A Detailed Analysis of the Smart Kitchen Appliances Market Based on Exponential Rise in Consumer Demand, and Newer Brands Stepping in the Game
Industry: Consumer Goods
Published Date: January-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 174
Report ID: PMRREP33630
The global smart kitchen appliances market is forecast to expand at a CAGR of 8.4% and thereby increase from a value of US$1.8 Bn in 2023, to US$3.2 Bn by the end of 2030.
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Attributes |
Key Insights |
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Smart Kitchen Appliances Market Size (2023E) |
US$1.8 Bn |
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Projected Market Value (2030F) |
US$3.2 Bn |
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Global Market Growth Rate (CAGR 2023 to 2030) |
8.4% |
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Historical Market Growth Rate (CAGR 2018 to 2022) |
7.9% |
Smart kitchen appliances are a category of cutting-edge devices that have been specifically engineered to improve kitchen efficiency and convenience by means of connectivity and automation. By utilizing Internet of Things (IoT) technology, these appliances enable users to remotely monitor and control them through their smartphones or other intelligent devices. Instances of such appliances encompass intelligent refrigerators, furnaces, coffee makers, and cooking assistants that incorporate mobile applications or voice commands, thereby furnishing users with up-to-date data and authority over their culinary endeavors.
Smart kitchen appliances strive to enhance the culinary and food management experience by aiding in the streamlining of tasks, optimization of resource utilization, and implementation of data analytics, automation, and energy efficiency. Rising consumer demand for intelligent and connected solutions is propelling the smart kitchen appliances market to expand at a rapid rate. Increasing demand for energy-efficient and time-saving appliances, developments in IoT technology, and the proliferation of smart residences all contribute towards market growth.
Manufacturers are consistently engaging in innovative practices to introduce novel functionalities, improve interoperability, and accommodate changing consumer preferences. This fosters a competitive environment within the smart kitchen appliances sector. The market is positioned for additional growth due to the increasing prevalence of smart home ecosystems and consumer demand for inventive approaches to streamline and modernize their kitchen experiences.
Rising Consumer Interest in Smart Homes, and Growing Focus on Sustainable Living
Increasing smart home technology adoption is a significant factor in the expansion of the smart kitchen appliances market. The increasing adoption of interconnected living spaces by consumers has generated a surge in the need for kitchen appliances that can effortlessly assimilate into these intelligent ecosystems. Smart kitchen appliances that are integrated with the Internet of Things (IoT) enable users to remotely operate and oversee their devices, thereby offering a degree of convenience that corresponds to the overarching pattern of home automation.
The increasing demand for smart kitchen appliances is being driven by the desire for a connected lifestyle in which users can control their appliances via voice commands or smartphones. As a result, manufacturers are compelled to innovate and create technologically advanced solutions to meet the needs of this evolving consumer preference.
An additional substantial factor propelling the market for smart kitchen appliances is the growing concern for sustainability and energy efficiency. An increasing number of environmentally conscious consumers are actively seeking out appliances that not only enhance convenience but also contribute to the reduction of energy consumption and waste. Frequently, intelligent kitchen appliances include energy monitoring capabilities that enable users to track and optimize energy consumption, thereby fostering a more sustainable and environmentally friendly way of life.
Moreover, the incorporation of intelligent technologies facilitates the operation of household appliances in a more streamlined manner, thereby reducing the wastage of resources and conforming to the worldwide trend towards environmentally sustainable lifestyles. Demand for energy-efficient smart kitchen appliances is anticipated to propel market expansion as consumers increasingly prioritize sustainability.
Higher Upfront Costs of Connected Devices
A significant impediment to the growth of the smart kitchen appliances market is the prohibitive cost of these cutting-edge products. The increasing market demand for smart kitchen appliances is hindered by the relatively high initial investment required to acquire these interconnected devices in comparison to their conventional counterparts.
Affordability concerns among consumers might impede their adoption of smart kitchen solutions, thereby restricting market penetration. In addition, certain users may be limited by the requirement for a dependable and robust internet connection in order to communicate seamlessly between devices. It will be imperative to surmount these financial obstacles and guarantee availability to a wider range of consumers in order to sustain the expansion of the smart kitchen appliances industry.
Ascending Need for Standardized Communication Protocols, and Interoperability
One significant obstacle within the market for smart kitchen appliances pertains to the requirement for standardized communication protocols and interoperability. Diverse devices from numerous manufacturers, frequently operating on distinct platforms and communication standards, inundate the market.
The absence of consistency in these aspects presents obstacles to the smooth integration and communication of various smart culinary appliances and other interconnected devices in the household. The establishment of a universal interoperability standard is of the utmost importance to improve the user experience and guarantee that consumers can effortlessly integrate a variety of smart appliances into their kitchen ecosystems without encountering compatibility challenges. This will facilitate the broader and more effective integration of these technologies.
AI Integration in Culinary Processes, and Expansion of Smart Home Ecosystems
One notable prospect within the market for smart kitchen appliances is the incorporation of AI for the purpose of augmenting culinary functionalities. Algorithms powered by artificial intelligence are capable of examining user preferences, proposing customized recipes, and optimizing culinary parameters in accordance with dietary rules and personal tastes. With the ability to facilitate meal preparation, intelligent kitchen appliances that utilize AI can provide a more intuitive and user-friendly experience, which will appeal to consumers in search of novel approaches.
Manufacturers possess the potential to create AI-driven kitchen appliances that not only optimize culinary procedures but also enhance the cooking experience by offering personalized touches, thereby establishing themselves as leaders in the smart kitchen sector of technological progressions.
Moreover, the increasing prevalence of smart home integration offers manufacturers of smart kitchen appliances a strategic opportunity to broaden their range of products and seamlessly integrate them into all-encompassing smart home ecosystems. The growing consumer investment in interconnected home automation devices has generated an elevated need for kitchen appliances capable of establishing communication with other intelligent devices present in the household.
Manufacturers are thereby afforded the chance to create solutions that are compatible with voice assistants, home security systems, and other smart home connectivity technology. By capitalizing on the overarching smart home phenomenon, manufacturers can expand their market reach and provide customers with a unified and integrated smart living experience.
The future of the market for smart kitchen appliances is anticipated to be dynamic and promising, according to our analysts' projections. The market is positioned for long-term expansion due to technological advancements, heightened consumer consciousness, an escalating desire for connected living solutions, and an expanding focus on daily convenience and efficiency.
It is anticipated that forthcoming advancements in connectivity technologies, artificial intelligence, and the Internet of Things will augment the functionalities of smart kitchen appliances, providing users with an unparalleled degree of autonomy and customization in their culinary endeavors. It is anticipated that smart kitchen appliance integration into larger smart home ecosystems will become more seamless, thereby encouraging widespread adoption.
With manufacturers striving to resolve cost apprehensions and improve interoperability, the market will probably experience heightened penetration among a wide range of consumer demographics. In general, the outlook for the smart kitchen appliances market is optimistic, as it witnesses ongoing technological advancements and a transition towards kitchen solutions that are more intelligent, interconnected, and environmentally sustainable.
Supply-side Dynamics
At the supply end of the smart kitchen appliances industry, manufacturers are proactively addressing the growing need for cutting-edge and interconnected products. Ongoing research and development endeavors aim to incorporate state-of-the-art technologies, including machine learning and artificial intelligence, into the realm of culinary appliances. Organizations are making investments in the development of products that not only streamline repetitive duties but also improve the overall user experience by incorporating customized attributes and sophisticated functionalities.
Furthermore, there is an increasing prevalence of strategic collaborations and partnerships operating within the supply chain. As a result of the collaboration between appliance manufacturers and technology firms, which capitalizes on their respective areas of expertise, intelligent kitchen solutions are being developed that are interoperable and seamlessly integrated.
The supply-side dynamics encompass a commitment to sustainability as producers integrate environmentally benign materials and energy-efficient technologies into their merchandise. In the light of heightened competition, businesses are striving to distinguish themselves by providing an extensive selection of intelligent kitchen appliances that accommodate a wide array of consumer demands. This strategy guarantees a dynamic and ever-changing market environment for suppliers.
Which Application Category is at the Forefront?
Sales of Smart Refrigerators Dominant in Line with a Demand Upsurge in Connected Storage Solutions
The application category is segmented into the smart refrigerator, smart coffee maker, smart dishwasher, smart cookware and cooktop, smart oven, and other appliances. Smart refrigerators dominate the market for smart kitchen appliances as the demand for connected storage solutions that provide attributes such as remote monitoring, energy efficiency, and inventory management continues to rise.
Smart cookware and cooktop is the fastest-growing market segment, driven by advancements including recipe optimization, precision preparation, and integration with digital platforms. The expansion is driven by consumer inclinations toward intelligent culinary experiences, time-efficient functionalities, and the capacity to oversee and regulate cooking procedures via smart technologies. This reflects a more extensive pattern of kitchen activities being modernized and optimized.
Which is the Sought-after Connectivity Technology?
Wi-Fi Technology Remains the Most Preferred Technology for Connectivity
The Application segment is bifurcated into Bluetooth, Wi-Fi, and NFC. Wi-Fi connectivity technology dominates the market for smart kitchen appliances, owing to its extensive implementation and high-speed internet functionalities. Its expansion is propelled by real-time monitoring, seamless remote control, and integration with smart home ecosystems. Near Field Communication (NFC) is the most rapidly expanding sector, owing to its secure and expeditious device coupling functionalities.
Increasing demand for touch-based connectivity options, which facilitate the interaction between compatible devices and smart kitchen appliances in the connected home environment and enhance the user experience, is responsible for the growth.
North America Steers the Global Market
North America is the leading region in the smart kitchen appliances market due to several factors: significant technological progress, well-informed consumers, and a resilient infrastructure that facilitates the adoption of smart homes. Increasing disposable income, a tech-savvy consumer base, and a preference for innovative solutions that improve daily convenience and efficiency all contribute to the expansion of this region.
Rate of Adoption on a Constant Rise Across Asian Markets
South Asia, and Oceania is the region experiencing the most rapid growth, which can be attributed to surges in urbanization, rising disposable income, and the expansion of the middle class. The proliferation of smart kitchen appliances is propelled by shifts in consumer lifestyles, an increasing demand for contemporary conveniences, and the expansive impact of digitalization. To meet the changing preferences and aspirations of consumers in the South Asia, and Oceania region, manufacturers are capitalizing on this trend by introducing feature-rich, reasonably priced smart kitchen solutions.
The smart kitchen appliances market is marked by fierce competition among major players who are endeavoring to position themselves as frontrunners in this swiftly developing industry. Prominent corporations actively pursue ongoing product innovation with the objective of maintaining a competitive edge in terms of feature integration with technology and usability. This advancement transcends individual appliances and encompasses entire smart kitchen ecosystems as manufacturers strive to establish uninterrupted connectivity and compatibility across various devices.
Strategic alliances and collaborations are prevalent in the appliance industry, wherein manufacturers frequently form partnerships with technology firms to capitalize on their specialized knowledge in connectivity solutions and software development.
Market participants are concentrating on expanding their international footprint via strategic acquisitions and expansions. This entails the expansion into untapped geographic markets in order to access a wide range of consumer preferences, as well as the utilization of acquisitions to enhance product portfolios. The competitive strategy places significant importance on customer experience and brand loyalty, which motivates organizations to allocate resources toward comprehensive customer support, user education, and after-sales services.
With the ongoing maturation of the market, the competitive environment will probably become more consolidated. Firms that are capable of adapting to the changing technological landscape and consumer demands will be well-positioned to achieve sustained success in the smart kitchen appliances sector.
New Product Launch
In March 2023, Fresco, the preeminent smart kitchen platform utilized by appliance manufacturers worldwide, unveiled KitchenOS, its all-in-one operating system, today. Unlocking the complete potential of connected appliances, the platform integrates every component required to do so, including IoT appliance control, branded app development, smart recipes, and engagement tools. KitchenOS facilitates a streamlined and enjoyable culinary experience by improving the user interface. Additionally, it allows appliance manufacturers to establish connections with customers and deliver tailored content based on their appliance usage patterns.
Market Impact: This innovation provides manufacturers with a comprehensive platform for IoT appliance control, application development, smart recipes, and customer engagement, all while streamlining and enhancing the user experience. The action is anticipated to stimulate additional progress in the field, facilitating enhanced connectivity, tailored content provision, and a smoother incorporation of intelligent home appliances into the everyday routines of consumers.
(Source: Press releases by GlobeNewswire+ and others)
Whirlpool Brand Smart Kitchen Appliance Upgrades Reconceptualize the Future of Care in Jan 2019. Whirlpool's extensive collection of smart kitchen appliances is enhanced by recent developments that enable a seamless method of cooking experience simplification. Identifying recipes, purchasing ingredients, preparing dinner, and cleaning up are all aspects of the culinary process that present both opportunities and challenges. Whirlpool will exhibit a redesigned collection of 28 intelligent kitchen appliances at CES® 2019. These appliances will seamlessly incorporate state-of-the-art technology to facilitate the cooking process.
Market Impact: Through the integration of state-of-the-art technology, Whirlpool endeavors to provide customers with a cohesive and interconnected culinary encounter. Establishing new benchmarks for kitchen efficiency and convenience is likely to contribute to the expansion of the market and demonstrates the industry's dedication to ongoing innovation.
(Source: Whirlpool Corporation)
Electrolux, and Drop, a provider of smart kitchen technology, are forming a strategic alliance to advance the smart kitchen ecosystem and generate avenues for enhancing the gustatory experience for a greater number of consumers in Oct 2018. Electrolux business area Home Care & Small Domestic Appliances (SDA) will enable products to integrate seamlessly with Drop's online platform and app in accordance with the partnership announced today. Drop's platform and app will furnish customized recipes and guidance pertaining to the specific programs and functionalities of Electrolux appliances.
Market Impact: This partnership exemplifies the expanding pattern of interoperability and ecosystem growth in the smart kitchen sector, signifying a more extensive industry transition towards the development of cohesive and integrated solutions that cater to the needs of consumers who desire ease of use and inventive approaches to their culinary endeavors.
(Source: Electrolux Group)
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Attribute |
Details |
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Forecast Period |
2023 to 2030 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Applications:
By Connectivity Technology:
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The market is anticipated to grow at a CAGR of 8.4% during the period of projection.
The smart kitchen appliances market was valued at US$1.8 billion in 2023.
The US held a major market share as of 2023.
The prominent players in the market are Whirlpool Corporation, LG Electronics, Electrolux AB, Samsung Electronics Co., Ltd., and Haier Group.
The Wi-Fi segment is expected to grow at the fastest pace during the projected period.
