The global smart kitchen appliances market size is expected to reach USD 438.64 Billion by 2028 at a robust CAGR of 18.7% during the forecast period. Market growth is primarily driven by rapid advancements in artificial intelligence (AI) and the Internet of Things (IoT). Significant developments in AI and machine learning (ML) technologies have led to development and introduction of a wide range of smart products that enables consumers to save time during food preparation and efficiently track contents and products in the kitchen. Rising disposable income and growing preference for smart appliances in kitchen is expected to drive revenue growth of market over the forecast period.
Smart kitchen appliances are equipped with unique features such as intelligent sensors, intuitive control, touch screen, and integrated extractor as well as other time-saving features that have increased their popularity among consumers. Further advancements in home automation is further projected to boost the sale of smart kitchen appliances across the globe. Major manufacturers of kitchen and home appliances are partnering to diversify product offerings and offer enhanced user experience with advanced products. Increasing expendable income, rising awareness regarding technologies, and availability of affordable purchase options are some key factors contributing to market growth.
Integrating smart technology in kitchen appliances is expected to be a prevalent trend over the forecast period. Companies are engaged in developing devices backed by artificial intelligence (AI) that are time and energy efficient and make tasks convenient for consumers. Furthermore, minimizing consumption of energy through use of IoT-enabled devices is a major factor taken into consideration by key manufacturers of the market. They are also investing in R&D activities to broaden the scope of green IoT, which is expected to play a pivotal role in leveraging IoT to minimize energy consumption, pollution, and emissions of carbon dioxide in the environment. This is expected to further drive market growth over the forecast period.
Some Key Highlights in the Report:
- Incorporation and deployment of IoT and Wi-Fi in a wide range of kitchen appliances and devices has brought a revolution in food preparation and cooking. Connected devices, such as fitness trackers and smart watches, make manual tasks easier by sending notifications about contents and products kept in the refrigerator to the user.
- The residential application segment account for largest revenue share in the global market in 2020 and revenue is expected to expand significantly over the forecast period. Segment growth can be attributed to increasing expendable income, rapid urbanization, and rapid technological development in home appliances and products.
- North America accounted for largest revenue share in the global market in 2020 and the growth can be attributed to rapid technological advancements and increasing investment by key manufacturers of smart kitchen appliances to offer a diversified product portfolio to customers.
- Prominent players in the market include Whirlpool Corporation, Samsung Electronics, Haier Group, Panasonic Corporation, LG Electronics, Robert Bosch Gmbh, Koninklijke Philips N.V., BSH Hausgerate GmbH, AB Electrolux, and Miele & cie, among others.
- In 2018, LG introduced a smartphone app called ThinQ that enables users to control their devices using Google Assistant or Alexa.
- Samsung Electronics, which is the world’s largest consumer electronics manufacturer, has launched a wide range of smart kitchen appliances and an AI-enabled refrigerator that offers meal planning and recipe suggestions to users.
For the purpose of this report, Emergen Research has segmented the global smart kitchen appliances market on the basis of product, technology, end use, and region:
Product (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- Smart Refrigerators
- Smart Cookware and Cooktops
- Smart Dishwashers
- Smart Thermostats
- Smart Coffeemakers
- Other Appliances
Technology Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
Sales Channel Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
End-user Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
Regional Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/smart-kitchen-appliances-market