Global Smart Kitchen Appliances Market: Analysis and Forecast, 2019-2024
Global Smart Kitchen Appliances Market Anticipated to Reach $8.20 Billion by 2024
Market Report Coverage - Smart Kitchen Appliances
- Product – Smart Refrigerator, Smart Dishwasher, Smart Cooking Ranges, Smart Microwaves and Ovens, Smart Coffee Machine, Others
- End User – Commercial, Residential
- Distribution Channel – Offline, Online
- Technology - Wifi/Bluetooth, Others
- North America - U.S., Canada, Mexico
- Europe - Germany, France, Italy, Spain, Others
- Asia-Pacific Japan - India, South Korea, Australia, Japan, Others
- South America – Brazil, Argentina, Others
- Middle East Africa –Saudi Arabia, South Africa, U.A.E, Others
- Increasing smart city funding fueling smart kitchen appliances demand
- Need for energy efficient appliances in the kitchen
- Growing demand for connected devices
- Data privacy and IoT security concern among the consumers
- High purchasing cost of smart appliances
- Favorable government policies to support IoT
- M2M communication in smart kitchen appliances
Key Companies Profiled
Midea Group, LG Electronics, Robert Bosch GmbH, Siemens AG, Whirlpool Corporation, and De’Longhi Appliances S.r.L.
Key Questions Answered:
- What is the expected global smart kitchen appliances market size in terms of value during the period 2018-2024?
- What are few emerging technologies anticipated to impact the smart kitchen appliances industry?
- What is the most popular product category out of all smart appliances such as smart refrigerators, smart dishwashers, smart coffee machines, smart ovens and microwaves, smart cooktops and ranges, among others?
- Which sector accounts for a major share of installation of smart kitchen appliances?
- Which sales channel is expected to outperform in the forecasted period and offer opportunity to retain profitability in the industry?
- Which geographical region is currently the largest market in the global smart kitchen appliances market?
- What are the opportunities associated with smart kitchen appliances in different geographies such as North America, South America, the U.K., Europe, Middle East Africa, China, and Asia-Pacific Japan?
- What is the competitive strength of the key players in the smart kitchen appliances market based on the analysis of their recent developments, product offerings, and regional presence?
- What are the emerging trends in global smart kitchen appliances market?
- What are the latest and upcoming innovations in smart kitchen appliances industry?
- What are the major factors impacting the adoption of smart kitchen appliances?
- What are the market dynamics of the global smart kitchen appliances market including market drivers, restraints, and opportunities?
- What are the opportunities offered by the market to new entrants?
Rapid technological innovations in the home appliances in the last decade have immensely transformed the global kitchen appliances industry. The innovations are largely characterized by modernization of kitchen appliances by integrating Internet of Things (IoT) and making them standalone appliances that can be operated with minimal human effort. The ease of access and comfort in modern living that smart kitchen appliances bring about are one of the key factors that have made them an attractive option for consumers to invest in. Driven by this change, numerous private players have customized their product offerings to keep up with the industry and provide the customers with a wide range of both large and small kitchen appliances. These appliances are being upgraded to perform efficiently and effectively through connected technologies such as Wi-Fi or Bluetooth. As a result, the adoption of smart kitchen appliances industry is anticipated to progress due to the ever-growing demand for more convenience from the kitchen appliances.
The era of technological modernization began with the advent of smart homes in nations, such as the U.S., the U.K., and developed European countries. The importance of the home and household appliances in the lives of the population is an affirmation of the advancement of the living space, as the customers benefit visibly. The configuration of modern homes with smart meters as an initiative to build smart cities has boosted the need for energy efficient appliances to be used in the households. This has given a gradual rise to the replacement of traditional kitchen appliances with smart kitchen appliances in most developed nations.
The increasing urbanization has also fueled the need for independently operating kitchen appliances, which the consumers can access or give orders to operate based on their convenience. This has been made possible with the extensive internet connectivity, which is present in most advanced economies, but is gradually picking pace in the developing nations. As a result, the ease in operating and managing kitchens has made smart kitchen appliances an attractive option for consumers who lead a hectic lifestyle.
The smart kitchen appliances are expected to advance technologically, with increase in compatibility with smart home appliances, for further opportunities and emerging trend related to Machine-to-Machine (M2M) communication amongst smart appliances. This paves the way to home automation in future generations, which is currently a distant goal for consumers as well as governments.
Within the research report, the market is segmented on the basis of product type, end-user, distribution channel, technology type, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
The exponential rise in the adoption of smart kitchen appliances on the global level has created a buzz among companies to invest in minimally this industry.
Many global companies that offer kitchen and home appliances also offer smart kitchen appliances, such as Midea Group, LG Electronics, Robert Bosch GmbH, Siemens AG, Whirlpool Corporation, and De’Longhi Appliances S.r.L.
On the basis of region, North America holds the largest share of smart kitchen appliances sold in terms of value, due to increased demand for IoT integrated appliances at home, rise in per capita income, and government policies to increase smart homes in the region. Apart from this, China and the U.K. regions are anticipated to grow at the fastest CAGR during the forecast period.
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