North America and Europe Smart Kitchen Appliances Market Insight:
The North America and Europe smart kitchen appliances market 2020 can observe steady demand in the years to come, with North American market touching reach USD 5906.78 Million and Europe reaching USD 5595.05 Million by 2023, says Market Research Future (MRFR). Europe can however procure a higher CAGR of 18.82% between 2017 and 2023 (forecast period), while North America can advance at a rate of 18.08% in the given period. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
North America and Europe Smart Kitchen Appliances Market Share is projected to register a CAGR of 18.08% and reach a value of USD 5595.05 Million by 2030
Segmental Overview:
The MRFR report offers an extensive segmental overview of the North America and Europe Smart Kitchen Appliances Market, with respect to product type, application, technology type and distribution channel.
The product types discussed in the report are crockpot, intelligent pans, smart ovens, smart weighing scale, instant pot, combination ovens, thermomix, and others. Between these, the biggest share in the market will be seized by the intelligent pans segment in the years to come.
The primary applications of smart kitchen appliances include commercial as well as residential. The residential segment can potentially secure the leading position in the market during the appraisal timeline.
Some of the top technologies covered by MRFR are RFID, Bluetooth, wireless sensor networks, and others. Among these, the wireless sensor networks technology could possibility be the top gainer in the market over the next few years.
Depending on distribution channels, the smart kitchen appliances industry caters to store-based as well as non-store based. The store-based segments are departmental stores, mass retailers, supermarkets and hypermarkets, specialty retailers, and others. Here, the store-based segment could procure the highest share in the market over the conjectured period.
Regional Outlook:
The North America and Europe Smart Kitchen Appliances Market geographical distribution in this report covers Europe and North America.
Europe is set to emerge as the market leader and can most likely touch USD 5595.05 million and secure a substantial growth rate of 18.82%. The increasing consumer’s preference for advanced technologies on a regular basis has been particularly beneficial for the regional market. This factor has given way to higher investments on modern designs and renovations, boosting the demand for smart kitchen appliances.
The North American market would make significant waves over the forecast timeline to reach USD 5906.78 million. The region’s elite position is the result of the high availability of a variety of smart kitchen appliances and the escalating number of research and development activities by reputed kitchen appliance manufacturers. Innovations by the leading firms in smart refrigerators including Wi-Fi controlled ranges and embedded screen displays are gaining the interest of consumers, which can add significantly to the market value in the region.
Key Drivers and Barriers:
Artificial Intelligence (AI) and Internet of Things (IoT) have become key trends since the COVID-19 outbreak, with smart homes having emerged as the top focus area post the lockdown. The novel coronavirus has slacked the demand for traditional kitchen appliances while bolstering the preference for smart kitchen appliances like smart dishwashers, smart ventilators, and more. The rising awareness among people about smart technology’s ability to prevent infections such as SARS-CoV-2 by preventing the need to touch objects to operate them has boosted the demand for smart kitchen appliances across Europe and North America.
It is expected that the North America and Europe Smart Kitchen Appliances Market Trends can remain strong despite the continuous spread of the pandemic, on account of the surging preference for smart technology backed and energy saving appliances among consumers. The rising uptake of smart kitchen appliances in not only residential but the commercial sector as well is deemed to be an essential growth inducer in the market. High focus on kitchen remodeling or renovation to create a modular kitchen has been a fast advancing segment, giving a kick to the demand for smart kitchen appliances like cooktops, dishwashers and cookware. Various digital assistance applications present in voice-controlled devices like Google Home and Amazon Echo have also gained substantial popularity in both Europe and North America, which can translate to favorable growth prospects in the upcoming period.
Many of the smart kitchen appliance manufacturers in Europe such as Miele and BSH Hausgerate GmbH are focused on product innovations that cater to every kind of customer lifestyle. Appliances such as smart kettles, thermostats and coffee machines are gaining significant traction in both the regions, which is prompting key manufacturers to launch highly advanced products in the global market. To cite a reference, in September 2020, Miele Malaysia launched a new smart kitchen appliance range, the Generation 7000 series, which is user-friendly and comprises smart features that simplify the cooking experience. For instance, the series features a camera that can bear extreme heats along with a Motion React that enables the oven to automatically turn on the internal light when the customer approaches.
Top Players:
The affluent Key North America and Europe Smart Kitchen Appliances Market Players are Whirlpool Corp., Hestan Cue, Inc., Tovala, Samsung Electronics Co. Ltd., Etekcity Corporation, Hamilton Beach Brands, Inc., Robert Bosch GmbH, Vorwerk Elektrowerke GmbH Co. KG, Breville Group Ltd., AB Electrolux, Lakeland Limited, to name a few.
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