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Smart Kitchen Appliance Market size is set to grow by USD 22.38 billion from 2024-2028, Growing demand for premium, innovative appliances boost the market, Technavio

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NEW YORK, June 10, 2024 /PRNewswire/ — The global smart kitchen appliance market size is estimated to grow by USD 22.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.19%  during the forecast period. Growing demand for premium, innovative appliances is driving market growth, with a trend towards increased adoption of modular kitchen. However, high cost of installation  poses a challenge. Key market players include Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips N.V., LG Electronics Inc., Liebherr International Deutschland GmbH, MIDEA Group Co. Ltd., Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart Kitchen Appliance Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.19%

Market growth 2024-2028

USD 22386.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.12

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 31%

Key countries

US, China, Germany, UK, and Japan

Key companies profiled

Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips N.V., LG Electronics Inc., Liebherr International Deutschland GmbH, MIDEA Group Co. Ltd., Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp.

Market Driver

The modular kitchen trend is on the rise due to increasing living standards and customer preference for modern, space-saving designs. Vendors respond by offering advanced built-in appliances like refrigerators, wall ovens, and cooktops. New residential constructions, especially in Western countries, further fuel this trend with integrated smart appliances.

Vendors adapt to customer preferences, providing smart, modern features in various sizes and colors. Third-party vendors, such as Homevista Decor and Furnishings Pvt. Ltd., offer modular kitchen renovation services, promoting the adoption of smart kitchen appliances. This market growth is anticipated during the forecast period. 

The smart kitchen appliance market is experiencing significant growth with innovative technologies such as voice recognition, connectivity, and automation. Products like refrigerators, ovens, and microwaves are now equipped with these features, making kitchen chores more convenient and efficient. For instance, voice-activated refrigerators allow users to check inventory and set expiration alerts.

Smart ovens can be controlled through a smartphone app, enabling users to preheat or adjust temperature settings remotely. Additionally, the integration of machine learning algorithms in these appliances enables them to learn user preferences and adjust settings accordingly. Overall, the smart kitchen appliance market is expected to continue its upward trend as consumers seek to simplify their lives and save time in the kitchen. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

•         The smart kitchen appliance market faces challenges due to higher installation costs compared to regular appliances. These costs include the price difference for smart appliances, infrastructure expenses for smart hubs and internet bills, high costs for smart hubs and related devices, and elevated aftermarket costs. These factors may impede market growth during the forecast period.

•         The smart kitchen appliance market is experiencing significant growth due to the increasing demand for convenience and technology integration in daily life. However, several challenges persist in this sector. One major challenge is ensuring compatibility and connectivity among various smart appliances and devices. Another challenge is data security and privacy concerns, as these appliances collect and share user data.

•         Additionally, cost remains a barrier for some consumers, as smart appliances can be more expensive than traditional ones. Furthermore, user interface and ease of use are crucial factors, as complex systems may deter adoption. Lastly, energy efficiency and sustainability are becoming important considerations for consumers and manufacturers alike.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

Product 1.1 Smart large cooking appliance1.2 Smart refrigerator1.3 Smart small cooking appliance1.4 Smart dishwasherDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Smart large cooking appliance-  The smart large cooking appliance segment is a significant contributor to the global smart kitchen appliance market, driven by enhanced living standards and consumer interest in connected home appliances. Technological advancements and add-on features, such as temperature probes and voice control, are fueling growth.

Key players like LG Electronics and Samsung Electronics offer energy-efficient, user-friendly appliances, with LG’s All in One Microwave Oven featuring Intellowave Technology and auto cook options. Wi-fi connectivity and smart mobile applications, like Samsung’s SmartThings, enable remote control and monitoring, boosting sales in developing economies. Despite market maturity in North America and Europe, rising awareness of benefits is driving growth in India, China, and APAC countries.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

In the current landscape, single-person households represent a significant market segment for smart kitchen appliances. With disposable income on the rise, tech-savvy homeowners are increasingly investing in cutting-edge household appliances, such as AI-enabled microwaves and Wi-Fi-connected wall ovens. Consumer behavior indicates a preference for efficiency, precision, safety, and productivity in their daily routines.

The worldwide lockdown has further accelerated this trend, as more people work from home and rely on their smartphones and tablets to control their central home automation systems and home appliances via Bluetooth or Wi-Fi. Smart kitchen appliances offer mishap prevention, convenience, and the latest purchasing trends, making them an essential addition to modern households. Millennials, in particular, are driving the demand for smart kitchen appliances, as they prioritize technology and convenience in their living spaces.

Market Research Overview

The Smart Kitchen Appliance Market is experiencing significant growth due to the increasing demand for convenience and technology integration in household chores. These appliances, including refrigerators, ovens, and dishwashers, are equipped with features such as voice control, connectivity to mobile devices, and energy efficiency.

The use of artificial intelligence and machine learning algorithms enables these appliances to learn user preferences and adapt to their cooking habits. The market is driven by factors such as the rising disposable income, urbanization, and changing consumer preferences. The future of the market looks promising with ongoing advancements in technology and the increasing adoption of smart home solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductSmart Large Cooking ApplianceSmart RefrigeratorSmart Small Cooking ApplianceSmart DishwasherDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Cangzhou Forum Seeks to Deepen Ties Between Chinese and Central/Eastern European SMEs

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The 6th China-CEEC (Cangzhou) SME Cooperation Forum Launches

CANGZHOU, China, Nov. 10, 2024 /PRNewswire/ – A news report by Xinhuanet:

On November 7, the 6th China-Central and Eastern European Countries (CEEC) (Cangzhou) SME Cooperation Forum commenced in Cangzhou, Hebei Province. The forum was jointly hosted by the China Centre for Promotion of SME Development (ProSME) of the Ministry of Industry and Information Technology (MIIT), the Hebei Provincial Department of Industry and Information Technology, and Cangzhou Municipal People’s Government. Supporting organizations include the China International Cooperation Association of SMEs (CICASME) and the Office of Foreign Affairs Commission of the CPC Hebei Provincial Committee. The event was co-organized by the China-CEEC (Cangzhou) SME Cooperation Zone and the Cangzhou Municipal Bureau of Industry and Information Technology.

This year’s forum, themed “Deepening Cooperation and Sharing Opportunities,” combines both offline and online formats, with a primary focus on in-person engagement. Key activities include the Opening Ceremony and Keynote Forum, the Zero-Carbon Energy and Green Industry Innovation Forum, the International Forum on Remanufacturing Industry, the International Forum on Aviation Industry and Low Altitude Economy, and the SMEs’ Cross-border Collaboration and Matchmaking Meeting, and the European Segment of the 2024 International SME Innovation and Entrepreneurship Competition.

Throughout the forum, leading experts and dignitaries from around the world delivered speeches under the theme ‘New Path for Pragmatic Cooperation between SMEs of China and CEECs.’ They emphasized the critical roles of sustainable energy, the digital economy, and trade and logistics in strengthening ties between China and Central and Eastern European countries. In parallel, the event featured a range of innovative activities aimed at building an international platform to foster industrial cooperation and exchanges among SMEs from the participating nations.

At the Zero-Carbon Energy and Green Industry Innovation Forum, participating specialists and researchers engaged in discussions on developing a zero-carbon economy. They explored new opportunities, technologies, models, and challenges associated with lithium, hydrogen, and energy storage, with the aim of collaboratively advancing the green economy.

By attracting leading European innovation projects, the European division of the 2024 International SME Innovation and Entrepreneurship Competition has successfully transformed a number of innovative ideas into real-world applications, enhancing the collaborative development of new technologies between Chinese and European SMEs.

The China-CEEC (Cangzhou) SME Cooperation Forum, now in its sixth year, has emerged as Hebei Province’s leading foreign affairs initiative. The forum has drawn high-profile participants from Slovakia, Serbia, Germany, Finland, and neighboring countries, as well as ambassadors to China, and executives from leading Chinese and international industry associations and businesses. It has also spurred numerous collaborative projects between China and Central and Eastern European countries, enhancing cultural exchanges, educational partnerships, and technology transfers.  

Cangzhou is positioning the forum as a premier, open platform designed to be engaging, impactful, and competitive. The city’s objective is to significantly improve and sustain high-level interactions and collaborations between China and Central and Eastern European countries across the manufacturing, technology, investment and trade sectors.

Photo – https://mma.prnewswire.com/media/2552716/IMG_5336.jpg

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ZURU backed BONKERS and Millie Moon brands achieve extraordinary recognition at the US 2024 Target Vendor Summit

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The ZURU-Backed Pet Treat and Nappy Companies Both Continue Record-Breaking Growth in the US Market

AUCKLAND, New Zealand, Nov. 11, 2024 /PRNewswire/ —  ZURU Edge brands, BONKERS and Millie Moon, are proud to announce that they have been recognized for Demand Generation at Target’s 2024 Essentials and Beauty Vendor Summit. The Target Vendor Summit honors a select group of vendors and partners who have demonstrated outstanding performance in driving traffic to Target stores. These brands are recognized for strong brand, content, and media strategies, packaging, and a consumer experience that drives repeat sales through product superiority.

Target is one of the largest retail chains in the United States, boasting over 1,900 stores across the country and generating approximately USD $100 billion in annual revenue. Known for its wide range of affordable products, from groceries and clothing to electronics and home goods, it caters to millions of American shoppers each week. An alternative to Walmart, Target has a distinct brand image, known for its clean stores, trendy merchandise, and iconic red bullseye logo.

This recognition is particularly special as New Zealand’s ZURU Edge brands were represented in 2 out of the 5 categories within consumables, and BONKERS was the only national, non-exclusive-to-Target brand to win across all categories.

Millie Moon Nappies are exclusive to Target in the US, and since launching in 2021, they have sold over 6.7 million packs, quickly becoming Target’s fastest-growing nappy brand. Millie Moon is the #1 most productive nappy brand at Target retailers, in both dollars and unit sales. Parents are passionate about Millie Moon nappies, as reflected in the 16,000+ 5-star reviews on Target.com, and best-in-class repeat purchase rates – In a Numerator study, Millie Moon holds the top spot for trip frequency within nappies, above Target’s other leading nappy brands.

BONKERS launched in October 2022 in response to the growing share of Millennial and Gen Z pet owners. The brand is part of the ZURU owned Rhodes Pet Science portfolio of brands and was built first-and-foremost to foster the bond between pets and their people, based on the insight that new generation pet parents expect more from their petcare brands. In just over 2 years, it has grown from a non-existent brand to one sitting on shelves in 13,500 stores across 3 countries with distribution points growing at 50% year-over-year. Within 1 week, it became the most-liked pet treats brand on TikTok globally, with over 80 million views on the BONKERS page and over 700 community posts under the #betterwhenitsBONKERS hashtag. The BONKERS award-winning marketing campaigns, matched with products that deliver on quality and affordable pricing have driven tremendous growth: 19% of total US industry cat treat growth last year with just 1.6% of shelf space. The momentum continues, with viral product BONKERS Purrpops hitting 8 of the top 25 emerging Google search terms against the topic ‘cat treat’ in the US. 

About Rhodes Pet Science:

Rhodes Pet Science is reimagining the future of pet care by engineering products that completely redefine what is possible. Its mission is to build a new generation of brands to better serve modern consumers: brands loved by pets and their people. Rhodes Pet Science’s portfolio of brands include: BONKERS, NOOD, Goodlands, Smart Box and Business Litter. Right now, Rhodes Pet Science is the fastest-growing pet food company in the world.

Rhodes Pet Science is proudly part of the ZURU Group. One of the fastest-growing consumer goods companies in the world, ZURU has established brands in 120+ markets worldwide, with a team of 5000+ employees based out of 26 global offices.

For more on Rhodes Pet Science, please visit: www.rhodespetscience.com  

About Millie Moon

Millie Moon launched in 2021 exclusively at Target in the US and expanded to Loblaws in Canada in 2023. The brand has made it their mission to provide a range of luxury nappies and sensitive wipes that are expertly crafted, luxuriously soft and designed to perform, all at an affordable price. They are passionate in their belief that every child deserves the best. Their award-winning products are available in over 2,000 stores in the US and Canada. As a company, they are also proud to support Reach Out and Read, an early literacy nonprofit helping children on their reading journey. 

For more on Millie Moon, please visit: https://mymilliemoon.com/

About ZURU

From its origins in toys, ZURU Group has grown to six consumer vertical brands, operating out of 26 offices worldwide, with products sold in 120+ markets.

ZURU is on a mission to disrupt across industries, challenge the status quo and catalyze change through radical innovation and automation advances. This is evident in different pillars of the company: ZURU Toys are reimagining what it means to play; ZURU Tech is reimagining the future of housing by leading the next building revolution; ZURU Edge is reimaging new generation FMCG brands to better serve modern household consumers. 

For more on ZURU, please visit: https://zuru.com/

For More Information:
Nicole Daley / Daley Public Relations
nicole@daleypr.com / 415.408.8664

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SOURCE ZURU Edge

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PropXP Launches, Redefining Prop Trading with Global Access

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PropXP Launches Global Prop Trading Platform, Empowering Traders with Flexible Challenges and Comprehensive Resources

HONG KONG, Nov. 10, 2024 /PRNewswire-PRWeb/ — PropXP, a new proprietary trading firm, is excited to announce its official launch on November 5, 2024, offering traders worldwide a unique and accessible approach to prop trading. With a focus on providing traders of all experience levels with attainable challenges and unparalleled resources, PropXP aims to reshape the prop trading landscape.

At PropXP, we’re breaking down barriers in prop trading to give every trader—from beginners to seasoned pros—the opportunity to succeed on their own terms. We’re here to empower and elevate the global trading community.

PropXP’s lineup includes both One-Step and Two-Step challenges, allowing traders to select a path that best aligns with their goals. Challenge prices range from just $30 for a $3,000 account up to $499 for a $100,000 account, making it possible for more traders to participate and advance their careers. Distinguishing itself from competitors, PropXP does not enforce a high watermark, a feature that allows traders to keep their focus on consistent growth without restrictive conditions.

“As we launch PropXP, our mission is clear: we aim to be the new gold standard for prop trading and open the doors for more traders than ever before to achieve their trading goals,” said Giorgos Piskopianos, CEO of PropXP. “Our accessible challenges, supportive trading resources, and commitment to providing realistic opportunities are at the heart of PropXP. We want to empower traders to reach new heights in their careers.”

In addition to its flexible challenge parameters, PropXP offers a comprehensive trading academy filled with educational resources, including in-depth tutorials and guides. With a commitment to accessibility, PropXP is poised to serve as a valuable platform for traders looking to refine their skills and achieve sustainable success in the financial markets.

About PropXP

PropXP is a global proprietary trading firm based in Limassol, Cyprus. Designed to support traders of all levels, PropXP provides accessible challenges, competitive trading conditions, and extensive educational resources. With a dedication to advancing prop trading, PropXP aims to empower traders worldwide.

For more information, please visit https://propxp.com

Media Contact

Giorgos Piskopianos, PropXP, 44 7789874973, social@propxp.com, https://propxp.com

Twitter, LinkedIn

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