Vancouver, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The smart kitchen appliances market reached a market size of USD 110.56 Billion in 2020 and is expected to register a double-digit CAGR over the forecast period, according to recent analysis by Emergen Research. Smart kitchen appliances market revenue growth is driven significantly by rapid advancements in the fields of AI and IoT. Major advancements in AI technologies and machine learning have resulted in development and launch of a range of smart products that enable consumers to save time and effort in food preparation, tracking contents and products in the kitchen, refrigerators, and others. In addition, smart kitchen appliances come with features such as intelligent sensors, touch screen, intuitive control, and integrated extractor and other time-saving features that serve to encourage a positive purchase decision among consumers.
The global smart kitchen appliances market is expected to witness further advancements due to growing demand for home automation in both developed and developing countries. Global kitchen and home appliance manufacturers are collaborating to enhance product offerings and improve user experience with more advanced technologies in products. Rising disposable income, increasing awareness regarding available technologies, and availability of favourable purchase options and schemes on such appliances are some key factors driving market growth.
In addition, reducing energy consumption through use of IoT-enabled devices is a major focus point among manufacturers in the market. Companies have also come up with the concept of green IoT, which plays a significant role in deploying IoT to reduce energy consumption, pollution, and Co2 emissions.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 110.56 Billion |
| CAGR (2023 - 2032) | 18.7% |
| Revenue forecast in 2032 | USD 870.79 Billion |
| Base year for estimation | 2020 |
| Historical data | 2017—2019 |
| Forecast period | 2023—2032 |
| Quantitative units | Revenue in USD Billion, volume in thousand units; and CAGR from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product and technology, end use, and regions |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey |
| Key companies profiled | Whirlpool Corporation, LG Electronics, Samsung Electronic Co. LTD., Panasonic Corporation, AB Electrolux, BSH Hausgerate GmbH, Haier Group, Robert Bosch Gmbh, Koninklijke Philips N.V., and Miele & Cie |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Competitive Landscape
The smart kitchen appliances market is highly fragmented, with a large number of major companies as well as medium-sized and start-up companies accounting for majority revenue share. Rising competition is resulting in various companies focusing on driving sales and expanding product portfolio through various research and development initiatives to strengthen their position globally. Entry barriers include need for high capital investment and presence of major and established players in the market. Some key players in the smart kitchen appliances market are:
- Whirlpool Corporation
- LG Electronics
- Samsung Electronics Co. LTD.
- Panasonic Corporation
- AB Electrolux
- BSH Hausgerate GmbH
- Haier Group
- Robert Bosch Gmbh
- Miele & cie
- Koninklijke Philips N.V.
Strategic Development
In February 2017, Electrolux acquired the fast-growing smart kitchen appliance company Anova, which was a U.S-based provider of the popular Anova precision cooker. Electrolux also expanded its collaboration with Google Assistant, enabling consumers to control the appliances using voice command.
In January 2018, BSH Hausgerate GmbH acquired approximately 64.57% of the global food platform, Kitchen Stories. With their strategic investment in digital services, BSH is on the verge to becoming an integrated provider of software and hardware services.
In 2018, LG introduced ThinQ app on smartphones, which allows customers to control their devices with Google Assistant or Amazon Alexa. Similarly, Samsung has also introduced a wide range of smart kitchen appliances and an AI enhanced refrigerator, which provides meal planning and recipe suggestions according to needs of the user.
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Key Highlights of Report
- In February 2017, Whirlpool acquired Yummly, which is one of the largest foods and recipe sites on the Internet to bolster its smart kitchen strategy. The guided cooking feature will enable users of Whirlpool Smart Kitchen to send a recipe directly to Wi-Fi-connected kitchen appliances such as an oven.
- Incorporation and use of IoT and Wi-Fi in a growing number of kitchen appliances and devices has changed the overall aspect of cooking. Connected devices, typically worn on the body such as fitness trackers and smart watches, ease manual tasks by notifying users about details of products kept in the refrigerator, for instance, how long the items have been kept in the fridge, expiration date etc.
- The residential application segment accounted major market share in 2020 and the trend is expected to continue going ahead.
- The smart kitchen appliances market is mostly fragmented, with a large number of companies as well as some medium-sized and start-up companies accounting for a major share of the global market revenue. Some major players in this market are Whirlpool Corporation, Samsung Electronics, Haier Group, and Panasonic to name a few.
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Emergen Research has segmented the smart kitchen appliances market in terms of product, technology, end use, and region:
- Product (Revenue, USD Billion; Volume: Thousand Units; 2019–2032)
- Smart Refrigerators
- Smart Cookware and Cooktops
- Smart Dishwashers
- Smart Thermostats
- Smart Coffeemakers
- Other Appliances
- Technology Outlook (Revenue, USD Billion; Volume: Thousand Units; 2019–2032)
- Wi-Fi
- Bluetooth
- RFID
- Others
- Sales Channel Outlook (Revenue, USD Billion; Volume: Thousand Units; 2019–2032)
- Online
- Offline
- End-user Outlook (Revenue, USD Billion; Volume: Thousand Units; 2019–2032)
- Residential
- Commercial
- Industrial
- Regional Outlook (Revenue: USD Billion; Volume: Thousand Units; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Russia
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of MEA
- North America
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