Smart Kitchen Appliances Market to Touch $43 billion by 2027
Smart Kitchen Appliances Market to Touch $43 billion by 2027
NEW YORK [UNITED STATES] – Major players in the Smart Kitchen Appliances Market are Whirlpool Corporation, LG Electronics, Electrolux AB, Samsung Electronics Co. Ltd., Haier Group, AB Electrolux, BSH Home Appliances Corporation, Panasonic Corporation, Breville Group Limited, Miele & Cie. KG, Vita-Mix Corporation, GE Appliances, Xiaomi, SectorQube, and Dacor.
The Global Smart Kitchen Appliances market grew from $17.79 billion in 2022 to $21.47 billion in 2023 at a compound annual growth rate (CAGR) of 20.7%.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe.
The smart kitchen appliances market is expected to grow to $43.04 billion in 2027 at a CAGR of 19.0%.
Smart Kitchen Appliances Market Composition
- The Smart Kitchen Appliances Market consists of sales of Smart Pressure Cooker, Smart air Fryer, Smart Air Fryer Oven, Smart Toaster Oven, Smart Induction Cooker, Smart Dutch Oven, Smart Food Processor and Smart Skillet.
- Values in this market are ‘Factory Gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
- The value of goods in this market includes related services sold by the creators of the goods.
Smart Kitchen Appliances | Kitchen Appliances Connected Through IoT (Internet of Things)
- Smart Kitchen Appliances refer to kitchen appliances connected through IoT (internet of things) technology, bluetooth, Wi-Fi, and other technologies.These smart kitchen appliances are used to make household management easier to operate and eliminate mundane tasks.
- For enhanced functionality and a more interactive experience, these appliances, like other smart technologies, are integrated with sensor technology, computing power, one or more actuators, and communication capabilities such as Bluetooth or Wi-Fi, advanced user interface, and artificial intelligence (AI) technologies.
- North America was the largest region in the smart kitchen appliances market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
- The regions covered in the smart kitchen appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
- The main types of smart kitchen appliances include smart refrigerators, smart cookware and cooktops, smart dishwashers, smart ovens, and other appliances.Smart refrigerators refer to refrigerators, which are equipped with features such as a touchscreen interface, the option to connect to the internet through Wi-Fi, internal cameras, flexible user-controlled cooling options and other functions to interact with its features using a smartphone or tablet depending on the smart refrigerator brand.
- The implementation of IoT & AI functionalities has further improved the user experience. They are sold through direct and indirect sales channels and used by residential and commercial customers.
Rising Global Demand for Smart Kitchen Appliances
- The increased demand for advanced and intelligent cooking appliances is significantly contributing to the growth of the smart kitchen appliances market.The outbreak of the COVID-19 pandemic and subsequent lockdowns along with increased access to smartphones and wireless services has aided in the growth in demand for smart kitchen appliances.
- For instance, according to research by security.org, 32% of US households have access to smart home technology and it is expected to grow to 57% by 2025. Estimates also show that 80 million US households or 64% of the participants intend to purchase a new type of smart home device within the next year. Therefore, the increased demand for advanced and intelligent cooking appliances will contribute to the growth of the human smart kitchen appliances market.
- Technological advancement is a key trend gaining popularity in the smart kitchen appliances market.Key players operating in the smart kitchen appliances market are focusing on developing innovative kitchen appliances with advanced technological solutions such as machine learning to enhance their existing product portfolio and strengthen their position in the market.
- For instance, Bosch, a German multinational engineering and technology company, launched Bosch Series 8 accent line sensor oven, a smart Artificial Intelligence-powered oven. With the use of a machine learning system, a neural network helps recognize certain sequences from the data and makes intelligent predictions, including the time required for the baking or cooking process.
- In February 2022, Crompton Greaves Consumer Electricals Limited, an Indian-based manufacturer of consumer products, acquired Butterfly Gandhimathi Appliances Limited for INR 2,076 million ($27 million).The acquisition was intended to achieve the company’s target to become a pioneer in the kitchen appliances segment with a focus on keeping the cost best in class.
- Butterfly Gandhimathi Appliances Limited is an Indian manufacturer of kitchen appliances.
- The countries covered in the smart kitchen appliances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Smart Kitchen Appliances Market Statistics
- The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
- The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
- The Smart Kitchen Appliances Market Research Report is one of a series of new reports that provides Smart Kitchen Appliances Market Statistics, including smart kitchen appliances industry global market size, regional shares, competitors with a smart kitchen appliances market share, detailed smart kitchen appliances market segments, market trends and opportunities, and any further data you may need to thrive in the smart kitchen appliances industry.
- This Smart Kitchen Appliances Market Research Report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Sources: ReportLinker, PRNewswire
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