Global increase in energy demand can be attributed to rise in per capita income of people and increasing number of middle-income families, particularly in countries such as China and India. Increasing cost of fossil fuel is compelling people to save energy to keep a balance on their budgets. Energy-efficient smart kitchen appliances that can reduce energy consumption and save on electricity bills are attracting more and more consumers across the world.
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Furthermore, with increasing discussion on climate change and energy conservation, governments are also promoting the use of energy-efficient smart kitchen appliances. Rising demand coupled with high disposable income and favourable regional policies are forecasted to drive growth of the market for energy-efficient smart kitchen appliances in the coming decade.
As per a new report published by Fact.MR, the sales of smart kitchen appliances market is anticipated to surge at a CAGR of around 25% over the next ten years (2021 to 2031).
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Key Trends of Smart Kitchen Appliances Market
- Market Insights of Smart refrigerators are anticipated to be witness high sales over the coming years.
- Among the applications, the residential sector has been the fastest-growing segment, owing to rise of high disposable and middle-income families over the past half-decade.
- The North American region is set to dominate sales revenue in 2021 and beyond.
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- Sales of Smart kitchen appliance in Asia Pacific are expected to rise significantly through 2031.
- Due to the COVID-19 crisis, demand for smart kitchen appliances was hit in 2020, which saw a decline. But with voice-assisted smart kitchen appliances coming into the market, demand is expected to pick up again.
Key Market Segments Covered
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Residential Smart Kitchen Appliances
- Commercial Smart Kitchen Appliances
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Key market players have been spending on research & development to come up with newer technologies with improved IoT technologies and higher operational flexibility. These enhancements will drive demand and sales of smart kitchen appliance in the medium- to long-term forecast period.
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