LONDON--(BUSINESS WIRE)--Jul 29, 2020--

The global smart kitchen appliance market is expected to grow by USD 6.16 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200729005443/en/

Technavio has announced its latest market research report titled Global Smart Kitchen Appliance Market 2020-2024 (Graphic: Business Wire)

Request challenges and opportunities influenced by COVID-19 pandemic -Request a free sample report

With advancements in technology, the demand for innovative products is on the rise. Consumers are also looking for eco-friendly appliances, with a user-friendly interface that can perform tasks with minimum energy consumption. These factors have compelled vendors to continually engage in R&D and innovation to sustain in the competitive market environment. As a result, the global smart kitchen appliance market has been recording significant product innovations in terms of technology, features, performance, and design. The growing demand for premium innovative appliances is hence, expected to have a positive influence on market growth during the forecast period.

To learn more about the global trends impacting the future of market research, download a free sample:https://www.technavio.com/talk-to-us?report=IRTNTR43951

As per Technavio, the increased adoption of modular kitchen will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Smart Kitchen Appliance Market: Increased Adoption of Modular Kitchen

The increased adoption of modular kitchen is one of the key factors, which are positively impacting the smart kitchen appliance market. The growing adoption of modular kitchen is attributed to the improving living standards and rising expenditure by population on household infrastructure. This is stimulating the demand for smart kitchen appliances which require minimal space and enhance the look of the modular kitchen. As a result, the market for smart kitchen appliances is expected to grow significantly during the forecast period.

“Factors such as the increasing adoption of smart connected home systems, and the ease of use and convenience offered by smart kitchen appliances will significantly boost the market growth during the forecast period,” says a senior analyst at Technavio.

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

Smart Kitchen Appliance Market: Segmentation Analysis

This market research report segments the smart kitchen appliance market by product (smart large cooking appliance, smart refrigerator, smart small cooking appliance, and smart dishwasher) and geography (North America, Europe, APAC, South America, and MEA).

The North American region led the smart kitchen appliance market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the high consumer awareness about the benefits of smart kitchen appliances in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200729005443/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:[email protected]

Website:www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: RETAIL HOME GOODS

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 07/29/2020 11:30 AM/DISC: 07/29/2020 11:30 AM

http://www.businesswire.com/news/home/20200729005443/en