INDUSTRY REPORT
Growing smartphone penetration and increasing internet speed is driving the global smart home appliances market
“ Smart home appliances enable users to monitor and control household activities from remote locations . The growth of connected home appliances depends upon various factors such as internet infrastructure availability and the smartphone penetration rate of the targeted region . If the internet infrastructure of any country is robust and efficient , there would be more demand for connected home appliances . As a more energy-efficient solution compared to their traditional counterparts , connected home appliances have substantially high adoption rates across the globe ,” commented Future Market Insights in its ‘ Market Overview ’.
Personal and family security is the primary factor driving the adoption of connected home appliances by consumers across the globe , said the analyst . Over the last decade , the adoption of connected home appliances has grown quickly with the evolution of consumers who are more enthusiastic for technology .
“ With the increasing adoption of smartphones , consumers are becoming more familiar with touch controls and the world of apps which , in turn , drive their attention towards the adoption of smart appliances . As connected home appliances generate more profit for the appliance makers , compared to traditional ones , manufacturers are diverting their focus from the simple appliance manufacturing business to connected appliance manufacturing to increase their profitability margins . However , in various under-developed or some developing regions , the lack of internet infrastructure and affordability issue are factors hindering the growth of the global connected home appliances market ,” added Future Market Insights .
The analyst segments the global connected home appliances market into Wi-Fi , NFC and Bluetooth . Among these technology segments , Wi-Fi technology is the most popular and is expected to remain the dominant technology segment in the near term .
“ Asia Pacific is the highest contributor in terms of revenue in the global connected home appliances market , followed by Europe and North America . In Asia Pacific , China is projected to be the leading market of connected home appliances in the near future ,” added the analyst .
Connected cooking
appliances through the Internet of Things ( IoT ), facilitates cooking with minimal intervention by controlling these appliances remotely . For instance , the Bailey Weber Kitchens thermometer uses Bluetooth connectivity to keep a check on the set temperature and alerts when the dish reaches its ideal temperature . June Life Inc .’ s intelligent oven can detect the type of dishes inside the oven using its built-in camera , automatically controlling and setting up the temperature and time required for cooking ,” explained the analyst .
Another determining factor for the market is the price and lifespan of the product . The lifespan of cooktops depends upon usage and quality , which directly impacts sales . The quality has a bearing on the pricing of such equipment , which varies as per the budget of a buyer . Single students , bachelors or lower-middle-class families often prefer less expensive or economical products that can last up to two to three years . Expensive and premier cooking appliances , on the other hand , are preferred by uppermiddle class and upperclass families .
“ Apart from leading to technological advancements and innovations , changing consumer preferences and trends have also compelled manufacturers to experiment with product design , allowing them to expand their portfolios and more effectively cater to the demands of their customers . The product expansion strategy allows them to acquire a larger customer base and increase their market share . For instance , Klove , an IoT-enabled stove knob , can be replaced by the knob of a common gas oven or stove . It is connected to the internet and has sensors to monitor what is cooking . Klove ’ s Artificial Intelligence ( AI ) powered app can parse through recipes and can also use Amazon ’ s Alexa for voice interaction with users ,” added Grand View Research . n
Left : GE Appliances ’ smart Kitchen Hub provides convenient access to recipes , music , video chat and more . ( Photo : GE Appliances , a Haier company ).
According to Grand View Research , the global household cooking appliance market was valued at US $ 80.74 billion in 2018 and was poised to progress at a CAGR of 6.5 % from 2019 to 2025 . A growing number of nuclear families , improved standards of living in developing countries and the availability of energy-efficient equipment are some of the crucial factors expected to drive the industry during the forecast period . The increased focus of leading players on innovation as a way of being more competitive has led to the introduction of smart kitchen gadgets , connected cooking facilities and cordless cooking devices . A smart kitchen comprises tech-enabled kitchen equipment designed to provide control , efficiency and convenience .
“ Connected cooking , which involves the inter-connection of kitchen
32 | sheetmetalplus . com | ISMR April 2021