Smart home technology is encouraging consumers to adopt modern appliances. Connectivity and voice assistants have allowed for the development and popularity of cookware with touchscreens, cameras, and Wi-Fi connections.
The global built-in large cooking appliances market is poised to reach a valuation of US$ 11.6 Bn 2022. Sales are projected to increase at a 5.9% CAGR, with the market size reaching US$ 20.6 Bn by 2032.
Smart home technology is encouraging consumers to adopt modern appliances. Connectivity and voice assistants have allowed for the development and popularity of cookware with touchscreens, cameras, and Wi-Fi connections. Remote operation and monitoring can be done through smartphones for various smart home devices.
Consumers are becoming more conscious regarding rising levels of energy consumed by kitchen appliances every day. This is compelling individuals to opt for Energy-Star rated appliances. Kitchen gadgets that are designed to conserve energy while making cooking more efficient are gaining popularity.
Technological advancements, such as the introduction of smart kitchen equipment that can be controlled remotely, are expected to drive the market. As people become increasingly health-conscious, the demand for such equipment for sanitary, oil-free, and healthy cooking experience will increase.
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Key Takeaways:
Competitive Landscape
Leading players operating in the market are investing in research and development to launch energy-efficient kitchen appliances to improve sales.
Key players in the built-in large cooking appliances market are Samsung Electronics Co. Ltd., Morphy Richards, LG Electronics Inc., Whirlpool Corporation, Hitachi Appliances Inc., Koninklijke Philips N.V., AB Electrolux, Haier Group Corporation, GE Appliances, and Robert Bosch GmbH.
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Aug 16, 2022