Global Smart Kitchen Appliances Market

The global smart kitchen appliances market size is estimated to register a high CAGR during the forecast period, between 2021 and 2028. Smart kitchen appliances are increasingly used in various households as cooking is becoming more popular and a chunk of people cultivate the habit of cooking as their hobbies.  These appliances include a range of equipment that are primarily designed to save energy and time during cooking. Additionally, most of the products are made from environmentally friendly materials and provide productive function at the same time as they are built with a blend of cutting-edge technology and smart design. The kitchen concept has undergone a significant transformation as a result of the rapid growth of smart appliances technology, with a strong emphasis on enhancing kitchen efficiency and minimizing cleaning and cooking time.

Market Trends, Drivers, Restraints, and Opportunities

• Rising home renovation and spending for smart kitchen devices to ensure cooking efficiency within a short period of cooking presents a key driver of the market.
• Increasing consumer disposable income as well as technological advancements such as Artificial Intelligence (AI) and Internet of Things (IoT) enabled gadgets for kitchen appliances are driving the market expansion.
• Changes in living standards of a large number of the global population as well as a growing interest in smart connected home appliances are boosting the market.
• Growing desire for energy-saving appliances enabled by Wi-Fi due to wide adoption of internet and smartphones as well as rising sustainability issues are boosting the market.
• High cost of smart appliances is a major challenge that can acts a key hindrance to market growth in the coming years.
• Massive R&D activities to development innovative kitchen devices by several key players are key factors offering immense growth opportunities of the market.

Scope of the report

The report on the global smart kitchen appliances market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Smart Kitchen Appliances Market Segment Insights

Smart refrigerators segment to hold significant market share

Based on product types, the global smart kitchen appliances market is fragmented into smart coffee makers, smart cooktops, smart cookware, smart deep freezers, smart dishwashers, smart lighting devices, smart refrigerators, smart security devices, smart scale & thermometers, smart ovens, and others. The smart refrigerators segment is projected to hold significant market share in the coming years due to wide adoption of refrigerators in households as it is one of the most popular kitchen appliances. The expanding trend of cook-at-home and increasing spending to improve kitchen in the residential sector are driving sales of smart kitchen goods. Consumers can regulate or operate refrigerators using their cellphones and can also alter the temperature, operate the water dispenser, and so on using the embedded touchscreen.

Wi-Fi technology segment to account for substantial share

On the basis of technology, the market is segmented into Bluetooth, near field communication, Wi-Fi, and others. The Wi-Fi technology segment is anticipated to account for substantial share of the market during the forecast period. The segment growth is attributed to the growing trend of home automation, appliances such as smart washers, refrigerators, dryers, and dishwashers, which are linked to Wi-Fi connection.

Indirect sales channels segment to register a high CAGR

In terms of sales channels, the global smart kitchen appliances market is bifurcated into direct sales channels and indirect sales channels. The indirect sales channels segment is anticipated to register a high CAGR during the forecast period. To supply services to their end users, the majority of market participants have strong sales channels and distribution networks. Indirect sales involve the purchase of smart appliances both online and offline. Third-party cellular network carriers, wholesalers, retailers, and value-added resellers are examples of offline sales channels. Online sales channels include purchases made through e-commerce platforms. Following the pandemic's breakout, there has been an increase in demand for online outlets. Companies provide product setup and installation services, allowing users to buy things online with confidence.

Residential segment to expand at a rapid pace in the coming years

Based on end-users, the market is divided into commercial and residential. The residential segment is expected to expand at a rapid pace in the coming years. The growing fascination to cooking as a result of increased awareness through popular culinary shows broadcast on television is driving customer interest in purchasing high-end smart kitchen gadgets. Furthermore, expanding tourism and travel are raising consumers' interest in diverse cooking cultures and multi-cuisine meals, which are key factors prompting consumers to consider purchasing smart kitchen gadgets for their homes.

North America is expected to dominate the market

In terms of regions, the smart kitchen appliances market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market during the targeted period owing to increasing number of changing customer tastes, smart grid projects, and increased spending power of a large number of the population in the region. The availability of government subsidies for the usage of energy-efficient gadgets is one of the key factors driving the region. With the rising number of residential and commercial construction projects in this region, the demand for smart kitchen appliances is increasing significantly.

Segments

By Product Types

• Smart Coffee Makers
• Smart Cooktops
• Smart Cookware
• Smart Deep Freezers
• Smart Dishwashers
• Smart Lighting Devices
• Smart Refrigerators
• Smart Security Devices
• Smart Scale & Thermometers
• Smart Ovens
• Others

By Technology

• Bluetooth
• Near Field Communication
• Wi-Fi
• Others

By Sales Channels

• Direct Sales Channels
• Indirect Sales Channels

By End-users

• Commercial
• Residential

By Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

By Key Players

• LG Electronic
• Whirlpool Corporation
• Samsung Electronics Co. Ltd.
• Electrolux AB; Panasonic
• Haier Group
• BSH Hausgerate
• Philips
• Miele & Cie. KG.

Competitive Landscape

Key players competing in the global smart kitchen appliances market are LG Electronics; Whirlpool Corporation; Samsung Electronics Co. Ltd.; Electrolux AB; Panasonic; Haier Group; BSH Hausgerate; Philips; and Miele & Cie. KG. These players have constantly engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to strengthen their geographical presence and expand their customer base globally.