LONDON — The global smart kitchen appliance market size is expected to increase at a compound annual growth rate of about 12.7% through 2025, reaching a total of $9.4 billion by then, according to a forecast by a leading market research firm.
According to a new report by London-based Technavio, the growing demand for premium, innovative appliances, the increasing adoption of smart connected home systems, and the ease of use and convenience offered by smart kitchen appliances will offer “immense growth opportunities.”
However, the high cost of installation, a lack of product and technology awareness and the impact of COVID-19 pandemic on the market “will challenge the growth” of leading suppliers.
Studied in the Technavio report were large and small smart cooking appliances, as well as smart refrigerators and dishwashers.
“Factors such as enhanced living standards and growing interest in smart connected home appliances are driving the demand for such products,” researchers said. The growing trend of modular kitchens with large cooking appliances is further driving demand, researchers added.
About 34% of global market growth through 2025 will originate from North America, Technavio said, citing the availability of favorable infrastructure, high internet penetration, and the adoption of smart homes as the key factors driving market growth.