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Smart Kitchen Appliances Market

Smart Kitchen Appliances Market

Smart Kitchen Appliances Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Smart Kitchen Appliances Market
FACT5797MR
  • Apr-2021
  • List of Tables : 60
  • List of Figures : 60
  • 170 Pages
  • Consumer Goods

About The Report

The global smart kitchen appliances market is projected to race ahead at a CAGR of around 25% over the 2021 to 2031 forecast period, with demand for energy-efficient kitchen appliances rising fast.

Smart kitchen appliances are devices that can be controlled remotely through tablets or smartphones, and are being widely adopted in both, commercial as well as residential sectors, globally.

Factors that are fuelling interest in smart kitchen appliances are intelligent sensors, security features, and convenience. Furthermore, growing trend of smart homes with modular kitchens is also driving demand for smart kitchen appliances.

Additionally, technological advancements such as IoT-enabled smart kitchen appliances (example, AI-enabled refrigerators), coupled with high disposable income, especially in North America, have provided the needed push for market growth.

Lifestyle changes, busy schedules, and efficiency around the kitchen have increased demand for smart kitchen appliances. Demand for smart coffee machines is steadily rising across organizations, while demand for smart refrigerators is rising from households.

The foremost objective of the report by Fact.MR on smart kitchen appliances is to pitch insights on the market scenario, demand generators, and technological advancements in this space. The report provides a taxonomy elaborating on key segments.

The report also outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends and pricing analysis, along with key success factors. Market trends have been tracked in 20+ high-growth countries, pointing towards countries in North America, Europe, and East Asia holding bulk of the market share.

Historical Trends Vs, Future Market Projections

In the past half-decade, North America held majority of the market share for smart kitchen appliances, owning around 39% of the market share in 2020. According to a study conducted by NPR, around 39 million people had been using smart speakers to control connected homes.

Moreover, with more and more concerns regarding energy conservation, demand for energy-efficient smart kitchen appliances is projected to grow at a rapid pace. For instance, companies such as Whirlpool and Samsung are focusing on eco-friendly appliances with high energy ratings to increase their penetration in the market.

Additionally, investments in innovative solutions such as IoT (Internet of Things) devices for kitchens are projected to grow in the future. With a small amount of processing power being embedded, smart kitchen appliances will have a significant impact on the lifestyle of people.

Owing to these factors, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts:-

  • Short-run: COVID-19 pandemic has slowed down the growth of every industry, and sales of smart kitchen appliances growth have also been hindered, mainly due to reduced purchasing power of people and increased spending in essentials and healthcare.
  • Medium-run: As we emerge out of the pandemic, demand growth is set to be observed with price normalization.
  • Long-run: Economic cycles and inflation rates are projected to affect demand and pricing of the product. However, development of economic and efficient technologies will push sales of smart kitchen appliance in the long run, as the initial investment of purchasing a smart kitchen appliance is relatively high.

Know More Details About the Report

What are the Primary Applications that Generate Demand for Smart Kitchen Appliances?

Demand for convenient devices that can make life easy is at an all-time high. Keeping in mind consumer behaviour, companies are equipping appliances with different sensors that can easily facilitate various operations.

Moreover, enhanced features that can connect appliances with other household appliances, such as smartphones and tablets, are making the life of people easy, and hence demand for more efficient smart kitchen appliances is on the rise.

Additionally, penetration of technology in different products such as Wi-Fi-controlled smart refrigerators, dishwashers, ovens, cookware, etc., gives people a range of choices to purchase products easily. Demand for customized functionality and enhanced user experience is adding to growth of the smart kitchen appliances industry.

Which Region Offers Great Potential for Smart Kitchen Appliances Market?

Currently, North America holds a majority of the global market share. Factors behind its high market share are high disposable income and growing preference for new technologies in the region.

However, Asia Pacific is an emerging economy that has become a prominent region for growing demand for smart kitchen appliances. Additionally, higher purchasing power and rising middle class over the years will fuel sales of smart kitchen appliances in the region.

smart kitchen appliances market region

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Country-wise Analysis

Why Does the U.S Hold a Major Share of Smart Kitchen Appliance Sales?

The U.S market, in general, is a matured one with people ready to adopt new technologies at a fast pace. Additionally, strong purchasing power coupled with high technological acceptance is a major factor for market growth in the country. Regional policies promoting energy-efficient smart kitchen appliances have shown affirmative signs of growth for the industry.

Such developments in the country have resulted in higher profits, thus encouraging stakeholders to invest more in the manufacturing of smart kitchen appliances.

What Potential Does China Hold for Smart Kitchen Appliance Companies?

Technological advancements in China have led to significant growth in demand for smart kitchen appliances. For instance, Wi-Fi-capable products have become a common trend, and evolution from individual products to interconnected products has become a reality in Chinese homes.

Moreover, businesses too are rapidly changing their strategies to meet increasing demand for smart kitchen appliances. For instance, in July 2018, Xiaomi launched the Mijia smart air conditioner with features such as LED display, where users can control cooling times and temperature through their Mi home apps.

Category-wise Insights

Which Smart Kitchen Appliance Accounts for Highest Demand?

Smart refrigerators hold a major part of the market share as leading companies are putting in efforts to develop advanced refrigerators with innovative technologies. For instance, Samsung recently introduced a model that allows users to pay for groceries through mobile apps for the orders they place. Features that companies are focusing on to inculcate in smart refrigerators are voice assistant, speakers, and touch screens that allow users to play music, make a shopping list, and even connect with other home appliances.

Moreover, rise in demand for smart refrigerators can be attributed to the millennial population who prefer working with technology in a much more efficient way.

Which Appliances are Expected to Witness Higher Sales in the Near Future?

Smart cookware and cooktops are projected to hold major market share after smart refrigerators, and will drive overall demand. Innovative solutions embedded with IoT (Internet of Things) are forecasted to be a major driver for cookware and cooktops as far as smart kitchen appliances are concerned.

What are the Key Barriers for Smart Kitchen Appliances?

Average cost of appliances being high is a major factor hindering market growth. Additionally, major population in the Asia Pacific region comprises middle- to low-income families, who, even though are willing, cannot afford to invest in smart kitchen appliances. However, investments in innovative technologies and embedded IoT systems are projected to lower the prices and increase adoption of smart kitchen appliances in the long run.

How Has COVID-19 Impacted Smart Kitchen Appliance Sales?

The COVID-19 pandemic has negatively impacted as well as is being seen as a driver for smart kitchen appliances sales. Trade restrictions, supply chain disruptions, and lockdowns were some factors that dented demand in 2020.

However, more and more people are embracing the use of technology that can minimize human-to-human contact and help in reducing the spread of the virus. Moreover, new trends such as voice-based smart kitchen appliances are picking up pace in the market as they offer much more safety to consumers.

smart kitchen appliances market competition

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Competitive Landscape 

The aforementioned players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.

  • For instance, Electrolux, in collaboration with Google, is expanding its kitchen products by integrating Google assistant that enables users to control kitchen appliances using voice commands.
  • Additionally, in 2018, BSH Hausgeräte GmbH acquired nearly 65% of the global food platform Kitchen Stories to become an integrated software, hardware, and service provider.

Similarly, recent developments related to companies manufacturing smart kitchen appliances have been tracked by the team at Fact.MR, which is available in the full report.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & Volume Units

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • the Middle East & Africa

Key Countries Covered

  • U.S.
  • Mexico
  • Venezuela
  • Germany
  • U.K.
  • Russia
  • BENELUX
  • China
  • Japan
  • India
  • GCC

Key Segments Covered

Key segments covered are By product type and By Application

Key Companies Profiled

  • Samsung Electronics Co. Ltd.
  • Haier Group,
  • LG Electronics, Inc.
  • AB Electrolux
  • BSH Home Appliances Corporation (Robert Bosch GmbH),
  • Panasonic Corporation.

Customization & Pricing

Available upon Request

Key Market Segments Covered

  • Product

    • Smart Refrigerators
    • Smart Dishwashers
    • Smart Ovens
    • Smart Cookware and Cooktops
    • Smart Scales and Thermometers
  • Application

    • Residential Smart Kitchen Appliances
    • Commercial Smart Kitchen Appliances
  • Region

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

Smart Kitchen Appliances Market - Scope of The Report

A recent study by Fact.MR on the smart kitchen appliances market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market.

This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of smart kitchen appliances.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing smart kitchen appliances, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of smart kitchen appliances across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of smart kitchen appliances during the forecast period. Price point comparison by region with global average price is also considered in the study.

Analysis on Market Size Evaluation

The market has been analyzed for each market segment in terms of Value (US$ Mn) and Volume (Units).

Market estimates at global and regional levels for smart kitchen appliances are available in terms of “US$ Mn” for value and “units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.

Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global smart kitchen appliances market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets.

These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the smart kitchen appliances market during the forecast period.

Country-specific valuation on demand for smart kitchen appliances has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value and volume for emerging countries has also been included in the report.

In-depth Analysis on Competitive Landscape

The report sheds light on leading manufacturers of smart kitchen appliances, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of smart kitchen appliances has been brought with the help of a detailed dashboard view.

Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

- FAQs -

Fact.MR projects the market to register a high CAGR of around 25% across the 2021-2031 assessment period. Higher penetration of smart kitchen appliances in residential areas will bolster demand over the coming years.
As per Fact.MR’s projections, the U.S is expected to hold a pivotal role in driving demand for smart kitchen appliances. Growth is attributed to high disposable income and consumer preference for technology in the country.
Energy-efficient smart kitchen appliances with development in IoT technologies are emerging as major advancements and the new trend in smart kitchen appliances.
Prominent players manufacturing smart kitchen appliances include Samsung Electronics Co. Ltd., Haier Group, LG Electronics, Inc., AB Electrolux, BSH Home Appliances Corporation (Robert Bosch GmbH), and Panasonic Corporation.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.