Smart kitchen appliances are created by incorporating intelligent technologies like AI into conventional kitchen appliances. These equipment are designed to increase comfort, efficiency, and simplify kitchen activities. Smart kitchen equipment offers various functions and advantages to aid a consumer in their regular kitchen duties. Customers who use these gadgets spend less time in the kitchen, produce better results, and conserve energy.
In 2021, the market for smart kitchen appliances was worth USD 30 billion, and by 2030 it will reach USD 138.22 billion, growing at an 18.5% CAGR during the forecast period.
Due to the change in living standards and growing consumer interest in linked and smart home equipment, the need for smart kitchen appliances is increasing. The rising desire for user-friendly, energy-efficient equipment will also influence the market’s growth and demand for smart kitchen appliances.
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Market Dynamics
Drivers
The internet must be connected to smart kitchen appliances in order to offer users smart capabilities. These smart kitchen gadgets’ cutting-edge features and capabilities require an internet connection to function effectively.
More complex technology is included in smart kitchen equipment, expanding its appeal in developed and developing countries. Also, the affordability of these smart kitchen appliances encourages more people to use them, boosting the market’s overall growth. Customers can save fuel by using fuel-efficient kitchen appliances, which would lessen the overall environmental impact.
Restraints
People utilizing the internet and smartphones are concerned about misusing credit card numbers, home addresses, birth dates, and personal information like names and birth dates. However, most smart appliances are controlled by commercially produced smartphone apps that gather user data, creating concerns about customer privacy. Thus, privacy concerns can prevent the market for smart appliances from growing.
Opportunity
New digital layouts like Safeway’s provide new chances to support their private brands and assort products based on customer wants rather than what works for the grocery shop. As the popularity of the smart kitchen increases, whole new product categories will be developed, as well as upgrades to connection that will make current classes smarter.
Market Segmentation
By Product
In 2021, smart refrigerators ruled the market with the biggest market share of 33.98. Smart refrigerators are becoming more prevalent as smart infrastructure and smart cities are adopted more broadly. The IoT market has expanded significantly over the years, with smart homes becoming more intelligent due to gadgets like Google Nest, Ring, Alexa, and smart refrigerators.
Smart cookware and cooktops will expand at a rapid rate of 19.5% between 2022 and 2030. Customers are choosing energy-efficient kitchen appliances to reduce their electricity expenditures.
By Application
In 2020, the residential application segment led the market with a revenue share of more than 60%. Because of the growing popularity of cooking and the public’s increased awareness of cuisine due to popular culinary shows broadcast on television, consumers are becoming more interested in purchasing high-end smart kitchen equipment. Expanding travel and tourism are also piquing customer interest in various cuisines and culinary methods, which can influence people to choose smart kitchen gadgets for their homes. According to a recent National Public Radio investigation, about 40 million people have voice assistant speakers in connected homes. Voice assistant speakers and smartphone interfaces can remotely monitor and manage kitchen appliances like refrigerators and ovens.
Regional Analysis
Due to the growing popularity of technologically advanced appliances in the industry, North America was a significant market for smart kitchen appliances in 2021. The U.S. accounted for more than half of the market share in North America in 2021 and was the main market for smart kitchen appliances. The key drivers of regional market growth include increasing disposable income, evolving lifestyles, investments in renovations, and adoption of contemporary designs.
Asia Pacific will experience the quickest market growth, with a growth rate of more than 20.46%. The key driver of market growth in the Asia-Pacific, particularly in China, is the increasing usage of smart refrigerators and smart ovens.
Key Players
- Xiaomi (China)
- Electrolux (Sweden)
- Miele & Cie. KG (Germany)
- Haier Smart Home (China)
- LG Electronics (South Korea)
- Panasonic (Japan)
- Samsung Electronics (South Korea)
- BSH Hausgerate (Germany)
- Koninklijke Philips (Netherlands)
- Whirlpool (US)
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In 2021, the market for smart kitchen appliances was worth USD 30 billion, and by 2030 it will reach USD 138.22 billion, growing at an 18.5% CAGR during the forecast period. 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.
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