Selbyville, Delaware, April 29, 2020 (GLOBE NEWSWIRE) —
According to latest report “Smart Home-Based Beverage Machine Market by Product (Smart Soda Machine, Smart Water Machine, Smart Espresso Machine, Smart Juice Machine), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of smart home-based beverage machines will reach $2 billion by 2026.
The rise in consumer spending on developing smart homes and modular kitchens will propel the smart home-based beverage machine market growth over the forecast timeline. Furthermore, the availability of intelligent beverage machine offering customized and personalized features will support the market growth.
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Smart juice machines are expected to witness high demand in the coming years due to rising consumer inclination toward consumption of healthy fruits and vegetables. Increasing awareness of health risks owing to consumption of packaged juices with added preservatives will propel the product demand from households. Smart juicers offer various benefits such as app-based controls, recipe suggestions, and container size detection. Users can command these devices using voice assistants to instantly consume freshly squeezed juice. Furthermore, small size, high portability, and user-friendliness will augment the penetration of smart juicers in household applications.
The increasing demand for a luxurious lifestyle and comfortable household environment in countries including the UAE and Saudi Arabia will propel the smart beverage machine market growth in the region. There is a rapid construction of luxury homes in the region, creating a high demand for smart home appliances. For instance, in March 2020, Danube Properties launched its new construction project with 741 residential units in the UAE. These residences will be equipped with smart kitchen and home appliances for luxurious & comfortable living.
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Companies operating in the smart home-based beverage machine market are engaged in product developments and innovation activities along with strategic collaborations and partnerships to strengthen their portfolios. Due to the increasing adoption of AI and IoT-enabled smart beverage machines, there is an increasing emphasis on enhancing the user experience. Voice assistants, such as Alexa and Siri, are being integrated with smart beverage machines to offer robust monitoring and control facilities.
Some major findings of the smart home-based beverage machine market report include:
- Rising urbanization coupled with increasing consumer disposable income across North America and Asia Pacific is supporting the demand for smart home appliances.
- The implementation of stringent energy consumption regulations by the governments across the globe has led manufacturers to develop energy-efficient home appliances.
- Growing consumer awareness on advanced technologies coupled with the availability of IoT and AI technologies in beverage machines is attributing to the industry growth.
- The recent outbreak of COVID-19 will hamper the market size in 2020. Governments across the globe have implemented stringent lockdowns to prevent the spread of the virus.
- Key players operating in the smart home-based beverage machine market are BSH Hausgerate GmbH, Breville Group Ltd., Behmor, Inc., De’Longhi S.p.A., Illy, Jura, Coway Co. Ltd., Bevi, Smart Soda Holdings Inc., Kuvings, and Hurom Co., Ltd.
- To sustain in the competitive market, players are focusing on technological advancements and innovation strategies. They are offering new products integrated with IoT and AI to gain market share.
Table of Contents (ToC) of the report:
Chapter 3. Smart Home-Based Beverage Machine Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact analysis of COVID-19 pandemic
3.3.1. Global outlook
3.3.2. Impact by region
184.108.40.206. North America
220.127.116.11. Asia Pacific
18.104.22.168. Latin America
3.3.3. Industry value chain
22.214.171.124. Research and development
3.3.4. Competitive landscape
126.96.36.199. Distribution network
188.8.131.52. Business growth
3.4. Industry ecosystem analysis
3.4.1. Component suppliers
3.4.3. Distribution channel analysis
3.4.4. End-use landscape
3.4.5. Vendor matrix
3.5. Technology & innovation landscape
3.5.1. Internet of Things (IoT)
3.5.2. Artificial Intelligence (AI)
3.6. Pricing analysis
3.6.1. Price analysis, by region
3.6.2. Competitive landscape
3.7. Regulatory landscape
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis
3.10. Porter’s analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrant
3.10.4. Threat of substitutes
3.10.5. Internal rivalry
3.11. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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