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The smart kitchen appliances market remains in upbeat mood, as growth promises to drive a robust CAGR of 20.3% during 2020-2026 period. Moreover, the market size was valued at $10.03 bn in 2019, and will likely rise with growing disposable income among consumer, increasing tilt towards automated technology with increased intelligent offerings in the market. Global trends like smart homes, smart cities, and interconnected infrastructure remains a key driver of growth in the smart kitchen appliances market. It is estimated that there are over 42.3 million smart homes in the US today. Moreover, these home embed partial or complete automation with key trends like interconnected IoT devices, thanks to rising investment in such technologies by major tech companies like Amazon. The growing enthusiasm among tech giants for smart homes, and development of voice-to-text technology, and virtual assistant technology remain key drivers of future growth in the smart kitchen appliances market.
Elderly Promise New Possibilities for Growth as Automation Promises to Aid Assisted Living
According to Centre for Disease Prevention, and Control (CDC), one out of 3 senior citizen experiences is sent to emergency care due to falls. Moreover, the fall occurs evey 11 seconds in America, providing further repercussions including a fatality every 19 minutes in the country. Moreover, kitchen, and cooking activities remain a major reason for these falls, and continue to plague the American elderly in myriad of undesirable ways. On the other hand, technology like artificial intelligence, sensors, and user-interfaces continue to promise more autonomy, and easier assisted living facilities for the elderly. The technology today promises to integrate software architecture with open sources like OSGi to bring major cost-reductions to the technology. Furthermore, studies conducted in countries like the UK, and Spain also promise a large potential for growth in integration of this technology to assist the elderly. The technology can provide a range of benefits from automating difficult tasks like cooking, to lesser need for mobility in the house, and automation of unnecessary activities like grocery shopping. The rising demand for assisted living, and limited availability of professional care, and automation prospects in potentially dangerous activities like cooking will drive major growth of smart kitchen appliances in near future.
High-Penetration Rates Likely to Surpass Challenges Posed by High Product Prices
The demand for smart appliances remains on the rise, mainly due to incremental innovations in products which are leading to high product penetrations. The high products of smart IoT devices remain a major barrier to their growth in low-income, and mid-income households. However, despite the challenging barrier, the adoption of smart devices to connect to entertainment segments, gain additional convenience, and automate repetitive tasks like weekly grocery shopping remain a major driver of growth in the smart kitchen appliances market. The adoption for smart appliances also continues to receive major positive adoption for first-time consumers. The market also continues to reel high-revenues from first-time adoption as the excitement associated with smart technology, and incremental value-addition to products remain key drivers of growth in the smart kitchen appliances market.
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