Installing smart appliances is primarily done to boost productivity and maintain sustainability. Smart kitchen appliances are designed to save time and energy. It is created with innovative design, electronic components, and eco-friendly materials. Technology use is becoming widespread; thus, these manufacturers provide built-in capabilities like Bluetooth, Wi-Fi functionality, cameras, and other applications.
The market for smart kitchen appliances in 2021 was worth USD 30 billion, and by 2030 it will reach USD 138.22 billion, growing at an 18.5% CAGR during 2021-2030.
The industry is expanding due to rising consumer disposable income and technological advancements like the Internet of Things (IoT) and gadgets that support artificial intelligence (AI). One of the main factors pushing the market growth to the north is the expanding use of smart kitchen equipment in both residential and commercial sectors worldwide.
Market Dynamics
Drivers
Thanks to networked security, intelligent sensors, time savings, and convenience, the market will grow at a CAGR of 18.63%. The shift in consumer preferences toward technologically managed products is driving demand for electric and energy-efficient kitchen equipment. Due to a stronger penetration of technologically advanced items, the evolution of smart homes in the U.S. is noticeably faster than that of the rest of the globe.
The relevance of kitchen renovation or remodeling is increasing as modular kitchens, including cookware, cooktops, and dishwashers, are developed at a rapid speed. Because they can control your house, voice-controlled gadgets such as Google Home and Amazon Echo are making digital support applications more and more popular. The ability to manage and access kitchen appliances like refrigerators and ovens remotely is made possible by these voice and speaker interfaces.
Restraints
The risk associated with data security and other IoT-related issues could impede industry expansion. The market growth is constrained because the cost of purchasing appliances is rising faster than the average family expenditure.
Opportunity
Businesses that produce smart appliances are working to incorporate AI into their products to make them more customized and useful for customers. AI will help identify user preferences, usage trends, and potential applications for new technology. It helps identify gaps in the functionality and use of smart appliances. As a result, companies that produce smart appliances will have the chance to enhance their products to meet consumer requests.
Market Segmentation
Product insights
In 2021, smart refrigerators had the biggest market share of nearly 33.98. Smart refrigerators are becoming more prevalent as smart infrastructure and smart cities are adopted more broadly. The IoT market has grown significantly over the years, with smart homes becoming more intelligent thanks to gadgets like Google Nest, Ring, Alexa, and smart refrigerators.
Application Insights
The commercial segment ruled the entire market, with the biggest share of 17.7%. Due to the younger population’s increased reliance on fast food restaurants, more Quick Service Restaurants (QSR) chains are popping up, which is increasing the use of smart kitchen appliances, including grillers, fryers, ovens, and cooktops. As a result, business players worldwide are spending more on these smart kitchen products.
Regional Insights
In 2021, Asia Pacific contributed for 27.60% of the revenue share. The market for smart kitchen appliances will develop at the fastest rate in the Asia Pacific, largely due to the region’s growing populations of Chinese, Japanese, and South Koreans. These three nations aid in the expansion of these markets.
With a CAGR of 33.30% in 2021, North America ruled the global market for smart kitchen appliances. The number of high-net-worth individuals there has significantly increased, raising the prospect of the market in this area expanding. Additionally, the replacement of older appliances with more modern ones is a trend that is accelerating the adoption of smart appliances.
Key Players
- Electrolux (Sweden)
- Xiaomi (China)
- Miele & Cie. KG (Germany)
- LG Electronics (South Korea)
- Haier Smart Home (China)
- Panasonic (Japan)
- BSH Hausgerate (Germany)
- Samsung Electronics (South Korea)
- Koninklijke Philips (Netherlands)
- Whirlpool (US)
The market for smart kitchen appliances in 2021 was worth USD 30 billion, and by 2030 it will reach USD 138.22 billion, growing at an 18.5% CAGR during 2021-2030. In the current climate, the connected home devices market has seen substantial expansion worldwide and is anticipated to have rapid adoption. To provide their clients with cutting-edge technologies, several electronics and electrical equipment producers are placing more emphasis on creating smart kitchen appliances. The smart kitchen appliance market is expanding swiftly due to the participation of long-standing and well-known manufacturers.
