Smart Kitchen Appliances Market Forecasts to 2030 - Global Analysis By Product, Price, Distribution Channel, Technology, Application and By Geography

According to Stratistics MRC, the Global Smart Kitchen Appliances Market is accounted for $4.56 billion in 2023 and is expected to reach $11.56 billion by 2030 growing at a CAGR of 14.2% during the forecast period. Smart kitchen appliances are devices integrated with IoT that are primarily used in kitchens in residential and hospitality sectors. Bluetooth and Wi-Fi integration have made it possible for customers to operate and manage smart devices and appliances remotely using smart phones and tablets. In addition to serving as personal nutritionists, smart kitchen gadgets may aid users in effectively accomplishing their complicated health objectives. These technologies can even identify foods, scan food items for nutritional information, browse restaurant menus, and analyze macronutrient and micronutrient consumption throughout the day, making it possible for a smart refrigerator to assure daily nutrient intake.

According to Alarm.org reports, 57% of Americans admitted that by using smart products, they could save ~30 minutes of their time. ~47% of millennials are using smart home products.

Market Dynamics:

Driver:

Increasing demand for home automation

Home automation refers to the incorporation of digital tools and technology into the functions, activities, and appliances of the home. It enables automated and electronic control of security systems, household appliances, and other elements. The use of direct contact on surfaces is being reduced due to new motion-sensitive technology in kitchen equipment. By doing so, the possibility of cross-contamination is reduced and a clean atmosphere is provided. Some automated kitchen equipment is quite sophisticated. Once the job is done, these appliances likewise shut off automatically. These characteristics are increasing consumer inclination for home automation, which is propelling the market for smart kitchen equipment.

Restraint:

Data privacy worries

Individuals who use the internet and smart phones are concerned about their credit card numbers, home addresses, birth dates, and personal information like names and birth dates being misused. Additionally, the majority of smart appliances are controlled by commercially produced smartphone applications that gather user data, creating concerns about customer privacy. Therefore, privacy concerns can prevent the market for smart appliances from growing.

Opportunity:

Incorporation of AI and other emerging technologies

AI is quite popular in the contemporary world. It may be used in a number of businesses, including those in the industrial, banking, healthcare, and automotive sectors. Businesses that produce smart appliances are working to incorporate AI into their products to make them more customized and useful for customers. The use of AI will help in identifying user preferences, use trends, and possible applications for new technologies. It helps identify gaps in the functioning and use of smart appliances. As a consequence, companies that produce smart appliances will have the ability to enhance their products to meet consumer requests. The ease of use and convenience of these technologies are further fostering the market expansion.

Threat:

Firmware issues

An appliance may no longer be able to connect with other devices, such as a smart home hub and voice-activated controls, if manufacturers fail to offer timely firmware updates. Additionally, outdated and insecure technology makes it simpler for hackers to get access to the system. They cost more to buy and frequently need more repairs than mechanical equivalents of the identical machinery. The market's expansion is being hampered by the fact that maintenance and repair expenses might exceed energy savings.

COVID-19 Impact:

The COVID-19 epidemic significantly altered customer behavior and buying patterns in the market for smart kitchen equipment. Millions of people were forced to stay at home due to a global lockdown, which altered how people interact and live in their homes and required them to reorganize their physical spaces to meet the new functional requirements. Household appliances are increasingly showing up in the checkout process of online shopping platforms as more individuals in contemporary times spend more time at home. Although there was some economic turbulence as a result of the lockdowns, consumer confidence has been high, and things are getting better. The improved networking characteristics have caused the market to grow.

The smart refrigerators segment is expected to be the largest during the forecast period:

The smart refrigerators segment is estimated to have a lucrative growth, due to the expanding demands of tech-savvy consumers. Smart refrigerators improve food preservation and cut down on wastage. They assist in lowering power use and alert customers when a problem arises with their smart refrigerator. Connecting them to the smart assistant is simple for customers. They include app notifications, app control, and remote diagnostics. The demand for the sector is being fuelled by its adaptable touch displays and excellent energy efficiency.

The Z-wave segment is expected to have the highest CAGR during the forecast period:

The Z-wave segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its significant technical breakthroughs. Z-wave has a lower power need. Z-Wave has a wide range of wireless applications. Smoke detectors, alarm systems, locks, and other intelligent items all have sensors that may be connected. Energy usage in the nation is thought to have decreased by 55 percent as a result of the deployment of Z-wave. The Z-Wave partnership with various goods has made things simpler because there are so many interoperable, economically viable, and energy-efficient items available. These elements accelerated the segment's growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the growing number of restaurants, bars, and hotels. North America is a prospective market for smart kitchen equipment. North America is a key location for the smart kitchen appliances sector, with many high-end hotels providing top-notch services and magnificent kitchen fixtures. Another noteworthy development in North America is the rise in investment in residential construction projects.

Region with highest CAGR:

Middle East & Africa is projected to have the highest CAGR over the forecast period. Middle East & Africa is a highly developed region with numerous opportunities for high-end kitchen appliance manufacturers. The high family expenditure and increasing business activity are favourable for this region. Particularly in Egypt, Dubai, Doha, Tel Aviv, Qatar, Istanbul, Kenya, and Abu Dhabi, the region experiences a considerable influx of tourists. The building of numerous hotels, public entertainment venues, and restaurants is a result of the tourist industry's ongoing expansion. This results in a rise in the number of kitchens and the demand for kitchen appliances.

Key players in the market

Some of the key players profiled in the Smart Kitchen Appliances Market include Whirlpool Corporation, LG Electronics, Samsung Electronics, Panasonic Corporation, Haier Group Corporation, General Electric Company, AB Electrolux, Koninklijke Philips N.V., Siemens AG, BSH Hausgerate GmbH, Midea Group Co., Ltd, Robert Bosch GmbH, Toshiba Corporation, Hitachi, Ltd, Arcelik A.S., Sharp Corporation, Vestel Elektronik Sanayi ve Ticaret AS, Smarter Applications Ltd, June Life, Inc and Hestan Commercial Corporation.

Key Developments:

In January 2023, Samsung Electronics Co. highlighted its innovations for sustainable, smart, and personalized living at the Kitchen & Bath Industry Show 2023 in the U.S. With its growing portfolio of smart appliances, the company wants to keep advancing technologies that will make energy conservation a natural part of daily life, improve Smart Things' connected services in new ways, and enable more individualized experiences.

In November 2022, Whirlpool Corporation announced its support for Matter, a new smart home language led by Connectivity Standards Alliance. Products built on this system allow seamless connectivity along with robust security features, control, and convenience.

In July 2022, Sharp launched the Sharp Smart Dishwasher with features such as Wi-Fi connectivity, Alexa remote assistant, a power wash sprayer for sturdy cookware, and a wash zone on either rack options for targeted cleaning.

In November 2019, Electrolux expanded its partnership with Google, Inc. to integrate connected kitchen products in Europe with Google Assistant, enabling consumers to control products with voice commands.

In September 2019, Robert Bosch GmbH announced a launch of its photo finish fridges and ovens with built in AI Technology. Bosch unveiled new refrigerator models that expand the company's line of camera-connected food storage. The KAD92HBFP and KGN39HIEP models include a built-in camera. The BOSCH SERIES 8 OVEN HRG6769S6B is a smart oven with AI.

Products Covered:

• Smart Dishwashers
• Smart Cooktops & Cookware
• Smart Sous Vide
• Smart Ovens
• Smart Juicers & Blenders
• Smart Refrigerators
• Smart Scales & Thermometers
• Smart Coffee Makers & Kettles
• Other Products

Prices Covered:

• Below US$ 25
• US$ 25 - 50
• US$ 51 - 100
• US$ 101 - 200
• US$ 201 & Above

Distribution Channels Covered:

• Company-owned Websites
• E-commerce Websites
• Supermarkets/Hypermarkets
• Specialty Stores
• Other Distribution Channels

Technologies Covered:

• ZigBee
• Wi-Fi
• Bluetooth
• Z-wave
• Near Field Communication (NFC)
• Other Technologies

Applications Covered:

• Residential
• Commercial

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances