Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Driven by rising government initiatives and increasing acceptance of and purchasing preference for technologically advanced equipment, the global smart kitchen appliances market is likely to grow at a strong CAGR of 29.1% from 2014 to 2022. A report published by Transparency Market Research, titled "Smart Kitchen Appliances Market (Products - Smart Refrigerators, Smart Dishwashers, Smart Ovens, Smart Cookware and Cooktops, Smart Scales and Thermometers and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022", indicates that rising from US$476.2 million in 2013, the global market for smart kitchen appliances is forecast to grow to US$2,730.6 million by 2022. The research report is available for sale on the company website.
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On the basis of product type, the smart kitchen appliances market is segmented into smart dishwashers, smart refrigerators, smart cookware and cooktops, smart ovens, smart thermometers and scales, and others including smart coffee makers and kettles. In terms of revenue, the segment of smart refrigerators held a 28.0% share in the overall market, making it the leading product segment. The category is projected to develop at a CAGR of 29.5% through 2022.
Smart kitchen appliances have two major applications: commercial and residential. In 2013, the residential application segment accounted for 88% of the overall market, making it the larger segment of the two in terms of revenue. Retaining its dominant position through 2022, the residential application segment of the smart kitchen appliances market is estimated to register a 29.1% CAGR during the forecast period.
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On the basis of geography, the global smart kitchen appliances market comprises five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Driven by the rising number of smart grid projects and high purchasing power of the consumers, North America emerged as the largest smart kitchen appliances market in 2013; the region held a 39.5% share in the global market. Asia Pacific, on the other hand, is likely to become the fastest growing regional segment of the smart kitchen appliances market by 2022 owing to increased demand from countries such as Australia, Japan, India, South Korea, and China. Supported by greenhouse and agriculture applications, the demand for smart kitchen appliances in Asia Pacific is likely to grow at a 29.9% CAGR from 2014 to 2022.
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The most prominent players operating in the global smart kitchen appliances market include Dongbu Daewoo Electronics Corporation, LG Electronics Co. Ltd., Haier Group, Samsung Electronics Co. Ltd., Panasonic Corporation, AB Electrolux, Whirlpool Corporation, Sub-Zero, Inc., and BSH Home Appliances Corporation. Each of these players is profiled in the smart kitchen appliances market report on the basis of criteria such as company and financial overview, recent developments, business strategies, and SWOT analysis.
Smart Kitchen Appliances Market, by Products
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Other Products (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 global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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Source:Transparency Market Research