Energy-efficient Smart Kitchen Appliances to Go Mainstream Over the Coming Years, Evaluates Fact. MR
Published : 28 Apr 2021 Industry: Consumer Goods
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.
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 smart kitchen appliances market is anticipated to surge at a CAGR of around 25% over the next ten years (2021 to 2031).
Key Takeaways from Market Study
- 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.
- Smart kitchen appliance sales 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.
“High spending on innovation and IoT technologies will aid demand growth for smart kitchen appliances over the coming years,”says a Fact.MR analyst.
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.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global smart kitchen appliances market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031. The study divulges essential insights on the market based on product (smart refrigerators, smart dishwashers, smart ovens, smart cookware & cooktops, and smart scales & thermometers) and application (residential & commercial), and across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Consumer Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Consumer Goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant - Consumer Products