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High Disposable Income and the Growing Luxury Real-estate Market are Fueling Demand for Smart Kitchen Appliances
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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%; unit shipments will increase at a CAGR of 10.5% during FY2019–FY2026. 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. The study also includes an assessment of customer perspectives, including:• Factors influencing and affecting the purchasing decision• Features preferred in a smart kitchen appliance• Brand preferred• Perceived benefits of smart kitchen appliances• Most appealing smart kitchen appliance• Appliances currently owned and • Timeline to buy new appliancesA survey of selected respondents revealed that the smart kitchen appliances market lies largely untapped in India with many households yet to make their first smart kitchen appliance purchase; this makes it a potential gold mine of opportunity.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.Revenue calculations are based on products sold in India, either manufactured in India or imported into India. Exports do not form a part of revenue estimates. Forecast assumptions have been derived through data collected from secondary sources, primary interviews, and discussions with distributors and retailers from several cities from different regions to identify drivers and restraints of growth. Where available, statements from company officials and their expected growth rate and forecast about the future have been incorporated into the analyses. Some of the smart kitchen appliance companies in the Indian market include LG, Samsung, Siemens, Gaggenau Hausgeräte, 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.
Key Issues Addressed
Author: Rajalingam Arikaarampalayam Chinnasamy
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