Big numbers forecast for smart kitchen appliances

For the next several years, the market will grow 30 percent and will be worth more than $2 billion by 2022.

Rising consumer buying power and their various performance advantages over traditional appliances will drive demand for smart kitchen appliances in the next several years.

From an estimated global market worth of $476.2 million in 2013, smart kitchen appliances are expected to post 29.1 percent CAGR starting 2014 to reach about $2.7 billion by 2022, according to Transparency Market Research.

The market intelligence company further said North America will continue to be the industry's largest contributor with a CAGR of 29.2 percent during the forecast period. Meanwhile, the Asia-Pacific region will be the fastest growing market for smart kitchen appliances in the years ahead because of increasing awareness of the products' benefits among consumers there.

AB Electrolux, Whirlpool, Samsung Electronics and Haier, major industry players in 2013 with a collective market share exceeding 60 percent, will continue to be the primary drivers in coming years. These companies are also among those acquiring various regional players in improve their global presence.

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