Smart Refrigerator dominates the market
The Indian smart kitchen appliances market, which includes refrigerators, ovens, hoods, blenders, coffee makers, scales, cookers and dishwashers, is estimated to increase revenue at cumulative annual growth rate (CAGR) of 11.8% by fiscal year 2026.
The unit shipments will increase at a CAGR of 10.5% during FY2019-FY2026, said a report “Analysis of the Indian Smart Kitchen Appliances Market, Forecast to FY2026” by ResearchAndMarkets on 5 July 2019.
The study is segmented based on the product types and region (North, South, East, and West). The base year for the study is FY2019 and the forecast period is FY 2020 to FY 2026.
With 88.8% of the market, the smart refrigerator segment accounted for the majority of the Indian smart kitchen appliances market during the forecast period.
Smart kitchen appliances are devices that can be connected to wireless Internet or Bluetooth and can be controlled or monitored through remote commands using a smartphone or a tablet.
These appliances allow monitoring, control, optimization, and autonomy. The study focuses on residential smart kitchen appliances in India.
Some of the smart kitchen appliance companies in the Indian market include LG, Samsung, Siemens, Gaggenau Hausgerte, Newell brands, Electrolux and Nescafe.
With not more than 15 companies in the market in FY 2019, cost, brand image and technological features are some of the key competitive factors influencing the purchasing decision of consumers, said the report. fiinews.com