Dubai, UAE, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Smart Kitchen Market Report 2023-2028:
As per the recent research report published by Extrapolate, the global Smart Kitchen Market size is projected to reach USD 10.96 billion by 2028 from USD 1.81 billion in 2021, recording a significant CAGR of 29.26% between 2022 and 2028. On account of the global demand for sophisticated and intelligent kitchen equipment, the market is anticipated to flourish in the current economic scenario.
According to Extrapolate, the global smart kitchen market is dominated by a large number of well-known and internationally renowned manufacturers, tier-2 firms, and start-ups that provide various types of smart kitchen equipment. For instance, in January 2023, an American company, GE Appliances, introduced a new line of induction cooktops with cross-brand connectivity. This new line-up of induction cooktops will further expand on the advantages that consumers would anticipate from induction technology and make induction cooking easier and more precise.
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The industry has been gaining popularity on account of the proliferation of gadgets with smart sensors and Internet of Things (IoT)-enabled technology. Over the forecast period, IoT gadgets are anticipated to fuel market expansion. The global smart kitchen market report is segmented by type and application. Smart kitchen appliances are used in various aspects, such as refrigerators, ovens, microwaves, dishwashers, and others.
Competitive Landscape
The competitive landscape for the market is concentrated but highly competitive. The prominent companies in the smart kitchen industry are Whirlpool, Electrolux, Samsung Electronics, LG Electronics, Haier Group, etc., and they collectively hold a share of around 55% globally. To reach a wider audience, businesses have begun introducing new and cutting-edge smart kitchen gadgets into their product portfolios.
- Whirlpool Corporation
- Electrolux
- Samsung Electronics
- LG Electronics
- Haier Group
- BSH
- Miele and Cie KG
- Panasonic
- Robam
- Midea
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Market Segmentation by Type:
- Smart Refrigerator
- Smart Cookers
- Smart Kitchen Hoods
- Other
Smart Refrigerators Hold Dominance in Smart Kitchen Market with over 33.98% Revenue Share
Based on type, the smart refrigerators segment held a significant share of the global smart kitchen market at approximately 33.98% in 2021. The market is further anticipated to remain on the frontlines, holding its dominance throughout the projection period. With the adoption of smart infrastructure and cities, smart refrigerators are becoming increasingly widespread. The IoT market has notably expanded over time, with smart homes becoming more sophisticated due to gadgets like Google Nest, Ring, Alexa, and smart refrigerators.
Additionally, the smart cookware and cooktops segment of the smart kitchen market was anticipated to account for 32.56% of the market share in 2021. The market is anticipated to grow significantly, reaching a whopping CAGR of 19.5% in the projection period of 2022 to 2030. Consumers are opting for energy-efficient kitchen appliances that help them to reduce their electricity expenditures.
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Market Segmentation by Application:
- Commercial Use
- Home Use
Commercial Segment is Likely to Account for Approximately 17.7% of Market Share
Based on the application, the commercial segment is expected to hold the majority of the global smart kitchen market, recording a CAGR of 17.7% during the projection period. The growth is attributed to the rising occurrence of Quick-Service Restaurants chains (QSR) due to the increasing dependency on the younger generation’s preference for fast food centers. This is anticipated to accelerate the demand for smart kitchen appliances such as ovens, fryers, grillers, and cooktops. All these aforementioned factors are leading to increased investment in smart kitchen applications all over the world.
The home use segment is projected to strengthen its dominance in the coming years. Manufacturers of kitchen appliances are spending time and money on the creation of infrastructures for their devices to communicate since they recognize the potential of IoT. Consumers that actively use IoT devices greatly value this aspect, and due to this factor, the segment is anticipated to grow significantly over the coming years.
North America is Dominating the Global Market with a 50% Market Valuation
North America holds the majority of the market share of the smart kitchen market, with an estimated 50% CAGR. There has been a significant rise in the population of high-net-worth individuals, which has raised the prospect of driving growth in the market. Additionally, the tendency to replace older appliances with more modern ones is accelerating the use of smart appliances. Technological acceptance and the high purchasing power of customers are the major driving factors in the region.
Additionally, favorable government initiatives are fueling market growth through the adoption of appliances that are energy-efficient. A surge in smart assistant speakers is also predicted, despite the fact that built-in connectivity is still a limited feature in the largest culinary appliances in the United States. For instance, Whirlpool recently added technological advancements to a range of kitchen appliances and branded them the Smart Home Line.
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Some Major Points from Table of Content:
1 Research Methodology and Statistical Scope
2 Smart Kitchen Market Overview
3 Smart Kitchen Market Competitive Landscape
4 Smart Kitchen Industry Chain Analysis
5 The Development and Dynamics of Smart Kitchen Market
6 Smart Kitchen Market Segmentation by Type
7 Smart Kitchen Market Segmentation by Application
...TOC Continued
Section II: Kitchen Hoods Market Report 2023-2028:
The global Kitchen Hoods Market was valued at USD 8.9 billion in 2021 and is projected to reach USD 10.58 billion by 2028, recording a healthy CAGR of 2.50% from 2022 to 2028 driven by the increasing consumer per capita income, persistent technological improvements, and the growing adoption of convenience kitchen equipment.
According to Extrapolate, the worldwide smart kitchen hoods market has enormous growth potential due to ongoing technological developments and market participants' investments in R&D activities to identify novel solutions and equipment that can maximize customer satisfaction. The sales of smart kitchen hoods are anticipated to increase as a result of the introduction of models with various sizes, designs, and smart features like UV protection and self-cleaning.
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The growth of the global smart kitchen hoods market is anticipated to be lucrative over the forecast period due to rising customer awareness and the increasing disposable incomes of consumers to spend on high-quality kitchen items in emerging nations.
Competitive Landscape of Kitchen Hoods Market:
The competitive landscape for the global kitchen hoods market is fragmented with prominent players striving to introduce innovative products with novel features to strengthen their foothold in the market. Moreover, they are utilizing enticing marketing tactics and online distribution channels to expand their customer reach and improve brand awareness among consumers. For instance, in November 2022, Faber launched seven innovative ranges of kitchen hoods integrated with cutting-edge technology and immense features to provide a smooth cooking experience to its customers.
Following are the prominent players in the kitchen hoods market:
- Whirlpool
- Vanward
- VATTI
- Samsung
- SAKURA
- SACON
- ROBAM
- Nortek
- Miele
- Midea
- Macro
- Haier
- FOTILE
- FABER
- Electrolux
- ELICA
- DE&E
- BSH
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Segmentation:
Market Segmentation by Type:
- Detached Type
- Embedded Type
Embedded Kitchen Hoods to Continue Dominating Global Kitchen Hoods Market
In the last few years, the demand for embedded kitchen hoods has increased significantly due to rising disposable income, technological advancements, and the growing appetite for convenient kitchen appliances. Today, consumers are increasingly opting for embedded kitchen hoods due to their energy efficiency, performance, and seamless integration with kitchen designs. This trend is expected to continue in the future, as more people choose these hoods for their convenience and aesthetic value. The trend towards minimalist kitchen designs is also contributing to the growing demand for embedded kitchen hoods, which offer a modern and sleek appearance.
Major embedded kitchen hoods manufacturers are implementing various marketing tactics, such as product launches, partnerships, and collaborations, to maintain a strong market presence. Wherein the growth of e-commerce platforms has allowed these manufacturers to expand their reach and maximize their sales. Additionally, the development of advanced features, such as automatic shut-off, touch-sensitive controls, and built-in lighting, is expected to further boost the growth of the embedded kitchen hoods market.
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Market Segmentation by Application:
- Commercial
- Residential
Strong Demand for Kitchen Hoods in Commercial Applications
Extrapolate’s findings indicate that the kitchen hoods market for commercial establishments is experiencing substantial growth. This growth can be attributed to the convergence of technological advancements and heightened awareness of the significance of proper kitchen ventilation. With the advent of energy-efficient models and innovative designs that cater to modern kitchen safety and efficiency standards, there is a growing demand for Demand-Controlled Kitchen Ventilation (DCKV) systems. These systems offer several benefits over traditional ventilation systems, including improved energy efficiency, reduced fire risk, improved air quality, and reduced noise levels, making them an attractive option for commercial food service facilities looking to both save money and provide a safe work environment for their employees.
North America to Hold Dominance of the Kitchen Hoods Market with a CAGR of 21.6%
North America holds a significant market share and is expected to acquire approximately 21.6% of the market by the end of 2023. On account of the early adoption of cutting-edge technologies and shifting customer preferences towards luxury brands, the United States is predicted to experience an increase in the sales of smart kitchen hoods.
The rapid adoption of technological advancements and the subsequent need for smart and connected devices are the major market drivers in this region. The continuous growth of the residential sector, spurred by the expanding number of families and large home renovation projects undertaken by individuals in the United States, is also driving the need for kitchen hoods systems. Homeowners are investing more in projects that enhance their quality of life than in the ordinary maintenance of kitchen hoods.
Some Major Points Form Table of Content:
1 Research Methodology and Statistical Scope
2 Kitchen Hoods Market Overview
3 Kitchen Hoods Market Competitive Landscape
4 Kitchen Hoods Industry Chain Analysis
5 The Development and Dynamics of Kitchen Hoods Market
6 Kitchen Hoods Market Segmentation by Type
7 Kitchen Hoods Market Segmentation by Application
8 Kitchen Hoods Market Segmentation by Region
...TOC Continued
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