Global Smart Kitchen Appliances Market - 2022-2029

Global Smart Kitchen Appliances Market - 2022-2029

Market Overview

The global smart kitchen appliances market is valued at USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Smart kitchen appliances are integrated with various sensors that make operation simple for users. Furthermore, some smart kitchen appliances are equipped with connectivity characteristics that allow them to communicate with other household appliances and handheld devices such as smartphones, tablets, and other similar devices. These appliances can also be controlled remotely by consumers. The smart kitchen appliances sector is driven by global living standards and a growing interest in smart-linked home equipment. Another element driving kitchen appliance purchases are the demand for energy-efficient appliances with user-friendly interfaces.

Market Dynamics:

Increasing demand for luxury and tech-savvy appliances, as well as technological advancements in kitchen appliances

The smart kitchen appliance industry has benefited from increased technology integration, such as Artificial Intelligence (AI) and the Internet of Things (IoT), and an increase in people's disposable income. On a global scale, smart kitchen equipment is becoming increasingly used in both the household and commercial sectors. This is one of the major factors driving the market for smart kitchen appliances to grow. Additionally, convenience, intelligent sensors, linked security features, and time-saving features are key aspects expected to propel the global smart kitchen appliances market forward. Kitchen appliance manufacturers have recognized the promise of IoT and are investing time and money in establishing infrastructures for their goods to interact across. Consumers actively using IoT devices value this feature, which is projected to fuel market expansion throughout the forecast period. The Internet of Things (IoT) is a developing network of common objects that connects industrial machinery with consumer home appliances to share information and accomplish tasks. At the same time, people are busy doing other things. Small amounts of computational power embedded in appliances have resulted in major lifestyle benefits. By alerting users of schedules, deadlines, or other household demands, networked devices are better serving users and helping to adjust their behavior in good ways. With the rapid growth of technology, the kitchen concept has undergone a significant transformation, with a strong focus on enhancing efficiency in the kitchen and lowering the time spent cleaning and cooking.

Devices upgraded with smart sensors and Internet of things (IoT) enabled technologies have helped the market gain traction. Over the forecast period, IoT devices are also expected to boost market expansion. Customers on the global market have begun to associate technical innovation with wealth, and they are spending a disproportionate amount of money on home decoration. As a result, the market for smart kitchen equipment has grown globally. Every new appliance, from dishwashers to freezers, incorporates smart technology to provide tailored functionality for various customer demands and preferences. The development of smart kitchens is aided by the trend toward smaller single-family homes and integrated kitchen designs. Smart devices are useful not just for their convenience and ease of use but also for their environmental benefits. Connected domestic appliances, for example, can keep shopping lists and check what is still in the refrigerator with a single glance on the smartphone.

Market Segmentation:

Smart refrigerators is dominating segment in global smart kitchen appliances market

Smart refrigerators dominated the market in terms of value in 2021, with a XX% share. Increased spending on home upgrades in the residential sector, as well as the expanding cook-at-home trend, are driving sales of smart kitchen equipment. The increased popularity of the smart home idea has resulted in an increase in demand for smart kitchen appliances, which has benefited the kitchen appliance business. The most popular kitchen appliances are smart refrigerators. Smart refrigerators can alter the temperature, operate the water dispenser, and use the embedded touchscreen. Stainless steel has a smooth surface that is easy to maintain and durable. Another high-end trend is to incorporate appliances with cabinetry using custom panels. Higher-end appliances have the advantage of having classic lines that blend in with various kitchen styles.

Based on the distribution channel, residential applications held the highest market revenue share of XX% in 2021. Consumers are becoming more interested in buying high-end smart kitchen appliances due to a growing attraction to cooking as a result of increased awareness through popular culinary shows broadcast on television. Furthermore, expanding tourism and travel increases consumers' interest in other cooking cultures and multi-cuisine food, prompting them to use smart kitchen appliances for their homes. According to a recent NPR investigation, around 39 million Americans own a smart speaker for usage in a linked home. Voice-activated speakers and smartphone interfaces can control kitchen equipment such as refrigerators and ovens from afar. Samsung's new BESPOKE 4-Door Flex refrigerator features a brand-new Beverage Center that includes an Autofill Water Pitcher that is always full of fresh water, an ultra-hygienic water dispenser, and a Dual Ice Maker that can make both ordinary ice and ice chunks to cold drinks even faster.

Geographical Penetration:

North America is dominating region in global smart kitchen appliances market

In 2021, North America had the highest share of XX percent. This can be attributed to a growth in smart grid projects, shifting customer preferences, and increased purchasing power. Increased government incentives for using energy-efficient gadgets are key factors driving the industry. As the number of residential and commercial construction projects in this region rises, regional demand for smart kitchen equipment will expand. During the forecast period, Asia Pacific will be the fastest-growing segment. Increased internet usage and technological improvements in developing economies such as China and India are to blame for this. According to the China Internet Network Information Center (CNNIC), China has a 59.3 percent internet penetration rate. Smart appliance adoption is expected to increase due to new product advancements across the sector. In China, for example, Xiaomi Global Community debuted a fully autonomous smart washing machine in December 2018.

Competitive Landscape:

The smart kitchen appliances market is fragmented. The smart kitchen appliances market is competitive and comprises numerous regional and international competitors. Furthermore, while engaging the consumers with innovation and expansion strategies, key players capitalize on the market revenue. Several well-known players dominate the market. These firms command a significant market share and have a global presence. To gain market share, manufacturers are deciding on new product launches. For example, in June 2021, the Guangdong-based Midea Group unveiled a new refrigerator on Huawei's HarmonyOS. Users can take advantage of various functions provided by the smart appliance. This includes touch-based interactions that may tell consumers how fresh the goods in the refrigerator are at any particular time.

COVID-19 Impact:

Positive impact on the global smart kitchen appliances market

Home appliances are increasingly making their way into shopping trolleys as individuals in the Covid world spend more time at home. While the lockdowns caused some instability in the business, overall consumer sentiment has been strong, and the prognosis is positive. E-commerce sites have begun to generate significant income in recent years, particularly following COVID-19. The ubiquity of smartphones and tablets with quick payment methods has further aided the growth of the online home appliances business. Manufacturers reset inventory positions by offering discounts to clear away spring and summer stockpiles. Digital marketing is crucial in this situation for retaining engagement and increasing online sales, and attracting people to visit stores in those geographic markets once they reopen.

Why Purchase the Report?

Understand the current market scenario and viability of global smart kitchen appliances market over the forecast period

Visualize the composition of the global smart kitchen appliances market in terms of product type, application and distribution channel to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global smart kitchen appliances market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global smart kitchen appliances market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Food and Beverage Companies

Kitchen Appliances Manufacturers

Industry Investors

Education & Research Institutes

Research Professionals