With the advancement in the electronics and semiconductor industry, the home appliances sector is rapidly moving towards more energy efficient and high performance products. Similarly, growing development into the sensing devices for electronic appliances has further led to the emergence of various sensor-based intelligent home appliances. These are among the most important factors responsible for the smart appliances market growth. Due to increasing penetration of internet connectivity worldwide, manufacturers are now more focused towards incorporating these features in home appliances. Additionally, due to rising discretionary income of the people worldwide, consumers now prefer adopting high performance appliances thereby driving the overall market growth. Furthermore, with the onset of the COVID-19 pandemic, a significant proportion of the global population have been spending more time in home. In addition, there has been a growing number of consumers who have taken up cooking as a hobby. Such affluent consumers tend to invest in advanced appliances to make use of cooking. Thereby, the overall smart kitchen appliances market has witnessed a sudden surge since 2020.
Smart kitchen appliances refer to advanced and luxurious kitchen appliances designed for better efficiency and capability as compared to the traditional appliances. These appliances are equipped with features such as internet connectivity, remote control and other sensing systems enabling easy operation along with energy savings. Due to rising technological advancement coupled with people’s discretionary income, the demand for smart kitchen appliances is expected to soar substantially in the coming years. Additionally, smart appliances are highly important in the smart grid infrastructure for they enable two-way communication. Thus, the market for smart kitchen appliances is expected to expand exponentially in the coming years. The only major concern for the market is the high cost of these smart appliances over traditional kitchen appliances.
The report titled “Global Smart Kitchen Appliances Market- Growth, Share, Opportunities and Competitive Analysis, 2020 – 2028” offers strategic insights into the global smart kitchen appliances industry along with the market size and estimates for the duration 2018 to 2028. The said research study covers in-depth analysis of multiple market segments based on product types, application and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2019 & 2028. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help the strategic decision makers, the report also includes profiles of the leading smart kitchen appliances solutions vendors, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis and key developments. The major players profiled in the report are Whirlpool Corporation, AB Electrolux, Samsung Electronics Co., Ltd., Haier Group, LG Electronics, Inc., Panasonic Corporation, BSH Home Appliances Corporation (Robert Bosch GmbH),Dongbu Daewoo Electronics Corporation, Miele and Cie KG and Sub-Zero, Inc. Further, the report also covers market positioning of the key players operating in the smart kitchen appliances market. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global smart kitchen appliances market, offering market size and estimates for the period from 2020 to 2028, keeping in mind the above mentioned factors.
Product Segmentation Analysis
The global smart kitchen appliances market is dominated by the smart refrigerators segment. The segment contributed to more than one third of the total revenue generated worldwide, as of 2019. Refrigerators are among the most integral appliances of household. As a result, the demand for refrigerators remains firm across the globe.
Due to steady demand for refrigerators worldwide, manufacturers have more focus towards development of high-tech and energy efficient refrigerators. Consequently, the smart refrigerators segment is expected to retain its dominant position in the global market throughout the forecast period. Major companies such as Samsung Electronics Co., Ltd., LG Electronics, Inc. and Whirlpool Corporation among others emphasize on development of next generation refrigerators so as to gain a competitive edge in the market.
The smart dishwashers segment is expected to register the highest growth in the global market during the forecast period. This is attributed to the ongoing advancements, especially from the companies such as Whirlpool Corporation and AB Electrolux, in the segment making them easier to operate with higher energy efficiency. Furthermore, the smart ovens segment too is estimated to register strong growth in the global market. The others segment is predicted to witness moderate growth in the coming years.
Geography Segmentation Analysis
The global market for smart kitchen appliances is dominated by the North America region. As of 2019, the region contributed to more than one third of the total market revenue generated worldwide. The U.S. is the largest market for smart kitchen appliances in the region accounting for more than 3/4th of the total regional revenue. Due to high discretionary income of the consumers coupled with presence significant number of players, the market here is expected to witness strong growth throughout the forecast period. Thus, the region is estimated to retain its dominant position in the market throughout the forecast period.
Asia Pacific is expected to emerge as the highest growing market for smart kitchen appliances in the coming years. The growth here is majorly supported by China, Australia, Japan and South Korea. These countries have huge consumer base and hence the region holds large room for the market growth. Further, Europe is too expected to witness strong market growth during the forecast period. The market growth is mainly expected from the Western European countries.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Kitchen Appliances market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
