According to a new market research report published by Credence Research “Smart Kitchen Appliances (Smart Refrigerators, Smart Dishwashers, Smart Ovens and Others (Kettles, Smart Cooktops, Scales etc.)) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022” the global smart kitchen appliances market was valued at US$ 526.9 Mn in 2014 and is estimated to expand with a CAGR of 23.4% from 2015 to 2022.
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Smart kitchen appliances are the subset of the overall smart appliances industry. These are premium kitchen appliances designed for optimum efficiency and high performance. Smart kitchen appliances are equipped with different sensing devices and remote connectivity. Thus, these devices can also be operated from remote location using smartphones. Users’ smartphones are installed with the relative application so as to enable the appliance and smartphone communication.
The most significant factor fueling the smart kitchen appliances market growth is the increasing advancements in the home appliances sector. With growing sensor technology, more intelligent and energy efficient appliances are flourishing in the market. Thus, the smart kitchen appliances is a highly technology driven market. Apart from advancing technology, the market is also complemented by the growing smart grids market. Smart kitchen appliances is among the most important components of the smart grid ecosystem since it enables two-way communication.
Another major factor fueling the market growth is the rising discretionary income of the consumers worldwide. Due to availability of the high-tech appliances coupled with increased discretionary income, consumers are now increasing shifting towards high-end appliances. Thus, the market is expected to witness strong growth especially in regions having high discretionary income of the people.
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The global smart kitchen appliances market is largely technology driven. Thus, the market is highly competitive in nature. Major players operating in the market include Whirlpool Corporation, AB Electrolux, Samsung Electronics Co., Ltd., LG Electronics, Inc. and others. These players compete on the basis of new product development incorporating more advanced features. Thus, companies having larger and sophisticated product line gain a competitive advantage over other players in the market. Further, the market comprises large number of regional players competing to develop innovative products. Consequently, global players face significant competition from the regional players across the globe.
- Development of more sophisticated connected smart appliances
- Expansion through partnerships, joint ventures and acquisition
- Targeting emerging and promising market such as India and China having huge consumer base
- Providing a complete product line of smart appliances
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