Smart kitchen appliances are created by incorporating smart technologies such as artificial intelligence (AI) into traditional kitchen appliances. These equipment are designed to increase comfort, increase efficiency, and simplify kitchen activities. 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 for smart kitchen appliances. The hardware of antibacterial materials like brass, copper, and bronze is becoming more popular. The use of copper-based materials can aid in limiting the spread of bacteria and viruses.
The market for smart kitchen appliances will grow rapidly, with a CAGR of 18.5%, from $30 billion in 2021 to $138.22 billion by 2030.
Modern smart kitchen appliances are in higher demand than ever thanks to their attributes like eco-friendliness, energy efficiency, and user-friendliness. Also, buyers can spend more on these high-end smart kitchen appliances because of rising disposable income and purchasing power, fueling the market’s expansion.
Market Dynamics
Drivers
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.
The relevance of kitchen renovation or remodeling is increasing as modular kitchens, including cookware, cooktops, and dishwashers, are developed rapidly. Because they can control your house, voice-controlled gadgets like the Amazon Echo & Google Home are making digital support applications more and more popular.
Restraints
Users of the Internet and smartphones are concerned about misusing personal information such as credit card numbers, home addresses, birth dates, and personal information like names and birth. 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
The expansion of the construction industry has provided growth opportunities for the market for smart kitchen appliances. People’s rising interest in developments in smart homes is blamed for this. Thus, there is a need for contemporary, wired homes that have cutting-edge equipment and technology. This is a result of the rising demand for time-saving solutions, especially in urban areas where people have hectic lifestyles. Furthermore, the increasing awareness of the convenience of life provided by devices like intelligent juicers and blenders, coffee vending machines, and smart refrigerators necessitates smart appliances.
Market Segmentation
By Product
In 2021, smart refrigerators had the biggest market share at 33.98. Smart refrigerators are becoming more prevalent as smart infrastructure and smart cities are adopt more broadly. The IoT market has expanded significantly over the years, with smart homes becoming more intelligent thanks to gadgets like Google Nest, Ring, Alexa, and smart refrigerators.
By Application
During the forecast period, the commercial segment will grow at a rate of 17.7%. Due to the younger population’s increased reliance on fast food restaurants, more Quick Service Restaurants (QSR) chains are popping up, which is increasing the use of smart kitchen appliances, including grillers, fryers, ovens, and cooktops. As a result, business players worldwide are spending more on these smart kitchen products.
Regional Analysis
In 2021, Asia Pacific contributed for 27.60% of the worldwide market. The market for smart kitchen appliances will develop fastest in Asia Pacific, largely due to the region’s growing populations of Chinese, Japanese, and South Koreans. These three nations facilitate the development of these marketplaces.
With a CAGR of 33.30% in 2021, North America ruled the global market for smart kitchen appliances. The number of high-net-worth individuals there has significantly increased, raising the prospect of the market in this area expanding. Also, the replacement of older appliances with more modern ones is a trend that is accelerating the adoption of smart appliances.
Key Players
- BSH Hausgerate (Germany)
- Samsung Electronics (South Korea)
- Miele & Cie. KG (Germany)
- LG Electronics (South Korea)
- Electrolux (Sweden)
- Xiaomi (China)
- Haier Smart Home (China)
- Panasonic (Japan)
- Koninklijke Philips (Netherlands)
- Whirlpool (US)
The market for smart kitchen appliances will grow rapidly. With a CAGR of 18.5%, from $30 billion in 2021 to $138.22 billion by 2030. The growing demand for smart kitchen appliances is primarily drive by a shift in consumer lifestyles. And the integration of technologies that minimize energy use, speed up cooking times, and simplify preparing meals using remote-control gadgets. The savvy kitchen apparatuses offer a few advantages like expense viability, solace, security, comfort. And humility to the purchasers, consequently getting forward momentum among the end clients.
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