smart kitchen appliance Market

The global smart kitchen appliance market volume is expected to grow at a CAGR of 17.3% during the forecast period. In terms of revenue, the global smart kitchen appliance market accounted to US$ 12.6 Bn in 2018 and is expected to grow at a CAGR of 14.9% during the forecast period 2019 - 2027, to account to US$ 40.5 Bn by 2027.

The connected home devices industry has witnessed significant growth across the globe in the current scenario, and the same is expected to be adopted in large quantities in the coming years. Several manufacturers of electronics and electrical equipment are increasingly emphasizing on the development of smart kitchen appliances to benefit their customers with advanced technologies. Moreover, rising disposable income of middle-class societies in both developed and developing countries is influencing the residential end users to adopt newer technologies such as intelligent kitchen appliances, which is paving the growth path for smart kitchen appliance market.

Establishment of startups and tier-2 companies are gaining immense prominence through partnering with kitchen appliance manufacturing leaders worldwide. The partnerships are aiding the growth of smart kitchen appliance market in the current scenario. These increasing number of startups and partnership trends are anticipated to grow in the coming years, thereby, resulting in a low entry barrier to the market.

In terms of revenue, Asia Pacific is anticipated to grow with the highest CAGR during the forecast period in the global smart kitchen appliance market majorly due to industrial growth in the region. In addition to high growth of smart kitchen appliances in APAC region, rapid urbanization, emerging economies, rising small living spaces, and escalating middle-class level are some of the other factors strengthening entire smart kitchen appliance market. Whereas, Europe holds a significant share in the smart kitchen appliance market, followed by North America and the Asia Pacific.

In context to volume, the smart kitchen appliance market by connectivity technology is segmented into Wi-Fi and Bluetooth technologies. The significant adoption of Wi-Fi enabled smart kitchen appliances among residential and commercial end users is catalyzing the growth of the segment. The advancements in internet infrastructures is also propelling the Wi-Fi technology for smart kitchen appliance market. Geographically, the smart kitchen appliance market is divided into five regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

The overall smart kitchen appliance market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the smart kitchen appliance market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the smart kitchen appliance industry.