SMART KITCHEN APPLIANCES MARKET ANALYSIS

Market Challenges And Opportunities

Smart kitchen appliances uses technology that have the capability to perform functions faster and cheaper. Smart kitchen appliances are energy efficient appliances relative to traditional kitchen appliances. It consist of feature that automatically switches off the appliances as per requirement by informing the owner, one of the major factors driving the smart kitchen appliances market growth. In addition, the increasing adoption of IoT technology also plays a major role for the growth of the smart kitchen appliances market. However, lack of awareness about the advantages and high maintenance cost of the smart kitchen appliances are some of the major factors which hinders growth of the smart kitchen appliances market.     

The smart refrigerator segment held a dominant position in smart kitchen market in 2016 and is projected to retain its dominance throughout the forecast period. The smart refrigerator keeps the record of products kept inside with the help of barcode and RFID. It reduce the power consumption by automatically switching off the power as required, which raised the demand for smart refrigerator in the market. The Wi-Fi technology segment held a dominant position in smart kitchen appliances market in 2018 and is projected to retain its dominance throughout the forecast period. By the end of the year 2018, it is projected that approximately 55.6% households will have an internet access worldwide compared to 53.5% in 2017. The increasing household’s internet access fuels the Wi-Fi technology segment in smart kitchen appliances market. The residential segment held a dominating position in smart kitchen market in 2018 and is projected to retain its dominance throughout the forecast period.