Smart Home-Based Beverage Machine Market Size

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.

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.
 

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.