Smart Kitchen Appliances Market Overview:
Smart Kitchen Appliances market is projected to grow from USD 10.3 Billion in 2021 to exceed USD 43.9 Billion by 2030, accounting for a CAGR of 17.5% in the forecast period (2022-2030).
Smart kitchen appliances are devices combined with the Internet of Things (IoT) that are majorly used in the residential and hospitality sectors. These appliances are high-quality products for the kitchen that are typically designed to make almost every kitchen task more convenient and effective. There are several benefits of using smart kitchen appliances such as efficient cooking operations, waste reduction, enhanced safety, and many more. Numerous internationally renowned manufacturers, companies, and startups are offering a variety of smart kitchen appliances. For instance, Xiaomi launched a multifunctional smart electric kettle in November 2021. This smart kettle can be operated remotely with a smartphone using MIJIA mobile application. Due to the worldwide demand for innovative and smart cooking appliances, the market is currently flourishing. The demand for smart technologies in the residential sector is likely to rise due to the need for convenience in day-to-day life and an increase in disposable income.
Smart home appliances have made interesting progress in both developed and developing nations, such as the United States and the United Kingdom. The growing trend of modular kitchens these days is further influencing people to purchase smart kitchen appliances. This rapid shift in the mindsets of the people living in the United States is having a significant impact on the growth of smart kitchen appliances like smart microwaves and refrigerators. According to the report by Schneider Electric, over 80 million American families are anticipated to buy a new smart home device in the upcoming years.
Market Dynamics:
Driver:
New technological advancements such as IoT-enabled kitchen appliances are driving the growth of the global market. Smart kitchen appliances have become even more essential in the residential sector as a result of the growing acceptance of the modern lifestyle, rigid work schedules, and long working hours. The demand for kitchen appliances with user-friendly interfaces and high energy efficiency is another factor that influences their purchase. Even the healthcare sector such as hospitals is making use of such smart devices to manage their day-to-day operations more efficiently. Since these devices are making people’s life easy, the demand for such appliances is on the rise.
Restraint:
People who use the internet and smartphones worry that their personal information, such as names, birth dates, home addresses, and credit card numbers, could be misused. As a result, privacy concerns pose risks to limit the expansion of the smart kitchen appliances market. Moreover, a large section of the population is not technologically advanced, making it difficult for such people to operate these modern technological devices. Moreover, smart kitchen appliances are costly in comparison to conventional appliances, which further restrains the market growth.
Opportunities:
With the growing awareness of the convenience offered by devices like intelligent juicers and blenders and coffee vending machines, people are gaining interest in such smart kitchen appliances. Additionally, people who lead a busy life, especially in urban areas are buying such smart appliances to save time. All these factors are creating lucrative opportunities for the growth of the global market.
COVID-19 Impact:
The smart kitchen appliances market has been negatively impacted by the Covid-19 pandemic. Due to the lockdown and social distancing norms, major businesses have ceased operations in various locations. Additionally, the COVID-19 outbreak has led to the closure of international borders, resulting in a significant drop in global demand for smart home products and accessories. Hence, the market is likely to be affected due to a decrease in the sales of smart home devices. Although restrictions were imposed in many regions, increasing awareness among consumers about a healthy environment prompted them to invest in smart and efficient appliances.
Smart Kitchen Appliances Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 43.9 Billion |
| CAGR (2022-2030) | 17.5% |
| By Product type | Smart Refrigerators, Smart Ovens, Smart Cooktops & Cookware, Smart Dishwashers, and others. |
| By Sales Channel | E-Commerce Websites and Specialty Stores |
| By Application | Residential and Commercial |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | Whirlpool Corporation, AB Electrolux, Xiaomi, LG Electronics, Panasonic, Samsung Electronics, Haier smart Home, Dongbu Daewoo Electronics, BSH Hausgerate GmbH
|
Market Segmentation:
By Product Type
The global smart kitchen appliances market has been divided into smart refrigerators, smart ovens, smart cooktops & cookware, and smart dishwashers based on the product type. During the forecast period, it is anticipated that the smart refrigerators segment will dominate the global market. The segment’s expansion can be attributed to an increase in people’s concerns about fresh and healthy food and the management of food waste. Advanced features like an internal camera are helping people to inspect food without even opening the door of the refrigerator. The smart cooktops and cookware segment is expected to present a significant share of the global market. Kitchen appliances that use less energy and help consumers save money on their power bills are becoming increasingly popular. People are also using smart ovens and dishwashers to save time.
By Sales Channel
The sales channel segment is divided into E-Commerce websites and specialty stores. The specialty stores are anticipated to contribute the largest share to the industry growth in terms of volume. The factors such as the availability of a wide range of products, in-store discounts for new product launches, and bulk purchasing options at the same location are estimated to support the growth of this segment. Also, online websites are expected to register significant growth during the forecast period owing to the consumer shift to reduced visits to physical stores for product purchases due to busy lifestyles and the comfort of shopping from home.
By Application
The global market for smart kitchen appliances has been divided into residential and commercial segments according to application. Due to the growing popularity of smart kitchen appliances in the residential sector, the residential segment is anticipated to hold the majority of the market during the forecast period. Smart cooking appliances that incorporate technologies like AI and the Internet of Things save time and effort. The commercial sector is also expected to rise in the forecast period. Increasing quick-service restaurants and food joints in every region are influencing commercial players to invest in smart kitchen appliances across the globe.
By Region
North America held the largest share of nearly 40% in 2020. The rise in purchasing power, shifting consumer preferences, and the expansion of smart grid initiatives are the driving factors for the growth of the market. Due to the expansion of commercial and residential development projects, smart kitchen appliances are gaining popularity in the region.
Asia Pacific made about 27.60 % market share in 2021. Asia Pacific is expected to be the quickest developing area in the smart kitchen appliances market, which is due to the developing interest in such appliances among the Japanese, Chinese and Korean populations.
Smart Kitchen Appliances Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- Whirlpool Corporation
- AB Electrolux
- Xiaomi
- LG Electronics
- Panasonic
- Samsung Electronics
- Haier Smart Home
- Dongbu Daewoo Electronics
- BSH Hausgerate GmbH
Recent Developments:
- In July 2022, a company named Sharp launched Smart Dishwasher with Wi-Fi connectivity, Alexa, and a power wash sprayer for washing heavy cookware.
- In April 2022, LG Electronics launches smart home appliances such as frost-free refrigerators, UV+UF Water Purifiers, and Charcoal microwaves.
- In November 2019, Electrolux collaborated with Google to connect kitchen products with Google Assistant to follow voice commands.
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