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The smart connected cooking appliances market is forecast to increase by USD 19.62 billion at a CAGR of 26.58% between 2023 and 2028. The growth of the market depends on several factors such as the rising innovation in product and technology, the growing adoption of smart home systems, and the ease of use and convenience offered by smart connected cooking appliances.
The report includes a comprehensive outlook on the Smart Connected Cooking Appliances Market, offering forecasts for the industry segmented by Distribution Channel, which comprises offline, and online. Additionally, it categorizes End-user into residential, and commercial, and covers Regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising innovation in product and technology is the key factor driving market growth. Different varieties of cooking appliances are offered with smart connectivity technology. Such products include cooktops, wall ovens, microwaves, ranges, and coffee makers. The rising living standards of people and increasing expenditure on technology and connected devices propel the demand for smart and advanced appliances. Smart-connected products provide convenience to customers while cooking. All cooking appliances can be easily accessed through users' smartphones by using either Bluetooth or Wi-Fi connectivity.
Moreover, market players are focusing on providing technologically advanced appliances for easy access and convenience of customers. With the use of advanced technology, market players can extend their product lines and develop premium products. Thus, such innovative features will drive the global smart connected cooking appliances market during the forecast period.
The advent of multi-cooking functionalities in smart cooking appliances is the primary trend shaping market growth. The demand for smart cooking appliances with multi-cooking functionalities is high. For customer convenience, market players are focusing on providing cooking appliances equipped with wireless technology for remote access. Multi-cooking functionalities are one of the deciding factors for customers opting for smart cooking appliances.
In addition, the cooking appliance is also equipped with Wi-Fi connectivity through which a user can control the oven and monitor the cooktop. Wi-Fi capability in smartphones and appliances allows easy adjustment of time and oven temperature. The rising need for smart cooking appliances with multi-cooking functionalities is expected to propel the growth of the smart connected cooking appliances market during the forecast period.
The high price of smart connected cooking appliances is a challenge that affects market growth. Compared to regular cooking appliances, smart-connected cooking appliances are expensive. This is because of the integrated wireless technology within these smart appliances. In many nations, traditional cooking is still preferred over smart connected cooking appliances. Consequently, manufacturers face challenges in marketing these appliances.
Moreover, an average smart connected appliance costs around 30% to 50% more than the traditional appliances. Due to the affordability of regular cooking appliances, price-sensitive consumers are not enthusiastic to invest in smart products. Manufacturers face challenges in generating expected revenue from the sales of smart connected cooking appliances, which may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Connected Cooking Appliances Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel comprises hypermarkets, convenience stores, clubhouse stores, specialty stores, and department stores. Sales through the offline distribution channel have declined gradually owing to the shift in consumer preference for shopping through the online platform. To drive sales through offline channels, players are directing their sales through local retail entities. Market players are also establishing strategic alliances with household appliance retail chains.
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The offline segment was the largest segment and was valued at USD 3.93 billion in 2018. Some of the popular department stores, such as Sear Brands and JCP (JCPenney), provide a wide range of cooking appliances under different brands. These stores sell smart connected cooking appliances such as ranges, ovens, coffee makers, and others. Convenience, enormous stock-keeping units (SKUs), and brand availability with a wide product range are some factors considered by customers during the selection of department stores while making a purchasing decision for any home appliance. The portfolio of the global smart connected cooking appliances market is currently low, but it is expected to grow rapidly over the next five years.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Favorable infrastructure, including Internet penetration and adoption of smart homes, further aid in increasing the demand for smart connected cooking appliances in North America. In addition, the demand for smart connected cooking appliances in North America is expected to grow at a notable rate, Due to an expected rise in popularity and adoption of smart home technologies, particularly in the US and Canada.
In addition, the US is the leading country in the smart connected cooking appliances market in North America. Moreover, market players such as Robert Bosch, SAMSUNG, Haier, and Whirlpool target the US market to gain large market shares. New product launches, different promotional activities, and social media marketing are some of the strategies adopted by the manufacturers. Hence, such factors are expected to drive market growth in this region during the forecast period.
The smart connected cooking appliances market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Smart Connected Cooking Appliances Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.58% |
Market Growth 2024-2028 |
USD 19.62 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.06 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Behmor Inc., Breville Pty Ltd, Daewoo Electricals, Electrolux Professional AB, Haier Smart Home Co. Ltd., Hindware Home Innovation Ltd., June Life Inc., Koninklijke Philips N.V., Legrand SA, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, Mitsubishi Electric Corp., Newell Brands Inc., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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