- Smart dishwasher segment is expected to lead the global market by the end of 2026
- The smart refrigerator segment led the global market in 2017
- Wi-Fi segment anticipated to dominate the global market in terms of market strength by the end of 2026
The global market for smart kitchen appliances is projected to reach a market valuation of more than US$ 2 Billion by 2026, Future Market Insights said in its recent research report. The market was valued at around US$ 703 in 2017.
According to the analysis done by research firm, the smart dishwasher segment is expected to lead the global market with a valuation of more than US$ 580 Million by the end of 2026.
In 2017, the smart dishwasher segment reflected a value of more than US$ 140 Million and became the second largest segment in terms of revenue generation.
The smart refrigerator segment led the global market in 2017 with a value of US$ 212.5 Million, followed by smart coffee maker, smart dishwasher, smart cookware & cooktop and smart oven.
The smart oven is identified as the fastest growing segment and is estimated to reflect a value CAGR of more than 18 percent throughout the forecast period (2017-2026).
Increasing disposable income, growing adoption of Internet of Things (IoT), favourable government initiatives and technological advancements to manufacture new smart kitchen products are the key factors contributing to the growth of the global smart kitchen appliances market.
However, higher pricing is a factor of concern that has challenged the market’s growth, the report noted.
Other highlights from the report
Europe is seeing increased adoption of smart kitchen appliances. The market for smart kitchen appliances in Europe is estimated to bring higher revenue as compared to other regions.
In the components’ category, the hardware and software segments are expected to reflect high market valuations. By 2026, the valuation of hardware segment is poised to touch US$ 917 Million. The software segment is projected to grow at the highest rate during the forecast period.
When it comes to connectivity technology, the Wi-Fi segment is expected to dominate the global market in terms of market strength by the end of 2026 followed by the Bluetooth segment. This segment is projected to grow at a stellar 16. percent value CAGR throughout the assessment period.
In 2017, the Bluetooth segment dominated the global market with a high market valuation.