USD 13.18 billion
Global Smart Kitchen Appliances Market Size, Share, Growth Analysis, By Product(Smart Washer, Smart A.C), By Application(Residential, Commercial) - Industry Forecast 2024-2031
Report ID:
SQMIG25I2027 |
Region:
Global |
Published Date: April, 2024
Pages:
234
|
Tables:
65 |
Figures:
75
Global Smart Kitchen Appliances Market Insights
Global Smart Kitchen Appliances Market size was valued at USD 13.18 billion in 2019 and is poised to grow from USD 15.67 billion in 2023 to USD 60.19 billion by 2031, growing at a CAGR of 18.4% in the forecast period (2024-2031).
The market for kitchen cooking appliances is being driven by shifts in living standards around the world and a rise in interest in smart connected home appliances. Another factor influencing the purchase of kitchen appliances is the demand for devices with user-friendly interfaces and high energy efficiency. Hardware made of antimicrobial materials like copper, brass, and bronze are gaining popularity. Studies have shown that copper-based materials prevent the spread of bacteria and viruses. Individual shoppers are increasingly adding home appliances to their shopping carts, which is helping to move the market in the right direction.
Over 80 million American homes anticipate buying a new smart home device within the next 12 months, according to the Smart Home Technology Usage, Satisfaction, and Acquire Intent 2020 research. Nearly 80 million American households, or 64% of respondents, said they planned to buy new smart home gadgets in the upcoming year. Similar to this, interest in cleaning appliances has increased by 55% while interest in kitchen appliances has increased by 3%. There is a lot of interest in large appliances and televisions, and practically every category is showing a positive trend.
US Smart Kitchen Appliances Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Smart A.C
Fastest Growth
Smart Washer
Growth Rate
18.4% CAGR
Global Smart Kitchen Appliances Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Smart Kitchen Appliances Market By Product , 2021-2028($ Bn)
Global Smart Kitchen Appliances Market Size By Product , 2021-2028 (%)
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Global Smart Kitchen Appliances Market Segmental Analysis
Global smart kitchen appliances market is segmented based on the Product, Application, and region. Based on the Product, the Global Smart Kitchen Appliances Market is segmented as Smart Washer, Smart A.C, Smart Dryer, Smart Refrigerator, Smart Cooktop, and Other. Based on Application, the Global Smart Kitchen Appliances Market is segmented as Residential, and Commercial. Based on Region Smart Kitchen Appliances Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Smart Kitchen Appliances Market Analysis by Product
Based on the Product, the smart kitchen appliances market is bifurcated into Smart Washer, Smart A.C, Smart Dryer, Smart Refrigerator, Smart Cooktop, and Other. The market share that belongs to smart refrigerators is the largest. Sales of smart kitchen items are being driven by rising home remodeling spending in the residential market and the growing cook-at-home trend. The growing desire for smart kitchen appliances, which is having a favorable impact on the market for kitchen appliances, is a result of the smart home trend's popularity.
Global Smart Kitchen Appliances Market By Product, 2021(%), 2023 (%)
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Global Smart Kitchen Appliances Market Regional Insights
North America is expected to control the smart kitchen appliances market share. This is attributed to the growth in smart grid initiatives, shifting consumer preferences, and rising purchasing power. The increase in government incentives for using energy-efficient technology is one of the key factors driving the market. Regional demand for smart kitchen appliances will increase as a result of the expansion of residential and commercial construction projects in this area.
The smart appliance market is anticipated to grow at the highest CAGR in APAC. Major smart appliance producers with a constant focus on technological advancements can be found in the APAC, including Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), and LG Electronics (South Korea). Additionally, the markets for smart appliances in China, Japan, South Korea, and India have the potential to grow rapidly.
Global Smart Kitchen Appliances Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Smart Kitchen Appliances Market Dynamics
Smart Kitchen Appliances Market Driver
- To increase customer satisfaction, the hospitality sector is investing in robotic and connected technologies across various geographies. Today's leading smart hotel technologies include voice-activated rooms, robotic luggage storage, digital concierge, and smart TVs. With the purchase of smart kitchen appliances, numerous hotel managements are demonstrating a respectable interest in converting their kitchens into smart kitchens. The development of the smart kitchen appliance market is currently facilitated by the integration of cloud-based technologies and smartphones that allow hotel and restaurant owners to remotely control and monitor their commercial kitchen appliances.
- Market growth opportunities have been made available by the construction industry's expansion. People's interest in developments for smart homes has grown, which is thought to be the cause of this. Consequently, there is an increased need for connected homes that have high-tech furnishings and gadgets. Due to the hectic lifestyle, there is an increase in the demand for time-saving appliances, particularly in urban areas. Additionally, the need for smart appliances is necessitated by the increased awareness of the convenience that gadgets like smart coffee vending machines, smart juicers & blenders, and others bring to daily life, further boosting the market growth.
Smart Kitchen Appliances Market Restraint
- When compared to traditional appliances, smart appliances are more expensive. All of the home's appliances must be linked together using a single communication interface. Depending on the number of appliances and technology used, installation costs can range from US$ 50 to US$ 1,000. Even though it will be advantageous in the long run, it can be difficult for businesses to draw in customers at these prices. Currently, the majority of homes in America and Europe have smart appliances installed. However, a sizable portion of the populace in these areas still believes that high-end smart home appliances with cutting-edge technologies are out of reach. A sizable portion of the population in Asian nations like China and India cannot afford even the most basic home appliances.
- The potential misuse of their personal information, including names, email addresses, home addresses, dates of birth, and credit card numbers, is a concern for internet users and smartphone users. Furthermore, the majority of smart appliances are controlled by business-developed smartphone apps that collect user data, further raising concerns about consumer privacy. Therefore, privacy issues could act as a deterrent to the market expansion for smart appliances.
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Global Smart Kitchen Appliances Market Competitive Landscape
Global smart kitchen appliances market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Smart Kitchen Appliances Market Top Player's Company Profiles
- Whirlpool Corporation
- LG Electronics
- Samsung Electronics
- Panasonic Corporation
- Haier Group Corporation
- General Electric Company
- AB Electrolux
- Koninklijke Philips N.V.
- Siemens AG
- BSH Hausgeräte GmbH
- Midea Group Co., Ltd.
- Robert Bosch GmbH
- Toshiba Corporation
- Hitachi, Ltd.
- Arcelik A.S.
- Sharp Corporation
- Vestel Elektronik Sanayi ve Ticaret AS
- Smarter Applications Ltd.
- June Life, Inc.
- Hestan Commercial Corporation.
Smart Kitchen Appliances Market Recent Developments
- In January 2021, Samsung Electronics has introduced three models of Bespoke Flex refrigerators: Stainless Steel, Bespoke, and Family Hub. These refrigerators include a beverage centre and a dual auto ice maker.
- In October 2020, Xiaomi and Huami (China) have announced a collaboration. Huami will assist Xiaomi in the development of its chips and algorithms for smart appliances.
Global Smart Kitchen Appliances Key Market Trends
- Smart technologies, such as smart appliances, have increased as a result of the Internet of Things' (IoT) quick development. Cooking tasks have been eliminated thanks to the adoption of smart kitchen appliances. These "smart" appliances have a specific level of processing power, one or more actuators, sensor technologies, Wi-Fi or Bluetooth connectivity, artificial intelligence (AI), and a sophisticated user interface. Market expansion has been aided by the possibility of IoT to meet client needs while boosting functionality and engaging experiences.
Global Smart Kitchen Appliances Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Smart Kitchen Appliances Market Analysis, in terms of product, the market share that belongs to smart refrigerators is the largest. Sales of smart kitchen items are being driven by rising home remodeling spending in the residential market and the growing cook-at-home trend. In terms of application, the residential category held the most market share. Due to an increased awareness of cooking as a result of well-known cooking shows broadcast on TV, customers are increasingly interested in buying high-end smart kitchen appliances.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 13.18 billion |
| Market size value in 2031 | USD 60.19 billion |
| Growth Rate | 18.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Kitchen Appliances Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Kitchen Appliances Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Kitchen Appliances Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Kitchen Appliances Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Kitchen Appliances Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Kitchen Appliances Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Smart Kitchen Appliances Market Report Snapshots
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