Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The presence of long-established and industry recognized manufacturers in the smart kitchen appliance market is facilitating the market to proliferate quickly. Additionally, rising disposable income among the middle-class societies in developed countries and developing countries is influencing the residential end users to adopt newer technologies such as intelligent kitchen appliances, which is paving the growth path for smart kitchen appliance market.
Smart Kitchen Appliances Market in terms of revenue was estimated to be worth $13.78 billion in 2020 and is poised to reach $47.07 billion by 2028, growing at a CAGR of 17.4% from 2020 to 2028 according to a new report published by The Insight Partners.
The connected home devices industry has witnessed significant growth across the globe in the current scenario, and the same is expected to be adopted in large quantities in the coming years. Several manufacturers of electronics and electrical equipment are increasingly emphasizing on the development of smart kitchen appliances to benefit their customers with advanced technologies.
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Global Smart Kitchen Appliances Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 13.78 Billion in 2020 |
| Market Size Value by | US$ 47.07 Billion by 2028 |
| Growth rate | CAGR of 17.4% during 2020 to 2028. |
| Forecast Period | 2020 - 2028 |
| Base Year | 2020 |
| Segments covered | Product, by End User, and Connectivity |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The global smart kitchen appliance market is booming in the current business years owing to the demand for advanced and intelligent cooking appliances in regions such as North America, Europe, and Asia Pacific. The rising number of high-net-worth individuals in these regions are fueling the growth of smart kitchen appliance market. Additionally, the smart kitchen appliance market is captured by numerous well-established and globally renowned manufacturers, tier-2 companies, and startups, which offer various types of smart kitchen appliances. This factor is also influencing the residential and commercial end users to procure smart kitchen appliances, thereby catalyzing the growth of smart kitchen appliance market.
In this report, the smart kitchen appliance market is categorized based on geography into North America, Europe, Asia Pacific, MEA, and SAM. Europe dominated the global smart kitchen appliance market in the recent years, followed by North America and Asia Pacific. Over the years, Western Europe witnessed a substantial increase in the number of high-net worth individuals; owing to this, the region has governed the smart kitchen appliance market in Europe; however, the eastern European countries are constantly adopting these advanced technologies to simplify cooking procedures. This factor is helping the smart kitchen appliance market to grow in Europe.
In North America, the demand for smart consumer appliances, including smart kitchen appliances, is suring owing to the increasing disposable income and improving individual lifestyle. Canada is also experiencing a rise in the number of high-net worth individuals who are procuring an increased number of smart appliances as a part of smart home or home automation practices. This factor is enhancing the growth of smart kitchen appliance market in the country. Moreover, the trend of replacement of traditional appliances with advanced and smart appliances is boosting the penetration of smart kitchen appliances in the US, Canada, and Mexico. Asia Pacific is anticipated to be the fastest-growing region in the smart kitchen appliance market, majorly attributed to the growing demand for such appliances among the Chinese, Japanese, and South Korean population. These three countries are currently the matured markets for smart kitchen appliances in Asia Pacific. Samsung Electronics and LG Electronics are the top manufacturers of smart kitchen appliances in Asia Pacific; however, several other companies are also operating in the market.
Cost-Effectiveness and Communication Ability of Global Smart Kitchen Appliances
Smart kitchen appliances are recently innovated technologies that are gaining prominence substantially in developed and developing nations. According to the Cisco Internet Report, connected homes will hold a share of 48% across all Internet of Things (IoT) applications. Smart kitchen appliances offer several benefits such as cost-effectiveness, communication ability, safety, and convenience to the owners, thereby gaining traction among end users.
The initial investments toward the procurement of smart kitchen appliance are on the higher side. However, these appliances help customers reduce recurring costs associated with periodic maintenance and energy consumption in the long run. Traditional or modern electronics or electrical appliances conserve less energy but require periodic maintenance and incur high costs. The integration of sensor technologies in smart kitchen appliances enables the devices to sense the performance and alert the owners in case of any faults. This factor reduces repetitive costs. For instance, LG ThinQ is a smartphone application offered by LG Electronics for its smart appliances. The smart appliances are powered by self-diagnosis features, and diagnosis results can be accessed by end users using LG ThinQ application. Further, the application provides necessary troubleshooting instruction to users to diagnose problems, which eliminates the need to contact repair personnel for minor issues. The reduction in recurring expenses is facilitating several end users to procure these smart kitchen appliances.
Similarly, another advantage of smart kitchen appliances is the ability to communicate over wireless networks. These kitchen appliances can communicate with each other and with the owner through the owner's smartphones. Smart technologies enable owners to control, monitor, and access the appliances remotely. Smart kitchen appliances such as smart ovens allow the owner to switch off or on the stove from the owner's smartphone, which increases convenience. This benefit is increasing their demand among end users. Also, with the integration of various sensors and built-in cameras, smart refrigerators facilitate the owner to update the shopping list.
Additionally, smart refrigerators have screens that are used as notepads and to check the temperature and energy consumption pattern. The owners of smart refrigerators can easily control and manage the refrigerators according to the refrigerator's performance and switch between various modes through smartphones. These advantages of smart refrigerators allow customers to procure smart refrigerators for commercial and residential purposes, thereby boosting the growth of the smart kitchen appliance market.
Global Smart Kitchen Appliance Market: Product Overview
Based on product, the smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cooker & cooking robots, smart cooktops, smart & integrated ovens & cooktops, and others. The smart refrigerators segment held the largest revenue share in 2020.
Global Smart Kitchen Appliance Market: Connectivity Overview
Based on connectivity, the smart kitchen appliance market is bifurcated into Wi-Fi and Bluetooth. The Wi-Fi segment held the largest revenue share in 2020.
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Global Smart Kitchen Appliance Market: Competitive Landscape and Key Developments
Electrolux AB; BSH Hausgeräte GmbH; GE Appliances; LG Electronics; Koninklijke Philips N.V.; Panasonic Corporation; Samsung Electronics Co., Ltd; Breville Group Limited; Whirlpool Corporation; and Vita-Mix Corporation are among the key players profiled in the global smart kitchen appliance market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
Global Smart Kitchen Appliances Market – Key Industry Dynamics
Key Market Drivers
- Cost-Effectiveness and Communication Ability of Smart Kitchen Appliances
- Increase in Internet Penetration
Restraints
- Vulnerability to Cyber Crimes and Higher Upfront Cost
Opportunities
- Substantial Growth in Smart Home and Smart Hotel Projects
Future Trends
- Mergers and Partnerships
Recent Developments:
In 2019, Haier unveiled New 7-brand Smart Home Solution at the 2019 Appliances and Electronics World Expo. The upgraded solution integrates the latest technologies from Haier Group's seven brands to deliver the next generation of smart homes.
Go through further research published by The Insight Partners:
Smart Refrigerator Market - Global Analysis and Forecast to 2030.
Smart Home as a Service Market - Global Analysis and Forecast to 2030.
Smart Home Water Controller Market - Global Analysis and Forecast to 2030.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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