The smart kitchen appliance market is expected to reach US$ 47,071.2 million by 2028 from US$ 13,786.0 million in 2020; it is estimated to grow at a CAGR of 17.4% from 2020 to 2028. The overall market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South and Central America.
The connected home devices industry has witnessed significant growth across the globe in the current scenario and is expected to be adopted in large quantities in the coming years. Several manufacturers of electronics and electrical equipment are increasingly emphasizing the development of smart kitchen appliances to benefit their customers with advanced technologies. The presence of long-established and industry-recognized manufacturers in the smart kitchen appliance market is facilitating the market to proliferate quickly. Additionally, rising disposable income among middle-class societies in developed and developing countries is influencing residential end users to adopt newer technologies, such as intelligent kitchen appliances, which is paving the growth path for the smart kitchen appliance market.
The entry barrier to the market is moderate at this stage. Due to which several startups are coming up with advanced technological solutions. Pertaining to the fact that various sensors and microchip manufacturers are present globally, startups are easily acquiring the smart kitchen appliance market ecosystem. These startups and tier-2 companies are gaining immense prominence through partnering with kitchen appliance manufacturing leaders worldwide. The partnerships are aiding the growth of smart kitchen appliance market in the current scenario. The surge in startups and partnership trends is anticipated to grow in the coming years, resulting in a low entry barrier to the market.
The global smart kitchen appliance market is anticipated to exhibit high growth in the future. A few of the major driving factors contributing to the market growth include benefits of cost-effectiveness on a long run, improved communication ability, and a surge in smart grids in developed and developing nations in North America, Europe, and Asia Pacific. Also, growth in internet penetration and awareness related to smart kitchen appliances among the population in developing countries help customers in these regions procure an increased number of smart kitchen appliances, thereby benefiting the manufacturers operating in the smart kitchen appliance market. However, the initial cost of these intelligent devices is much higher than traditional kitchen appliances, which is a critical barrier to the growth of the smart kitchen appliance market.
Key Market Drivers
Cost-Effectiveness and Communication Ability of Smart Kitchen Appliances
Increase in Internet Penetration
Market Restraints
Vulnerability to Cyber Crimes and Higher Upfront Cost
Market Opportunities
Substantial Growth in Smart Home and Smart Hotel Projects
Surge in Internet Penetration
In recent years, several developed countries in North America and Europe have witnessed the growth in the adoption of smart kitchen appliances, which is majorly attributed to the significant rise in the internet of things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled end users to procure smart kitchen appliances. Similarly, Asia Pacific is also witnessing staggering growth in internet penetration due to advancements in internet infrastructure.
Substantial Growth in Smart Home and Smart Hotel Projects
The global construction sector is witnessing substantial demand for connected homes with technologically advanced appliances and devices. Developed countries such as the US and the UK and developing countries such as China, Japan, and South Korea have made interesting strides in smart home developments. The US market has witnessed substantial growth in the number of smart homes, and the country is expected to experience similar trends in the coming years. The rapid shift in the mindsets of the US population is heavily impacting the growth of smart home appliances such as smart speakers, smart thermostats, smart lighting, and smart security devices.
Also, the hospitality industry in various geographies is procuring robotic technologies and connected technologies to enhance customer satisfaction. Smart TVs, voice-controlled rooms, robotic luggage storage, and digital concierge are a few of the prominent smart hotel technologies in the current times. Various hotel managements are showcasing decent interest in transforming their kitchens into smart kitchens with the procurement of smart kitchen appliances. The integration of cloud-based technologies and smartphones enables hotels and restaurant owners to remotely control and monitor their commercial kitchen appliances, facilitating the progression of the smart kitchen appliance market in the current scenario.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Global Smart Kitchen Appliance Market landscape
5. Smart Kitchen Appliances Market - Key Industry Dynamics
6. Smart Kitchen Appliance - Global Market Analysis
7. Global Smart Kitchen Appliance Market Analysis - By Product
8. Global Smart kitchen appliances market Analysis - By Connectivity
9. Smart Kitchen Appliance market revenue and forecasts to 2028 - End User
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