Albany, NY, June 4, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Smart Kitchen Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2022" the market was valued at US$ 476.2 Mn in 2013 and is expected to reach US$ 2,730.6 Mn by 2022, growing at a CAGR of 29.1% from 2014 to 2022. North America was the largest contributor to the global smart kitchen appliances market in 2013 and is expected to hold its dominant position in the market during the forecast period, growing at a CAGR of 29.2% from 2014 to 2022. The most significant factor bolstering the adoption of smart kitchen appliances in North America is the high technological acceptance and purchasing power of people. Another significant factor fuelling the demand for these appliances is the rising government initiatives for adoption of energy efficient appliances. However, due to growing awareness towards the benefits of smart kitchen appliances, Asia Pacific is expected to be the fastest growing market for these appliances in the coming years. Furthermore, the demand for smart kitchen appliances in Asia Pacific is also driven by the rising discretionary income across countries such as India, China and others.
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The most significant factor driving the demand for smart kitchen appliances is the rising discretionary income of people, globally. With rising purchasing power, people increasingly tend to shift towards luxurious goods for better living. Thus, growing discretionary income is predicted to remain the prime factor bolstering the demand for these appliances in the coming years. Smart kitchen appliances are majorly known for their energy efficient operation as compared to the traditional kitchen appliances. In addition, smart kitchen appliances are equipped with different sensors that facilitate the operation from users' perspective. This is another significant advantage of the smart kitchen appliances fuelling their demand globally. Additionally, due to rising developments in the smart kitchen appliances, the market for these appliances is estimated to witness strong growth during the forecast period. Major companies in the smart kitchen appliances market are emphasizing on development of more advanced smart kitchen appliances that connect with other handheld devices such as smartphones, tablets and others.
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Smart kitchen appliances comprise different appliances such as smart refrigerators, smart ovens, smart dishwashers, smart scales and thermometers, smart cookware and cooktops and others. The others segment comprises coffee makers and kettles. In 2013, the smart refrigerators segment accounted for the largest share of around 28.0%, in terms of revenue, in the global smart kitchen appliances market. Smart refrigerators segment is expected to grow at a CAGR of 29.5% from 2014 to 2022.
On the basis of applications, residential application segment was the largest in terms of revenue, which accounted for the market share of around 88% of the total market in 2013. The residential application segment is projected to hold its dominant position during the forecast period expanding at a CAGR of 29.1% from 2014 to 2022.
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North America led the global smart kitchen appliances market in 2013 with the share of 39.5% of the global market. The demand for these appliances was majorly backed by the U.S. due to high purchasing power displayed by customers. In addition, the smart kitchen appliances market in the region was also backed by the growing number of smart grid projects. Smart kitchen appliances market in Asia Pacific is predicted to expand at a CAGR of 29.9% from 2014 to 2022.
The global market for smart kitchen appliances was dominated by leading players such as AB Electrolux, Whirlpool Corporation, Samsung Electronics Co. Ltd., Haier Group and others which collectively accounted for more than 60% of the total market share in 2013. Other important players in the smart kitchen appliances market include Robert Bosch GmbH, LG Electronics, Inc. and others. The manufacturers of smart kitchen appliances focus on increasing their dominance in the global market for smart appliances. Most of the companies including Haier Group, AB Electrolux and Whirlpool Corporation are focusing on acquisition of various regional players in order to increase their global footprint. Thus, the competitive rivalry among these companies is high and is expected to remain same over the forecast period.
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The report studies the global smart kitchen appliances market and provides estimates in terms of revenue (US$ Mn) from 2012 to 2022. Market estimates are provided on the basis of products, applications and geographic regions. The market has been segmented as follows:
Market Segmentation of Global Smart Kitchen Appliances Market:
Smart Kitchen Appliances Market, by Products
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Others (Kettles and Coffee Makers)
Smart Kitchen Appliances Market, by Applications
Smart Kitchen Appliances Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa (MEA)
- Latin America
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research