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Smart Home-Based Beverage Machine Market Size

Report ID: GMI4641
Published Date: Apr 2020
Report Format: PDF

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Smart Home-Based Beverage Machine Market Size

Smart Home-Based Beverage Machine Market size exceeded USD 1.5 billion in 2019 and is anticipated to grow at a CAGR of over 5.5% between 2020 and 2026. The global industry shipments are projected to reach 4 million units by 2026. Increasing consumer investments for development of modular kitchens are surging the adoption of advanced home appliances, driving the market demand.

The increasing smart home construction activities coupled with growing consumer awareness on intelligent home appliances will drive the market growth. Smart home-based beverage machines are integrated with advanced technologies, such as Bluetooth or Wi-Fi, that allow users to operate the device remotely. Additionally, AI and IoT technologies aid in providing personalized features, enhancing user convenience.

Smart Home-Based Beverage Machine Market

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Changing consumer lifestyles and increasing awareness of energy conservation have created a huge demand for energy-efficient & smart beverage machines. Governments across the globe are implementing stringent norms on energy consumption by home appliances, which have led industry players to introduce new energy-efficient home appliances, driving the market share.

Smart Home-Based Beverage Machine Market Report Attributes
Report Attribute	Details
Base Year:	2019
Smart Home-Based Beverage Machine Market Size in 2019:	USD 1.5 Billion (2019)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	5.5%
2026 Value Projection:	USD 2 Billion (2026)
Historical Data for:	2016 to 2019
No. of Pages:	164
Tables, Charts & Figures:	184
Segments covered:	Product
Growth Drivers:	Growing smart home and smart kitchen establishments globally Increasing electronic manufacturing activities in Asia Pacific Energy efficiency policies and initiatives in Europe and North America The rising demand for electronic appliances in Brazil and Mexico Increasing consumption of fresh fruit juices in Europe
Pitfalls & Challenges:	High product purchasing costs

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The major factor challenging the industry growth is price of smart home-based beverage machines. These appliances are integrated with advanced sensors, switches, and LED touch displays, thereby increasing the overall equipment price in the market. Lack of customer awareness in several countries, including India, Brazil, and Mexico will hamper the market size. Furthermore, the recent outbreak of COVID-19 is anticipated to restrict the market demand in 2020 as governments across the globe have implemented stringent lockdowns to restrict the spread of virus.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of smart home-based beverage machine exceeded USD 1.5 billion in 2019.

The industry share of smart home-based beverage machine is anticipated to grow at a CAGR of over 5.5% between 2020 and 2026.

According to the analysts at GMI, the global industry shipments are projected to reach 4 million units by 2026.

The smart espresso machine segment held over 25% of the market share in 2019 and is expected to cross a valuation of USD 500 million by 2026.

Europe market size is poised to observe around 6.5% growth rate during the forecast period impelled by increasing demand for fresh fruit juices in European countries on account of rising consumer awareness on health benefits.

Some of the key industry players include Behmor, Inc., Bevi, Breville Group Ltd., BSH Hausgerate GmbH, Coway Co., Ltd., De’Longhi S.p.A., Illy, Jura, Kuvings, Lavazza, Smart Soda Holdings, Inc., and Hurom Co., Ltd.