The global Smart Kitchen Appliances market size is expected to be worth around US$ 40.5 billion by 2030, according to a new report by Vision Research Reports.
The global Smart Kitchen Appliances market size was valued at US$ 10 billion in 2020 and is anticipated to grow at a CAGR of 20% during forecast period 2021 to 2030. Smart kitchen appliances are widely being adopted in both, residential and commercial sectors on global level. This is one of the key factors contributing to expansion of the smart kitchen appliances market.
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Smart kitchen appliances are equipped with different sensors that facilitate easy operation for the users. In addition some of the smart kitchen appliances are designed with connectivity features that can connect to the other household appliances and also to handheld devices such as smartphones, tablets and others. Consumers can also regulate these appliances remotely. Companies are investing in research and development to launch innovative products. Nowadays, smart kitchen appliances available in the market are integrated with sensors, which has boosted the market. These appliances also offer easy operability and are energy efficient, which keep them ahead from traditional kitchen appliances. Moreover, growing prices of energy are expected to fuel the demand for smart kitchen appliance in the next few years.
Growth Factors
Rising consumer disposable income and increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices are spurring the market growth. Increasing adoption of smart kitchen appliances in residential as well as commercial sectors across the world is also one of the prominent factors driving the market growth.
The market is driven by increasing penetration of Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices. With rapid technological upgradation and increasing women workforce, strong inclination toward luxurious and tech-savvy appliances are considered to be major factors fueling the market growth. In addition, these appliances are equipped with high proximity sensors and can be operated remotely from smartphones, tablets, and display monitors. Increasing disposable income of middle-class economic group and westernization in the developing countries is also propelling the market.
Availability of Energy Saving Product to Propel Market Growth
Consumer demand towards energy efficient product is increasing day by day. Rising cost of fossil fuel is driving the energy cost at a global level. By understanding this market scenario, companies are investing in energy saving products. Key players are invest on research & development activities to launch energy efficient products.
Rising demand of advanced smart home equipment in urban areas will work as a market driving factor. Consumers are spending on effortless kitchen appliances which can save their cooking time. Rising disposable income in developing countries including China, India, South Africa and Mexico that will further create new consumer base for smart kitchen appliance market.
High Product Cost To Restrict Market Growth
Average cost of smart home appliances are very high in retail market. It has become tough for middle class population to afford such products. Furthermore, traditional appliances are available in urban and rural market with a lower price. This factor will decrease the product sales in coming years.
| Report Scope | Details |
| Market Size | US$ 40.5 billion by 2030 |
| Growth Rate | CAGR of 20% From 2021 to 2030 |
| Base Year | 2020 |
| Segments Covered | Product, Application, Region |
| Companies Mentioned | Whirlpool Corporation, LG Electronics, AB Electrolux, Samsung Electronics Co. Ltd, Haier Group, Panasonic Corporation, BSH Hausgerate GmbH, Koninklijke Phillips N.V., Miele |
Report Highlights
The segment accounted for the largest share of the market with approx. 34.3% share in 2020. Smart cookware and cooktops are the major products in this segment and are expected to drive market growth.
Smart cookware and cooktops are the fastest growing segment in the market and are witnessing a significant CAGR of 20.5% over the forecast period.
Increasing penetration of modern kitchens with IoT enabled appliances and improved kitchenware services are among the prominent factors for the segment to grow faster.
On the basis of application, the smart kitchen appliances market is further divided into residential and commercial. Increasing the purchasing power of residents in western countries including U.S., France, and Germany, and their interest in advanced gourmet cooking is driving the segment growth.
Apart from the residential sector, commercial segment is expected to grow significantly, witnessing a CAGR of 19% over the forecast period.
North America was estimated to be the largest market for smart kitchen appliances in 2020 owing to the growing trend of technology driven appliances in the market. In 2019, the U.S. was the largest market for smart kitchen appliances and held more than half of the market share in North America.
Asia Pacific is expected to be the fastest growing market, witnessing a significant growth rate of more than 21.1% during the forecast period. The growing adoption of smart refrigerators, smart ovens in the region particularly in China is the major factor for the growth of the market in the region.
Key Players
Whirlpool Corporation, LG Electronics, AB Electrolux, Samsung Electronics Co. Ltd, Haier Group, Panasonic Corporation, BSH Hausgerate GmbH, Koninklijke Phillips N.V., and Miele are some of the major players in the market.
Market Segmentation
Table of Contents
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Smart Kitchen Appliances Market, By Product
7.1. Smart Kitchen Appliances Market, by Product Type, 2021-2030
7.1.1. Smart Refrigerators
7.1.1.1. Market Revenue and Forecast (2017-2030)
7.1.2. Smart Cookware & Cooktops
7.1.2.1. Market Revenue and Forecast (2017-2030)
7.1.3. Smart Dishwashers
7.1.3.1. Market Revenue and Forecast (2017-2030)
7.1.4. Smart Ovens
7.1.4.1. Market Revenue and Forecast (2017-2030)
7.1.5. Other Appliances
7.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 8. Global Smart Kitchen Appliances Market, By Application
8.1. Smart Kitchen Appliances Market, by Application, 2021-2030
8.1.1. Residential
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Commercial
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Smart Kitchen Appliances Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2017-2030)
9.1.2. Market Revenue and Forecast, by Application (2017-2030)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2017-2030)
9.1.3.2. Market Revenue and Forecast, by Application (2017-2030)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2017-2030)
9.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2017-2030)
9.2.2. Market Revenue and Forecast, by Application (2017-2030)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2017-2030)
9.2.3.2. Market Revenue and Forecast, by Application (2017-2030)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2017-2030)
9.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2017-2030)
9.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2017-2030)
9.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2017-2030)
9.3.2. Market Revenue and Forecast, by Application (2017-2030)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2017-2030)
9.3.3.2. Market Revenue and Forecast, by Application (2017-2030)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2017-2030)
9.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2017-2030)
9.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2017-2030)
9.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2017-2030)
9.4.2. Market Revenue and Forecast, by Application (2017-2030)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2017-2030)
9.4.3.2. Market Revenue and Forecast, by Application (2017-2030)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2017-2030)
9.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2017-2030)
9.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2017-2030)
9.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2017-2030)
9.5.2. Market Revenue and Forecast, by Application (2017-2030)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2017-2030)
9.5.3.2. Market Revenue and Forecast, by Application (2017-2030)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2017-2030)
9.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
Chapter 10. Company Profiles
10.1. Whirlpool Corporation
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. LG Electronics
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. AB Electrolux
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Samsung Electronics Co. Ltd
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Haier Group
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Panasonic Corporation
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Koninklijke Phillips N.V.
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. BSH Hausgerate GmbH
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Miele
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
12.2. Glossary of Terms
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