The smart kitchen appliances market is on a trajectory to reach a valuation of US$ 1,450.6 million in 2023, up from its 2022 valuation of approximately US$ 1,326.0 million.
Forecasts indicate a robust compound annual growth rate (CAGR) of 8.4% until the conclusion of the forecast period, resulting in a projected valuation of US$ 3,280.0 million by the end of 2029. Thus, the smart kitchen appliances market is poised for a promising decade from 2023 to 2029.
Analysis of Consumption Trends in the Smart Kitchen Appliances Market
· The global increase in disposable income has heightened the desire for an improved quality of life, making smart kitchen appliances a sought-after solution for enhancing comfort in the kitchen.
· The pervasive reliance on technology is evident worldwide, with the kitchen being no exception. The expanding role of technology in daily life contributes significantly to the growth of the smart kitchen appliances market.
· Rising concerns about escalating electricity bills and the cost of fuel used by traditional kitchen appliances have spurred interest in smart kitchen appliances. These innovative appliances offer energy-saving automation and eliminate the need for fuel, making them an appealing choice for consumers.
· However, it's worth noting that the higher cost of smart kitchen appliances remains a hurdle for some consumers, limiting market access to certain segments of the population.
· To address usability concerns, smart kitchen appliance manufacturers are prioritizing user-friendly designs. Many smart kitchen appliances can be easily operated through mobile apps, enhancing the convenience that these appliances provide to users.
Comparing the Smart Kitchen Appliances Market: 2018 to 2022
The smart kitchen appliances sector experienced substantial growth in the recent past. While cost considerations have posed challenges for the adoption of smart kitchen appliances, this issue is expected to see mitigation in the forecast period.
Smart Kitchen Appliances Market Value in 2022: US$ 1,326.0 million
As an increasing number of individuals gain access to disposable income, there is a growing potential for expenditure on smart kitchen appliances. Moreover, manufacturers of smart kitchen appliances are actively working to enhance affordability, anticipating an expansion of the consumer base in the coming years.
Long-Term Analysis of the Smart Kitchen Appliances Market: 2023 to 2029
In the forecast period, the smart kitchen appliances market is set to experience substantial growth, with a projected growth rate of 8.4%. As consumers increasingly seek ways to simplify their lives, smart kitchen appliances are poised to play a pivotal role. The rising adoption of smart kitchen appliances reflects the desire for added convenience in daily kitchen routines.
Examples of such convenience-enhancing appliances include smart microwaves that send reminders to smartphones and smart refrigerators that maintain food inventories. These innovations are expected to contribute to the market's growth, making consumers' lives more comfortable.
Smart kitchen appliances are deeply intertwined with technology, and the constant evolution of technology is poised to catalyze further advancements. The integration of artificial intelligence (AI) into smart kitchen appliances stands as a prominent example of the innovations propelling the advancement of this market. With technology progressing at an accelerated rate, there is a firm belief that the smart kitchen appliances market will maintain its strong growth in the foreseeable future.
Key Trends Shaping the Smart Kitchen Appliances Market
· Rise of Smart Homes: The increasing adoption of smart homes has elevated the significance of smart kitchens within these modern living spaces. Smart kitchen appliances are pivotal in transforming kitchens into intelligent hubs, thus driving the growth of the smart kitchen appliances market.
· Emphasis on Sustainability: Consumers are increasingly inclined towards sustainable practices, even in their kitchens. Smart kitchen appliances enable users to maintain eco-friendly habits, contributing to the expansion of the smart kitchen appliances market.
· Combatting Food Waste: With a growing aversion to food wastage, smart appliances like refrigerators and microwaves are equipped to minimize food wastage. This need for reducing food waste is a significant driver for the smart kitchen appliances market.
· Health-Conscious Lifestyles: Rising health-consciousness, especially among the younger generation, has led to greater scrutiny of dietary habits. Smart kitchen appliances assist users in tracking their consumption and provide dietary suggestions, aligning with health-conscious trends.
· Hospitality Sector Adoption: The hospitality industry is increasingly incorporating smart kitchen appliances to enhance customer service. Hotels, bars, and pubs are integrating these appliances to improve their kitchen operations and better serve their patrons.
· IoT-Enabled Appliances: The growing prevalence of Internet of Things (IoT) technology extends to the smart kitchen appliances market. Some of these appliances integrate IoT technology, offering enhanced connectivity and functionality. Additionally, AI-enabled smart kitchen appliances are emerging.
· Voice Assistant Integration: Voice-activated smart kitchen appliances, compatible with virtual assistants like Alexa and Google Assistant, are gaining popularity. These appliances streamline the kitchen experience, making it more convenient for users.
North America and Europe stand as the frontrunners in embracing advanced technologies, consequently securing substantial market shares in the technology-driven smart kitchen appliances sector. Notably, North America, led by the United States, offers fertile ground for the expansion of the smart kitchen appliances market.
In the Asia Pacific region, there is a rapid surge in market growth. Forecasts point to significant growth opportunities in Japan and China, anticipated to play pivotal roles in driving the expansion of the smart kitchen appliances market across the Asia Pacific region. Furthermore, the Middle East and Africa (MEA) region also demonstrate promising potential for substantial growth within this sector.
United States Smart Kitchen Appliances Market The United States asserts its dominance in the smart kitchen appliances market, contributing an impressive 23% of the market share in 2022. The outlook for this market in the United States is poised for remarkable growth over the forecast period, driven by several significant factors.
The presence of high-quality hotels and residences establishes a favorable environment for the smart kitchen appliances market's expansion in the United States. Additionally, government initiatives aimed at promoting smarter living further enhance the market's potential.
Japan's Smart Kitchen Appliances Market In the Asia Pacific region, Japan emerges as a leading force in the smart kitchen appliances market, securing a substantial 4.8% share of the global market in 2022. The continuous expansion of the Japanese economy plays a pivotal role in fueling the market's growth. This economic progress fosters advancements in residential sectors, facilitating the widespread adoption of smart appliances.
China's Smart Kitchen Appliances Market China, also situated within the Asia Pacific region, is positioned for rapid growth within the smart kitchen appliances market, commanding a significant 6.2% share of the global market in 2022. The convergence of international brands and local manufacturers has provided Chinese consumers with a diverse range of choices. As disposable income levels rise, contributing to improved lifestyles in China, the smart kitchen appliances market experiences remarkable expansion in the country.
United Kingdom Smart Kitchen Appliances Market
The United Kingdom exemplifies a surge in demand for smart kitchen appliances, marking a significant transformation in the realm of smart appliances. In 2022, the United Kingdom accounted for 7.4% of the smart kitchen appliances market share.
The increasing acceptance of smart kitchen appliances within households is a primary growth catalyst in the United Kingdom. This trend extends to the hospitality sector, where smart kitchen appliances are gaining traction, further enhancing the market's outlook.
Germany Smart Kitchen Appliances Market
Germany stands as another lucrative European hub for the smart kitchen appliances market, contributing a 6.2% share of the market in 2022. The country's leadership in technological advancements and an improved standard of living play pivotal roles in fostering the growth of the smart kitchen appliances market in Germany.
Competitive Landscape in the Smart Kitchen Appliances Market
In the realm of smart kitchen appliances, manufacturers are making substantial investments in technology enhancement. A significant portion of these investments is allocated to Research and Development (R&D) efforts to foster innovation. Manufacturers of smart kitchen appliances are leveraging this strategic approach to gain a competitive edge.
While the market exhibits fragmentation, it is also home to several established players. This landscape offers opportunities for new entrants to challenge established manufacturers.
Recent Developments in the Smart Kitchen Appliances Market:
- In August 2023, Samsung Electronics Co. Ltd. introduced the Samsung Food app, enabling users to scan food items and receive corresponding recipes, which can be synchronized with Samsung ovens.
- In November 2022, Whirlpool Corporation declared its support for Matter, a language that facilitates connectivity among various home appliances.
- In July 2022, Sharp Corporation launched the Sharp Smart Dishwasher, featuring Wi-Fi connectivity and a voice assistant.
- In April 2022, LG Electronics expanded its presence in the Indian market with the introduction of various smart kitchen appliances, including InstaView Door-in-Door and Frost Free Refrigerators, AI Direct Drive Washing Machines, and a range of Charcoal Microwaves.
Key Companies in the Smart Kitchen Appliances Market:
- Whirlpool Corporation
- LG Electronics
- AB Electrolux
- Panasonic Corporation
- Haier Group
- Samsung Electronics Co. Ltd.
- Koninklijke Philips N.V.
- General Electric Co.
- Sector Qube
- Sharp Corporation
- Smart Refrigerator
- Smart Coffee Maker
- Smart Dishwasher
- Smart Cookware & Cooktop
- Smart Oven
- Other Appliances
By Connectivity Technology:
- North America
- Latin America
- South Asia
- East Asia
- The Middle East and Africa (MEA)
1 Market Overview
1.2 Market Analysis by Type
1.2.1 Overview: Global Revenue by Type: 2022 Versus 2023 Versus 2029
1.3 Market Analysis by Application
1.3.1 Overview: Global Revenue by Application: 2022 Versus 2023 Versus 2029
1.4 Global Market Size & Forecast
1.4.1 Global Sales in Value (2017-2029))
1.4.2 Global Sales in Volume (2017-2029)
1.4.3 Global Price by Type (2017-2029) & (US$/Unit)
1.5 Global Production Capacity Analysis
1.5.1 Global Total Production Capacity (2017-2029)
1.5.2 Global Production Capacity by Geographic Region
1.6 Market Drivers, Restraints and Trends
1.6.1 Market Drivers
1.6.2 Market Restraints
1.6.3 Trends Analysis
2 Manufacturers Profiles
**This is for each company**
2.1.1 Company Details
2.1.2 Company Major Business
2.1.3 Company Product and Services
2.1.4 Company Sales, Price, Revenue, Gross Margin and Market Share (2019-2022)
3 Sales by Manufacturer
3.1 Global Sales in Volume by Manufacturer (2020-2022)
3.2 Global Revenue by Manufacturer (2020-2022)
3.3 Key Manufacturer Position in Market
3.4 Market Concentration Rate
3.4.1 Top 3 Manufacturer Market Share
3.4.2 Top 6 Manufacturer Market Share
3.5 Global Production Capacity by Company
3.6 Manufacturer by Geography: Head Office and Production Site
3.7 New Entrant and Capacity Expansion Plans
3.8 Mergers & Acquisitions
4 Market Analysis by Region
4.1 Global Market Size by Region
4.1.1 Global Sales in Volume by Region (2017-2029)
4.1.2 Global Revenue by Region (2017-2029)
4.2 North America Revenue (2017-2029)
4.3 Europe Revenue (2017-2029)
4.4 Asia-Pacific Revenue (2017-2029)
4.5 South America Revenue (2017-2029)
4.6 Middle East and Africa Revenue (2017-2029)
5 Market Segment by Type
5.1 Global Sales in Volume by Type (2017-2029)
5.2 Global Revenue by Type (2017-2029)
5.3 Global Price by Type (2017-2029)
6 Market Segment by Application
6.1 Global Sales in Volume by Application (2017-2029)
6.2 Global Revenue by Application (2017-2029)
6.3 Global Price by Application (2017-2029)
7 North America by Country, by Type, and by Application
7.1 North America Sales by Type (2017-2029)
7.2 North America Sales by Application (2017-2029)
7.3 North America Market Size by Country
7.3.1 North America Sales in Volume by Country (2017-2029)
7.3.2 North America Revenue by Country (2017-2029)
7.3.3 United States Market Size and Forecast (2017-2029)
7.3.4 Canada Market Size and Forecast (2017-2029)
7.3.5 Mexico Market Size and Forecast (2017-2029)
8 Europe by Country, by Type, and by Application
8.1 Europe Sales by Type (2017-2029)
8.2 Europe Sales by Application (2017-2029)
8.3 Europe Market Size by Country
8.3.1 Europe Sales in Volume by Country (2017-2029)
8.3.2 Europe Revenue by Country (2017-2029)
8.3.3 Germany Market Size and Forecast (2017-2029)
8.3.4 France Market Size and Forecast (2017-2029)
8.3.5 United Kingdom Market Size and Forecast (2017-2029)
8.3.6 Russia Market Size and Forecast (2017-2029)
8.3.7 Italy Market Size and Forecast (2017-2029)
9 Asia-Pacific by Country, by Type, and by Application
9.1 Asia-Pacific Sales by Type (2017-2029)
9.2 Asia-Pacific Sales by Application (2017-2029)
9.3 Asia-Pacific Market Size by Region
9.3.1 Asia-Pacific Sales in Volume by Region (2017-2029)
9.3.2 Asia-Pacific Revenue by Region (2017-2029)
9.3.3 China Market Size and Forecast (2017-2029)
9.3.4 Japan Market Size and Forecast (2017-2029)
9.3.5 Korea Market Size and Forecast (2017-2029)
9.3.6 India Market Size and Forecast (2017-2029)
9.3.7 Southeast Asia Market Size and Forecast (2017-2029)
9.3.8 Australia Market Size and Forecast (2017-2029)
10 South America by Country, by Type, and by Application
10.1 South America Sales by Type (2017-2029)
10.2 South America Sales by Application (2017-2029)
10.3 South America Market Size by Country
10.3.1 South America Sales in Volume by Country (2017-2029)
10.3.2 South America Revenue by Country (2017-2029)
10.3.3 Brazil Market Size and Forecast (2017-2029)
10.3.4 Argentina Market Size and Forecast (2017-2029)
11 Middle East & Africa by Country, by Type, and by Application
11.1 Middle East & Africa Sales by Type (2017-2029)
11.2 Middle East & Africa Sales by Application (2017-2029)
11.3 Middle East & Africa Market Size by Country
11.3.1 Middle East & Africa Sales in Volume by Country (2017-2029)
11.3.2 Middle East & Africa Revenue by Country (2017-2029)
11.3.3 Turkey Market Size and Forecast (2017-2029)
11.3.4 Egypt Market Size and Forecast (2017-2029)
11.3.5 Saudi Arabia Market Size and Forecast (2017-2029)
11.3.6 South Africa Market Size and Forecast (2017-2029)
12 Sales Channel, Distributors, Traders and Dealers
12.1 Sales Channel
12.1.1 Direct Marketing
12.1.2 Indirect Marketing
12.2 Typical Distributors
12.3 Typical Customers
13 Research Findings and Conclusion
14.2 Research Process and Data Source
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analysing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.