Smart Connected Cooking Appliances Market | Discover Top Trends and Drivers
Market Growth and Forecasts for 2021-2025
Accelerating at a CAGR of over 20%, the smart connected cooking appliances market is expected to grow by post an incremental growth of $ 8.61 bn over the next five years. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to provide growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects.
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Smart Connected Cooking Appliances Market: Market Segments and Key Trends
This report provides a detailed analysis of the market by Distribution Channel (Offline and Online) and Geography (North America, Europe, APAC, South America, and MEA). 44% of the market growth will originate from North America during the forecast period. This research report provides a detailed analysis of all the segments, key trends, and challenges that are likely to influence growth.
Smart Connected Cooking Appliances Market: Leading Factors to Drive Market Growth
The rising innovation in product and technology is one of the primary factors that will drive the growth of the smart connected cooking appliances market. The report provides a detailed study of this and all the other drivers that are likely to boost the market growth. For a deeper understanding of this market request our FREE Sample Report. Our analysis will help the client to prepare for recovery and growth post the havoc caused by the pandemic.
Vendor Analysis: General Electric Co., Haier Smart Home Co. Ltd. and Koninklijke Philips NV are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. General Electric Co., Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Nestle SA, Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Treasure Retail Pvt. Ltd., and Whirlpool Corp. are some of the major market participants.
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Smart Connected Cooking Appliances Market: Key Highlights of the Report for 2021-2025
The report provides insights into the following FAQs:
Smart Connected Cooking Appliances Market Size to Grow by $ 8.61 bn During 2021-2025
Technavio has been monitoring the smart connected cooking appliances market and it is expected to grow by $ 8.61 bn, accelerating at a CAGR of almost 20% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Smart Connected Cooking Appliances Market: North America to lead market growth during the forecast period
Smart Connected Cooking Appliances Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. General Electric Co., Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Nestle SA, Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Treasure Retail Pvt. Ltd., and Whirlpool Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Smart Connected Cooking Appliances Market: Key Highlights of the Report for 2021-2025
Technavio has been monitoring the global smart connected cooking appliances market and it is expected to grow by $ 8.61 billion, progressing at a CAGR of over 20% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report
Key Trends to impact market growth
Research analysis on the global smart connected cooking appliances market identifies convenience offered by these appliances to be a major factor that will drive market growth. Smart connected cooking appliances offer the convenience of controlling the appliances from anywhere in the house by using a mobile application and the users are notified about the status of their appliances. Cooking appliances such as smart cooktops, coffee machines, microwaves, and wall ovens can be connected through Wi-Fi or Bluetooth connectivity and controlled through smartphones. Hectic schedules and busy lifestyle of people are the main factors driving the purchase of smart appliances.
Top Driver to Boost Demand for smart connected cooking appliances market
Rising innovation in products and technology is one of the key factors driving the growth of the market during the forecast period. In the global smart connected cooking appliances market, the products usually fall into the premium category. The rising living standards of people and increasing expenditure on technology and connected devices propel the demand for smart and advanced appliances. Vendors are also focusing on providing technologically advanced appliances to facilitate easy access and convenience for customers.
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Smart Connected Cooking Appliances Market: Key Highlights of the Report for 2021-2025
