The global Smart Kitchen Appliances market size is expected to be worth around US$ 40.5 billion by 2030, according to a new report by Vision Research Reports.
The global Smart Kitchen Appliances market size was valued at US$ 10 billion in 2020 and is anticipated to grow at a CAGR of 20% during forecast period 2021 to 2030. Smart kitchen appliances are widely being adopted in both, residential and commercial sectors on global level. This is one of the key factors contributing to expansion of the smart kitchen appliances market.
Smart kitchen appliances are equipped with different sensors that facilitate easy operation for the users. In addition some of the smart kitchen appliances are designed with connectivity features that can connect to the other household appliances and also to handheld devices such as smartphones, tablets and others. Consumers can also regulate these appliances remotely. Companies are investing in research and development to launch innovative products. Nowadays, smart kitchen appliances available in the market are integrated with sensors, which has boosted the market. These appliances also offer easy operability and are energy efficient, which keep them ahead from traditional kitchen appliances. Moreover, growing prices of energy are expected to fuel the demand for smart kitchen appliance in the next few years.
Rising consumer disposable income and increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices are spurring the market growth. Increasing adoption of smart kitchen appliances in residential as well as commercial sectors across the world is also one of the prominent factors driving the market growth.
The market is driven by increasing penetration of Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices. With rapid technological upgradation and increasing women workforce, strong inclination toward luxurious and tech-savvy appliances are considered to be major factors fueling the market growth. In addition, these appliances are equipped with high proximity sensors and can be operated remotely from smartphones, tablets, and display monitors. Increasing disposable income of middle-class economic group and westernization in the developing countries is also propelling the market.
Availability of Energy Saving Product to Propel Market Growth
Consumer demand towards energy efficient product is increasing day by day. Rising cost of fossil fuel is driving the energy cost at a global level. By understanding this market scenario, companies are investing in energy saving products. Key players are invest on research & development activities to launch energy efficient products.
Rising demand of advanced smart home equipment in urban areas will work as a market driving factor. Consumers are spending on effortless kitchen appliances which can save their cooking time. Rising disposable income in developing countries including China, India, South Africa and Mexico that will further create new consumer base for smart kitchen appliance market.
High Product Cost To Restrict Market Growth
Average cost of smart home appliances are very high in retail market. It has become tough for middle class population to afford such products. Furthermore, traditional appliances are available in urban and rural market with a lower price. This factor will decrease the product sales in coming years.
|Market Size||US$ 40.5 billion by 2030|
|Growth Rate||CAGR of 20% From 2021 to 2030|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||Whirlpool Corporation, LG Electronics, AB Electrolux, Samsung Electronics Co. Ltd, Haier Group, Panasonic Corporation, BSH Hausgerate GmbH, Koninklijke Phillips N.V., Miele|
The segment accounted for the largest share of the market with approx. 34.3% share in 2020. Smart cookware and cooktops are the major products in this segment and are expected to drive market growth.
Smart cookware and cooktops are the fastest growing segment in the market and are witnessing a significant CAGR of 20.5% over the forecast period.
Increasing penetration of modern kitchens with IoT enabled appliances and improved kitchenware services are among the prominent factors for the segment to grow faster.
On the basis of application, the smart kitchen appliances market is further divided into residential and commercial. Increasing the purchasing power of residents in western countries including U.S., France, and Germany, and their interest in advanced gourmet cooking is driving the segment growth.
Apart from the residential sector, commercial segment is expected to grow significantly, witnessing a CAGR of 19% over the forecast period.
North America was estimated to be the largest market for smart kitchen appliances in 2020 owing to the growing trend of technology driven appliances in the market. In 2019, the U.S. was the largest market for smart kitchen appliances and held more than half of the market share in North America.
Asia Pacific is expected to be the fastest growing market, witnessing a significant growth rate of more than 21.1% during the forecast period. The growing adoption of smart refrigerators, smart ovens in the region particularly in China is the major factor for the growth of the market in the region.
Whirlpool Corporation, LG Electronics, AB Electrolux, Samsung Electronics Co. Ltd, Haier Group, Panasonic Corporation, BSH Hausgerate GmbH, Koninklijke Phillips N.V., and Miele are some of the major players in the market.
- Product Outlook
- Smart Refrigerators
- Smart Cookware & Cooktops
- Smart Dishwashers
- Smart Ovens
- Other Appliances
- Application Outlook
- Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle east & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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