Smart Connected Cooking Appliances Market Size to Grow by USD 10.67 Bn, Increasing Adoption of Modular Kitchen to be a Key Trend - Technavio
This report analyzes the smart connected cooking appliances market by distribution channel (offline and online) and geography (North America, Europe, APAC, South America, and the Middle East and Africa)
NEW YORK, Oct. 6, 2022 /PRNewswire/ -- One of the key trends in the smart connected cooking appliances market is the increasing adoption of modular kitchens. Modular designed kitchens have features and functionalities that ease the day-to-day lives of customers. Hence, vendors are providing value additions to their kitchen appliances portfolio owing to changes in customers' preferences. Moreover, the demand for built-in cooking appliances such as wall ovens, refrigerators, ranges, and cooktops has increased over the last few years. In western countries such as the US, many newly constructed houses are built with modern designs and aesthetics, which include integrated smart appliances. Hence, the rise in household construction will drive the adoption of modular kitchens and, in turn, propel the demand for smart connected cooking appliances during the forecast period.
The smart connected cooking appliances market size is expected to grow by USD 10.67 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 22.26% during the forecast period, according to Technavio.
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Smart Connected Cooking Appliances Market: Market Segmentation
By distribution channel, the offline segment will generate maximum revenue in the smart connected cooking appliances market. The offline distribution channel includes convenience stores, hypermarkets, specialty stores, clubhouse stores, and department stores. Vendors are directing their sales through local retail entities to drive sales through offline channels. In addition, they are establishing strategic alliances with household appliance retail chains. Such factors will drive the growth of the segment during the forecast period.
In terms of geography, North America will present significant opportunities for market vendors owing to factors such as high smartphone and internet penetration. Moreover, the US is the key country for the smart connected cooking appliances market in the region.
Smart Connected Cooking Appliances Market: Major Growth Drivers
The rising innovation in product and technology is driving the growth of the smart connected cooking appliances market. Many people are shifting to smart connected products owing to changing lifestyles. Smart connected cooking appliances are convenient to use. They can be accessed through smartphones by using technologies such as Bluetooth and Wi-Fi. Such innovations in products and technologies will propel the smart connected cooking appliances market growth during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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