Smart Kitchen Appliances Global Market Report 2024

Smart kitchen appliances encompass kitchen devices connected through IoT (Internet of Things) technology, Bluetooth, Wi-Fi, and various other technologies. These intelligent kitchen appliances serve to simplify household management and alleviate mundane tasks. To enhance their functionality and offer a more interactive user experience, these appliances, along with other smart technologies, integrate sensor technology, computing power, one or more actuators, and communication capabilities like Bluetooth or Wi-Fi. They also feature advanced user interfaces and incorporate artificial intelligence (AI) technologies.

The primary categories of smart kitchen appliances include smart refrigerators, smart cookware and cooktops, smart dishwashers, smart ovens, and various other appliances. Smart refrigerators, for instance, are equipped with features such as a touchscreen interface, the ability to connect to the internet via Wi-Fi, internal cameras, and user-controlled cooling options. Users can interact with these features using a smartphone or tablet, depending on the brand of the smart refrigerator. The integration of IoT and AI functionalities has further enhanced the overall user experience. These appliances are available through both direct and indirect sales channels, catering to both residential and commercial customers.

The smart kitchen appliances market research report is one of a series of new reports that provides smart kitchen appliances market statistics, including smart kitchen appliances industry, global smart kitchen appliances market size, regional shares, competitors with a smart kitchen appliances market share, detailed smart kitchen appliances market segments, market trends and opportunities, and any further data you may need to thrive in the smart kitchen appliances industry. This smart kitchen appliances market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart kitchen appliances market size has grown rapidly in recent years. It will grow from $21.44 billion in 2023 to $25.54 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth observed during the historical period can be ascribed to shifts in lifestyle, population growth, a surge in the popularity of home renovations, expansion in emerging markets, and an upswing in the construction sector.

The smart kitchen appliances market size is expected to see rapid growth in the next few years. It will grow to $49.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The anticipated growth in the forecast period is linked to the increasing integration of smart home technologies, a rise in urbanization, growing disposable income, and an increased demand for energy efficiency. Key trends projected for this period encompass voice-controlled appliances, augmented reality (AR) cooking guidance, monitoring of health and nutrition, the prevalence of compact and multi-functional appliances, as well as the incorporation of touchless and hygienic features.

The increasing demand for advanced and intelligent cooking appliances is playing a significant role in the expansion of the smart kitchen appliances market. The surge in demand can be attributed to factors such as the COVID-19 pandemic, subsequent lockdowns, and the widespread adoption of smartphones and wireless services. Notably, research by security.org indicates that 32% of US households currently have access to smart home technology, a figure expected to rise to 57% by 2025. Additionally, 80 million US households, or 64% of participants, express the intention to purchase a new type of smart home device within the next year. Consequently, the heightened demand for sophisticated and intelligent cooking appliances is poised to fuel the growth of the smart kitchen appliances market.

The expanding e-commerce industry is anticipated to propel the smart kitchen appliance market forward. E-commerce, the electronic buying and selling of goods and services over the internet, facilitates a broad array of products' accessibility for consumers. This increased availability enables customers to explore and discover smart kitchen appliances from various brands that may not be readily found in local retail stores. A report from the International Trade Administration in October 2021 predicts that e-commerce for consumer goods will constitute approximately 22% of global retail sales by 2024, growing at an average rate of over 1%. Furthermore, retail e-commerce sales indicate a consistent, long-term increase of 8% in global retail e-commerce sales through 2024. Hence, the burgeoning e-commerce industry is a driving force behind the smart kitchen appliance market's growth.

Technological advancement stands out as a prominent trend gaining traction in the smart kitchen appliances market. Key industry players are actively engaged in developing innovative kitchen appliances that incorporate advanced technological solutions like machine learning. This focus aims to enhance their existing product portfolio and solidify their market position. For instance, Bosch, a German multinational engineering and technology company, introduced the Bosch Series 8 accent line sensor oven, a smart Artificial Intelligence-powered oven. Utilizing a machine learning system, a neural network recognizes specific sequences from data, making intelligent predictions, including the required time for the baking or cooking process.

Leading companies in the smart kitchen appliance market are also investing in advanced technologies such as smart kitchen platforms to reach a broader customer base and boost revenue. A smart kitchen platform is an integrated system that combines various smart devices, appliances, and technologies to improve the efficiency, convenience, and functionality of a kitchen. In March 2023, Fresco, an Ireland-based provider of smart kitchen technology, launched KitchenOS, a comprehensive, interconnected kitchen platform catering to both appliance manufacturers and home cooks. Notably, this platform excels in bringing together all essential components necessary to fully leverage connected appliances, from controlling IoT appliances to developing branded apps and offering smart recipes and engagement tools. KitchenOS aims to simplify and enhance the cooking experience for home chefs while enabling manufacturers to connect with customers and deliver personalized content based on their appliance usage.

In February 2022, Crompton Greaves Consumer Electricals Limited, an Indian-based consumer products manufacturer, successfully acquired Butterfly Gandhimathi Appliances Limited for INR 2,076 million ($27 million). This strategic acquisition was driven by the company's goal to become a leader in the kitchen appliances segment while maintaining a focus on cost competitiveness. Butterfly Gandhimathi Appliances Limited, an Indian kitchen appliance manufacturer, became a key asset in this pursuit.

Major companies operating in the smart kitchen appliances market include Whirlpool Corporation, LG Electronics Inc., Electrolux AB, Samsung Electronics Co. Ltd., Haier Group Corporation, Panasonic Corporation, Breville Group Limited, Miele & Cie. KG, Koninklijke Philips N.V., BSH Hausgeräte GmbH, General Electric Appliances Company, Siemens AG, Sharp Corporation, Toshiba Corporation, Hitachi Ltd., Groupe SEB SA, De'Longhi S.p.A., Kenwood Limited, Morphy Richards Limited, TefalCo., Smarter Applications Ltd., Drop Servicing, June Life Inc., Tovala Inc., Bartesian LLC, MEATER Inc., Plumis Inc., Lumitics Pte. Ltd., CapSen Robotics Inc., Fitly Inc.

North America was the largest region in the smart kitchen appliances market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart kitchen appliances market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart kitchen appliances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The smart kitchen appliances market consists of sales of smart pressure cooker, smart air fryer, smart air fryer oven, smart toaster oven, smart induction cooker, smart dutch oven, smart food processor and smart skillet. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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