Smart Kitchen Appliances Market Is Expected To Foresee Significant Growth During The Forecast Period. Europe To Witness The Highest Growth
Smart Kitchen Appliances Market is expected to exceed US$ 41 Billion by 2027 expanding at a reasonable CAGR of 14.2% during the forecast period (2021-2027) from US$ 17.2 Billion in 2020. Shifting consumer trend towards technology-led products is driving the need for electric and energy-saving appliances in the kitchen environment. The growth of smart homes in the U.S. is considerably higher as compared to the rest of the world owing to the greater penetration of technologically equipped advanced products. According to a recent study by NPR, around 39 million people in America owned a smart speaker for a connected home environment in 2018. These voice and speaker interface allows the kitchen appliances like refrigerators and ovens to be controlled and accessed remotely.
The federal government is promoting the adoption of energy-efficient appliances. Connected home devices include smart appliances (dishwashers, dryers, refrigerators, etc.), safety and security systems, and energy equipment like smart thermostats and smart lighting. The increasing importance of kitchen renovation or remodeling to build a modular kitchen is leading to a fast-paced growth for smart kitchen appliances including cookware, cooktops, and dishwashers. The digital assistance applications in voice-controlled devices such as Amazon Echo and Google Home are gaining popularity due to their ability to control your home.
The rising consumer disposable income and increasing technological trends such as the Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices are spurring market growth. The 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.
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As the kitchen appliances industry struggles with supply chain disruption and lower consumer demand due to the COVID-19 impact. Supply chains are fractured both at source and at end-users. However, a particular category such as refrigerator spiked due to stockpiling and perceived hygiene benefits, while long-term consumer appliance demand increases across the world due to working from home. The kitchenware industry too is progressively gradually, finding its lost ground. Although even during the lockdown, the online sales did not stop.
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The smart kitchen appliances market is mainly bifurcated into smart ovens, dishwashers, refrigerators, cookware and cooktops, kettle, and others. In 2020, the smart refrigerator segment accounted for a maximum share in terms of revenue, accounting for more than 25% share. The segment is expected to remain dominant during the analyzed period.
Based on technology, the global smart kitchen appliances market is fragmented into Wi-Fi and Bluetooth. In 2020, the Wi-Fi technology segment accounted for market share in terms of revenue and is expected to remain dominant during the analyzed period.
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Based on distribution channel, the global smart kitchen appliances market is bifurcated into Multi-brand Stores, Exclusive Stores, Online platform and other.
Based on end-user, the global smart kitchen appliances market is fragmented into residential and commercial. In 2020, the resident segment accounted for more than 85% share.
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For a better understanding of the market dynamics of the smart kitchen appliances market, a detailed analysis was conducted for different regions across the globe including North America (U.S., Canada, Mexico, and Rest of North America), Europe (United Kingdom, Germany, Spain, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia Pacific) and Rest of World. North America dominated the smart kitchen appliances market in 2020.
AB Electrolux, Samsung Electronics Co. Ltd, Whirlpool Corporation, LG Electronics Inc., BSH Home Appliances Corporation, Panasonic Corporation, Haier Group, Breville Group Limited, Koninklijke Phillips N.V., Miele & Cie. KG are some of the prominent players operating in the Smart Kitchen Appliances market. Several M&As along with partnerships have been undertaken by these players to develop Smart Kitchen Appliances.
Smart Kitchen Appliances Market Segmentation
Market Insight, by Type
- Smart Oven
- Smart Dishwasher
- Smart Refrigerator
- Smart Cookware and Cooktops
- Smart Kettle
Market Insight, by Technology
Market Insight, by Distribution Channel
- Multi-Brand Stores
- Exclusive Store
- Online Platform
Market Insight, by End User
Market Insight, by Region
- North America
- The United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia Pacific
- Rest of World
Top Company Profiles
- AB Electrolux
- Samsung Electronics Co. Ltd
- Whirlpool Corporation
- LG Electronics Inc.
- BSH Home Appliances Corporation
- Panasonic Corporation
- Haier Group
- Breville Group Limited
- Koninklijke Phillips N.V.
- Miele & Cie. KG