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.
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