Transparency Market Research (TMR) states the global smart kitchen market to expand at remarkable rates owing to the continuous efforts of market players in promoting their kitchen appliances. Vendors are focusing on analyzing key strategies in order to enhance greater growth prospects in the coming years. Innovative kitchen appliances are being introduced in the market thus, increasing rate of growth of the overall market globally.
In order to attain technological supremacy over all parts of the world, smart kitchen appliances offer tremendous growth opportunities in the coming years. Prominent players of the global smart kitchen appliances market are Samsung Electronics Co. Ltd., Haier Group, LG Electronics, Inc., AB Electrolux, BSH Home Appliances Corporation (Robert Bosch GmbH), and Panasonic Corporation.
Transparency Market Research states the global smart kitchen appliances market to reach a valuation of US$ 2,730.6 Mn by the end of 2022. The CAGR rate is projected to be 29.1% within the forecast period of 2014 to 2022. The market is scene to be dominated by the smart refrigerators on the basis of product type. On the basis of geographical segmentation, the global smart kitchen appliances market is led by the North American region. This is because of the already existing players in the market who are continuously launching innovative products to draw more revenue and have a lion’s share over the global market.
Smart Advertising and Marketing Strategies to Propel Market Growth
With the rise in disposable incomes of people, the standard of living has also improved. Majority f the population was influenced of lavish living standards influenced by smart advertisement and marketing techniques supported by the media. These promotions included marketing of consumer electronics including kitchen appliances like water purifiers, smart refrigerators, and smart mixer grinders, microwave oven, along with others. Thus, the rise in need for smart kitchen appliances increased and thus increased business all around the world.
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Another factor boosting the growth of the smart kitchen appliances market is the fact that smart kitchen appliances are energy saving and thus, contribute to saving environment. This environment friendly tag that smart kitchen appliances carry is further projected to boost the market globally.
High Cost of Investment in Appliances to Hamper Market Growth
Although smart kitchen appliances are seen as a better prospect for decorating homes in the most lavish way, there are a couple of factors that may restrict the growth of the market for smart kitchen appliances in future. The high rate of installation of these smart kitchen appliances may give second thoughts to public and thus, may act as a hindrance to market growth. Apart from that, the middle-class family line of the under developed and developing nations may not be convinced to use such expensive home care appliances and may opt out, thus hampering the overall growth of the market for smart kitchen appliances in the following years.