Technavio predicts smart and connected cooking appliances market will grow more than €10 billion by 2026
The smart connected cooking appliances market is expected to rise by $10.67 billion (€10.67bn) between 2021 and 2026, with growth accelerating at a CAGR of 22.26%, according to Technavio’s latest figures.
One of the key trends in the smart connected cooking appliances market, Technavio said, is the increasing adoption of modular kitchens and built-in or integrated appliances.
Technavio explained: “Modular designed kitchens have features and functionalities that ease the day-to-day lives of customers. Hence, vendors are providing value additions to their kitchen appliances portfolio owing to changes in customers’ preferences. Moreover, the demand for built-in cooking appliances such as wall ovens, refrigerators, ranges, and cooktops has increased over the last few years. In western countries such as the US, many newly constructed houses are built with modern designs and aesthetics, which include integrated smart appliances.”
Therefore, the rise in household construction will drive the adoption of modular kitchens and, in turn, propel the demand for smart connected cooking appliances during the forecast period, the analyst commented.
Looking at the various sales channels, Technavio predicts that the offline segment will generate maximum revenue in the smart connected cooking appliances market. This channel includes convenience stores, hypermarkets, specialty stores, clubhouse stores, and department stores.
According to Technavio, vendors are directing their sales through local retail entities to drive sales through offline channels. In addition, they are establishing strategic alliances with household appliance retail chains. Such factors will drive the growth of the segment during the forecast period.
In terms of geography, North America will present significant opportunities for market vendors owing to factors such as high smartphone and internet penetration, Technavio said. Moreover, the US is the key country for the smart connected cooking appliances market in the region.
Smart connected cooking appliances market: major growth drivers
The rising innovation in product and technology is driving the growth of the smart connected cooking appliances market. Many people are shifting to smart connected products owing to changing lifestyles. Smart connected cooking appliances are convenient to use. They can be accessed through smartphones by using technologies such as Bluetooth and Wi-Fi. Such innovations in products and technologies will propel the smart connected cooking appliances market growth during the forecast period.
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