New York, United States , Feb. 13, 2024 (GLOBE NEWSWIRE) -- The Global Smart Kitchen Appliances Market Size is to Grow from USD 16.71 Billion in 2023 to USD 76.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.3% during a projected period.
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A smart kitchen is an area where appliances are linked wirelessly or through Bluetooth. Smart kitchen appliances have remote control capabilities due to their networking with other devices, such as phones and tablets. Smart kitchens allow users more data and control to increase efficiency, accuracy, and safety. Reduced operational expenses, fewer accidents, and more production are further advantages of using a smart kitchen. In addition, by combining traditional appliances with technology, smart kitchen equipment facilitates easier, faster, more accurate, and more enjoyable cooking. They incorporate state-of-the-art features like automated cooking, smart controls, and remote monitoring that boost attention and save time. These devices show how technology is changing daily life and the comfort and ease of cooking. Furthermore, consumers' interest in Internet-connected home appliances has increased as a result of the Internet of Things (IoT) rising popularity. The enhanced connectivity of smart kitchen appliances allows its users to monitor and control them from anywhere in the world. Smart kitchen appliances have higher acceptance rates since they are more energy-efficient and provide greater energy conservation than traditional ones. However, concerns regarding security and privacy have been highlighted by the smart appliances' increasing capacity for connectivity and data exchange. Smart kitchen appliances gather and transmit sensitive data, such as usage patterns, individual preferences, and audio or video recordings. Consumers worry about hacking, illegal access, and data breaches, which raises security and privacy concerns. These problems might discourage potential customers from investing in smart kitchen appliances and restrict the expansion of the worldwide market for these products.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts From the Report on the "Global Smart Kitchen Appliances Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Smart Cookware & Cooktops, Smart Refrigerators, Smart Dishwashers, Smart Ovens, and Others), By Connectivity Technology (Wi-Fi, Near Field Communication, Bluetooth, and Others), By End-user (Residential, Commercial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The smart refrigerators segment is anticipated to hold the greatest share of the global smart kitchen appliances market during the projected timeframe.
Based on the product type, the global smart kitchen appliances market is divided into smart cookware & cooktops, smart refrigerators, smart dishwashers, smart ovens, and others. Among these, the smart refrigerators segment is anticipated to hold the greatest share of the global smart kitchen appliances market during the projected timeframe. With the growing popularity of smart cities and smart infrastructure, smart refrigerators are becoming more and more widespread. The Internet of Things (IoT) market has expanded significantly over the years due to the increasing intelligence of homes made possible by gadgets and appliances like Google Nest, Ring, and Alexa. As a result, the smart refrigerators segment is projected to account for the biggest share of the global smart kitchen appliances market.
The Wi-Fi segment is anticipated to grow at the fastest pace in the global smart kitchen appliances market during the projected timeframe.
Based on the connectivity technology, the global smart kitchen appliances market is divided into Wi-Fi, near-field communication, Bluetooth, and others. Among these, the Wi-Fi segment is anticipated to grow at the fastest pace in the global smart kitchen appliances market during the projected timeframe. Wi-Fi connections enable the control of kitchen appliances from any location with an internet connection. This feature will be particularly appealing to customers who value how simple it is to remotely monitor the status of a refrigerator, prepare coffee, or preheat an oven. Manufacturers in the kitchen appliance industry are always developing new concepts to stay competitive.
The commercial segment is predicted to grow at the highest pace in the smart kitchen appliances market during the estimated period.
Based on the end-user, the global smart kitchen appliances market is divided into residential, commercial, and others. Among these, the commercial segment is predicted to grow at the highest pace in the smart kitchen appliances market during the estimated period. This is because while consumer spending on eating out has increased, the number of restaurants and other dining venues has increased dramatically. Due to the incentives provided to restaurant owners to invest in state-of-the-art, efficient kitchen appliances that can produce mouth-watering dishes much faster, the adoption of smart kitchen equipment in the commercial sector has increased.
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North America is expected to hold the largest share of the global smart kitchen appliances market over the forecast period.
North America is expected to hold the largest share of the global smart kitchen appliances market over the forecast period. The region's dominance is attributed to several factors, including a robust business sector, high consumer demand, affluent clientele, sophisticated retail infrastructure, a culture that values innovation, and a supportive regulatory framework. Due to the noticeable rise in the use of smart home devices, especially in the US, the market for smart kitchen appliances has grown globally.
Asia Pacific is predicted to grow at the fastest pace in the global smart kitchen appliances market during the projected timeframe. This is due to the region's rapid urbanization and housing growth, buyers in Asia Pacific can now afford to buy smart kitchen appliances thanks to the region's growing middle class. The increasing use of home automation systems in the area has led to a growing demand for smart kitchen equipment that can be connected to these systems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Kitchen Appliances Market include Whirlpool Corporation, LG Electronics, Samsung Electronics, Panasonic Corporation, Haier Group Corporation, Hitachi, Ltd., General Electric Company, Siemens AG, BSH Hausgeräte GmbH, Midea Group Co., Ltd., Robert Bosch GmbH, Toshiba Corporation, Arcelik A.S., Sharp Corporation, Vestel Elektronik Sanayi ve Ticaret AS, Smarter Applications Ltd., June Life, Inc., AB Electrolux, Koninklijke Philips N.V., Hestan Commercial Corporation., and others.
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Recent Developments
- In May 2023, LG Electronics debuted the InstaView refrigerator in Australia. Thanks to its MoodUP function, which employs LED panels to enable different colors on the refrigerator doors, customers may choose from 190,000 color possibilities. Customers can look inside the refrigerator without opening the door thanks to InstaView Door-in-Door technology. Additionally, the refrigerator has built-in Bluetooth speakers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Smart Kitchen Appliances Market based on the below-mentioned segments:
Global Smart Kitchen Appliances Market, By Product Type
- Smart Cookware & Cooktops
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Others
Global Smart Kitchen Appliances Market, By Connectivity Technology
- Wi-Fi
- Near Field Communication
- Bluetooth
- Others
Global Smart Kitchen Appliances Market, By End-user
- Residential
- Commercial
- Others
Global Smart Kitchen Appliances Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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