DUBLIN, December 14, 2021–(BUSINESS WIRE)–The “Smart Kitchen Appliances Market Size, Share, and Trend Analysis Report by Product (Smart Refrigerators, Smart Ovens), by Application (Residential, Commercial), by Region and Segment Forecast, 2021-2028 “ report has been added to from ResearchAndMarkets.com offer.
The global smart kitchen appliances market size is expected to reach USD 43.83 billion by 2028 and is expected to grow at a CAGR of 18.6% from 2021 to 2028
Customers are attracted to new smart kitchen appliances because they are energy efficient, environmentally friendly and have a user-friendly interface. Moreover, as disposable income and purchasing power increases, customers can increase their spending on high-end smart kitchen equipment, leading to increased demand and market growth.
Kitchen appliance manufacturers have recognized the potential of IoT and are investing time and money to build infrastructure that will allow their products to communicate with each other. This feature is appreciated by consumers who use IoT devices and is expected to drive the market growth throughout the forecast period.
The Internet of Things (IoT) is a growing network of common objects that connects industrial machinery to consumer home appliances to share data and complete tasks while people are busy with other activities. The inclusion of small amounts of computing power in devices has resulted in significant lifestyle improvements.
According to Security.org, millennials and Gen Xers are the most likely to have smart home tech products in their homes. People under 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. are not.
Additionally, 66% of people who are extremely concerned about climate change intend to buy 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 environmentally conscious people are more likely to be regular buyers of smart home gadgets.
Smart Kitchen Appliances Market Report Highlights
By product, the smart refrigerator segment accounted for the largest share of 34.23% in 2020. Smart refrigerators are becoming more mainstream as smart cities and smart infrastructure are more widely adopted. They have become the most popular kitchen appliances. Thanks to advances in technology, consumers can now see what’s inside their fridge with their smartphone
Based on application, the residential segment dominated the market and grabbed a revenue share of 56.83% in 2020. As smart appliances replace traditional appliances in kitchens, millennials and the young population are also interested in cooking. In addition, the rise in tourism and travel is increasing consumer interest in different food cultures and multi-cuisine foods, which is driving consumers to opt for smart kitchen appliances in their homes.
North America dominated the market and held a revenue share of 33.33% in 2020. Growing number of smart grid projects, changing consumer preferences and increasing purchasing power are fueling the regional market growth. Another notable trend in North America is the increase in investment in residential construction projects. Rising number of residential and commercial construction projects will lead to increased regional demand for smart kitchen appliances
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. Smart Kitchen Appliances Market Variables, Trends and Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Smart Kitchen Appliances Market: Product Estimates and Trend Analysis
Chapter 6. Smart Kitchen Appliances Market: Application Estimates and Trend Analysis
Chapter 7. Smart Kitchen Appliances Market: Regional Estimates and Trend Analysis
Chapter 8. Competitive Analysis
For more information on this report, visit https://www.researchandmarkets.com/r/eyrnfp
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