LONDON – According to Technavio’s latest report, the global smart kitchen market is expected to exceed USD 7 billion by 2020, growing at a CAGR of over 63% during the forecast period.
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Global smart kitchen market expected to exceed USD 7 billion by 2020, growing at a CAGR of over 63%.
The size of the global smart kitchen market is calculated on the basis of the products used in kitchens, such as smart refrigerators, microwave ovens, dishwashers, and cookware and cooktops. All these devices are connected to either a smartphone or tablet through the Internet making these appliances accessible from remote areas and thus enabling better energy efficiency than traditional appliances.
According to Sunil Kumar Singh, lead research analyst at Technavio for human machine interface, “The smart kitchen market will grow rapidly over the next five years due to changing consumer behavior and government efforts to develop smart cities in countries such as India, Egypt, and Saudi Arabia.”
In this report, Technavio covers the present scenario and growth prospects of the Global Smart Kitchen Market 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top nine vendors operating in the market. The market is segmented into the following three regions:
Americas: the US is the largest contributor to the market with over 62% market share
The smart kitchen market in the Americas is expected to exceed USD 4 billion by 2020. Rapid technological innovations and changing consumer preferences over the use of electronic devices are some major factors contributing to the high demand for smart kitchens in the region.
The US accounts for the majority of the global connected devices market due to its implementation of the Green Buildings Act. The Green Buildings Act covers public, private, and non-profit sectors, and aims to enhance the energy efficiency and sustainability of buildings.
“Rapid advances in technology and a strong focus on R&D will help reduce costs of smart kitchen appliances, thus driving the value of these products in terms of total cost of ownership,” says Sunil.
EMEA: the UK, the Netherlands, and Germany to lead the smart kitchen market
EMEA accounted for over 27% of the global smart kitchen market in 2015. The market is expected to exceed USD 2 billion by 2020. As smart homes become more common, the demand for IoT devices across Europe will rise.
In the next five years, Technavio expects the UK, the Netherlands, and Germany to lead the market in Europe. However, in some other regions, like Africa, high initial prices of these devices may curtail the adoption of smart kitchen appliances. The growth of the market in Africa is quite low and is not expected to pick up by 2020 due to the lack of Internet infrastructure.
APAC: energy conservation initiatives boost growth of the market
APAC’s share in the global smart kitchen market was around 10% in 2015. The region is expected to contribute USD 950 million by 2020. The market in APAC is still in its nascent stage, but is expected to experience high growth during the forecast period.
Japan, China, and South Korea have the market potential to support the growth of the smart kitchen market during the forecast period. China is planning to improve its Internet infrastructure and reduce prices for Internet access. Taiwan offers free Wi-Fi to the public and this will help boost the adoption of IoT devices in the country.
The buying power of consumers is increasing in countries such as India and China. India is planning to initiate smart cities, which will help improve the Internet infrastructure and consequently the market for smart kitchens. Many smart homes are in the construction phase in China, Japan, and South Korea. Energy conservation initiatives by many countries across this region will also play a crucial part in the growth of the smart kitchen market.
- GE Consumer & Industrial
- LG Electronics
- Samsung Electronics
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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Category: SMART HOME