The Increasing Adoption of IoT Technology also Plays a Major Role for the Growth of the Smart Kitchen Appliances Market

Smart Kitchen Appliances Market

Smart kitchen appliances uses technology that have the capability to perform functions faster and cheaper. Smart kitchen appliances are energy efficient appliances relative to traditional kitchen appliances. It consist of feature that automatically switches off the appliances as per requirement by informing the owner, one of the major factors driving the smart kitchen appliances market growth. In addition, the increasing adoption of IoT technology also plays a major role for the growth of the smart kitchen appliances market. However, lack of awareness about the advantages and high maintenance cost of the smart kitchen appliances are some of the major factors which hinders growth of the smart kitchen appliances market.

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The smart refrigerator segment held a dominant position in smart kitchen market in 2016 and is projected to retain its dominance throughout the forecast period. The smart refrigerator keeps the record of products kept inside with the help of barcode and RFID. It reduce the power consumption by automatically switching off the power as required, which raised the demand for smart refrigerator in the market. The Wi-Fi technology segment held a dominant position in smart kitchen appliances market in 2016 and is projected to retain its dominance throughout the forecast period. By the end of the year 2017, it is projected that approximately 53.6% households will have an internet access worldwide compared to 51.5% in 2016. The increasing household’s internet access fuels the Wi-Fi technology segment in smart kitchen appliances market. The residential segment held a dominating position in smart kitchen market in 2016 and is projected to retain its dominance throughout the forecast period.

Smart Kitchen Appliances Market Outlook – North America holds significant market share

Regional segmentation of smart kitchen appliances market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America Holds the major share in the global smart kitchen appliances market and is projected to retain its dominance throughout the forecast period. This is owing to increasing number of smart grid power projects, changing lifestyle, and increasing per capita income. The U.S. and Canada are the major countries which drives the smart kitchen appliances market in North America region. Asia Pacific is projected to exhibit highest CAGR over the forecast period. India, china, Japan, and South Korea are some of the major countries that drives the market in Asia Pacific region.  However, China held the dominant position in 2016 and is projected to witness highest CAGR over the forecast period in the region. This is mainly owing to factors such as growing economy and high investments in smart grid projects.

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Key Players in the Global Smart Kitchen Appliances Market

Key players operating in the global smart kitchen market include General Electric Co. (GE), LG Electronics Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation, Electrolux AB, Koninklijke Philips N.V., Electrolux, Qingdao Haier Co Ltd, and Dacor.

 

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