Electronics Corporation, AB Electrolux, Panasonic Corporation, Haier Group, Samsung Electronics Co. Ltd., Koninklijke Philips N.V., and Electrolux AB.