The Europe Smart Kitchen Appliances Market would witness market growth of 16.9% CAGR during the forecast period (2021-2027).
There has been a rise in investment of time and money by the kitchen appliance manufacturers to develop infrastructures, which would enable their products to connect with one another. It is due to the high potential of IoT technology in these appliances. Consumers are inclining towards the adoption of IoT devices, which is anticipated to bolster the growth of the market over the forecast period.
The Internet of Things (IoT) is expanding the network of ordinary things, which connects industrial machinery with smart kitchen appliances to share information and complete tasks when people are engaged in other activities. The addition of the small amount of computational power in these appliances has led to substantial improvements in lifestyle. Gen X and millennials are estimated to highly adopt smart kitchen appliances in their homes. People below the age of 44 would spend more on smart kitchen appliances than people above 45 years of age.
The increasing adoption of advanced and energy-efficient kitchen appliances is contributing to the growth of regional market. Additionally, the pandemic has restricted the construction activities and the imposition of lockdown has also hampered the manufacturing of these appliances, which may impede the growth of the regional market. Further, the uncertainty in the economy and purchasing power parity of the customers are among the major factors hindering the growth of the regional market.
The rising digitalization across this region is encouraging customers to use more advanced and energy-efficient appliances, which would augment the regional market growth during the forecast period. Moreover, the high disposable income of the customers along with the huge demand for luxurious kitchen appliances over conventional kitchen appliances is fueling the growth of the regional smart kitchen appliances market. Furthermore, the presence of numerous key market players is propelling the growth of the regional market.
The Germany market dominated the Europe Smart Dishwashers Market by Country in 2020, thereby, achieving a market value of $306.5 million by 2027. The UK market is exhibiting a CAGR of 17% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 19.6% during (2021 - 2027).
Based on Product, the market is segmented into Smart Refrigerators, Smart Cookware and Cooktops, Smart Ovens, Smart Dishwashers, and Other Products. Based on Applications, the market is segmented into Residential and Commercial. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Kitchen Appliances Market Size will Hit $33.3 Billion by 2027, at a CAGR of 17.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BSH HausgerÄte GmbH, Whirlpool Corporation, Miele & Cie. KG, LG Electronics, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Panasonic Corporation, Koninklijke Philips N.V., GE Appliances, a Haier Company, Electrolux AB, and Daewoo Electronics Corporation.
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