Smart kitchen appliances are lot into trend worldwide. These are the supreme quality kitchen products and accessories that are aptly designed to enhance the efficiency and provide comfort in day to day operations of the kitchen. Though these are costlier than the traditional kitchen appliances they are more efficient in delivering output in lesser time. One can also get timely alerts and can help save energy. The market is experiencing quite a good growth and is expected to perform better in the coming years.
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COVID-19 Scenario Analysis:
- The closure of factories due to COVID-19 led to the decline in the production of the smart kitchen appliances in the industries. This not only affected the scale of production but also the growth of these industries.
- The online platforms, shops and retail stores were shut due to lockdown observed worldwide. This also affected the trade of these products which in turn hampered the sales of smart kitchen appliances in various countries around the world.
- The sale of the smart kitchen appliances is expected to increase after worldwide release of the lockdown situation due to COVID-19 as these are required in every household.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increase in consumer demand for energy efficient products and rise in cost of fossil fuels are the major drivers that are making companies invest in the research and development activities to launch new smart kitchen appliances.
Changes in the lifestyle of the people, demand for smart appliances from the urban areas for saving time, and rise in disposable income in developing economies like India, South Africa, and Mexico lead to increase in demand for advanced smart kitchen appliances.
However, high prices of smart kitchen appliances hamper the growth of the industry during the forecast period.
The global smart kitchen appliances market trends are as follows:
Adoption of advanced technology
The major players are investing huge amount to indulge into innovation and to adopt newer advanced technologies to gain their presence in the market. For instance, Samsung has launched the latest edition of hub refrigerator which possess AI based features and offers personalised meal planning and recipes suggestion as per the choices of each member of the family.
Potential Markets
The market in North America is anticipated to grow owing to change in consumer taste and preferences, advancement in technology coupled with the rise in the number of small grid projects in the region. Similarly the markets like Europe, Asia-Pacific, Latin America, and Middle East & Africa are expected to perform well during the forecast period due to increase in population, shift to urbanisation, and change in purchasing power.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global smart kitchen appliances industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global smart kitchen appliances market share.
- The current market is quantitatively analyzed to highlight the global smart kitchen appliances market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global smart kitchen appliances market analysis based on competitive intensity and how the competition will take shape in the coming years.
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