Smart Kitchen Appliance Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

Smart Kitchen Appliance Market Forecast 2023-2027

The smart kitchen appliance market size is forecast to increase by USD 13.29 billion, at a CAGR of 13.4% between 2022 and 2027. The market's expansion hinges on multiple factors, notably the rising appetite for cutting-edge and upscale appliances, driven by innovation. This includes the escalating embrace of intelligent home systems, creating interconnected living environments. Moreover, the market benefits significantly from the inherent ease of operation and convenience that modern kitchen devices provide. Their user-friendly interfaces and seamless integration into daily routines contribute to their appeal. This trend is further bolstered by advancements in technology, which continually enhance the functionalities and features of these devices. Altogether, these elements converge to fuel the growth trajectory of the market for kitchen devices, positioning it favorably within the consumer landscape.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

This report extensively covers market segmentation by product (smart large cooking appliance, smart refrigerator, smart small cooking appliance, and smart dishwasher), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Market Dynamics and Customer Landscape

The market is propelled by the rising number of single-person households and increasing disposable income levels, driving demand for smart homes and small household appliances integrated with Internet of Things (IoT) technology and artificial intelligence (AI). The introduction of innovative products like Spring USA's LoPRO induction range series caters to evolving consumer behavior and purchasing trends, especially evident during the worldwide lockdown. Challenges include ensuring efficiency, precision, and safety in these technologies while addressing the unique needs of tech-savvy homeowners, particularly Millennials accustomed to smartphones and tablets in their daily lives. Our researchers analyzed the data with 2022 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.

Key Market Driver

The ease of use and convenience offered by smart kitchen appliances are notably driving market growth. Modern kitchen appliances are easy and convenient to use and can be controlled from anywhere with just a click on a smartphone through a mobile application, which includes different recipes, user guidance, shopping assistance, and controls. Through the featured mobile application connected to device, users can remain updated about the activity status of their device. Another major factor driving the demand for these appliances is remote access, which allows users to perform different tasks at a time and also helps in saving energy.

Moreover,  appliances like refrigerators, cooktops, coffee machines, microwaves, and wall ovens can be operated through wi-fi or Bluetooth connectivity and controlled through smartphones. The modern generation, especially the millennials, is shifting toward such kitchen devices due to hectic lifestyles and work schedules, as well as the ease of use and faster cooking capability of these devices. companies such as Robert Bosch, and Samsung Electronics are consistently focusing on providing fast, smart, easy-and convenient-to-use devices. Hence, the above-mentioned factors are expected to drive the growth of the global market during the forecast period.

Significant Market Trends

Integration with voice-controlled personal assistants is a major trend in the focused market. Various companies are offering kitchen appliances compatible with voice-controlled personal assistants such as Google Assistant.  A voice-controlled personal assistant is a smart hub that links various Internet-connected services and devices together. Voice-controlled personal assistant allows users to control their smart devices with their voice commands. For instance, if the refrigerator is running out of milk, the user can ask the voice assistant integrated with the refrigerator to add milk to the shopping list or directly shop for milk. A message will be sent to the user's smart device about the actions undertaken. 

Moreover, several other features can be performed with voice-controlled personal assistants, such as playing music, streaming videos, and receiving live news updates. These features make the kitchen experience more dynamic. The voice-controlled personal assistants also allow users to operate the refrigerator without touching them. Various companies operating in the global market are collaborating with different voice-controlled personal assistant service/platform providers, to integrate the feature of voice assistance with their devices. This increased integration of voice-controlled features in kitchen devices is expected to drive the adoption of these appliances during the forecast period.

Major Market Challenge

The lack of product and technology awareness, especially in developing regions is a major challenge impeding the market. These devices are easy to operate if users are familiar with their features and the way to operate them. Due to the lack of knowledge related to smart products and technology among the population, companies find it difficult to penetrate developing markets. APAC, China, and Japan are prominent markets for such kitchen appliances as customers have the necessary knowledge about the product and are aware of advanced technologies. However, in some developing nations, the lack of well-established internet infrastructure restricts the use of smart devices and poses a challenge to the companies operating in the market. A large base of customers in countries such as India do not have the requisite knowledge about the product and are not familiar with advanced technologies. Thus, low technology awareness results in low-volume sales of these appliances.

Moreover, in order to penetrate developing markets, companies need to educate people about the benefits of these appliances and the technology used in them. As the people in these countries are price-conscious and prefer to compare smart and regular products based on the price and functionalities rather than the features and benefits, companies should invest in training their sales force, which directly interacts with customers and shares the benefits and futuristic knowledge about smart products with them. Thus, such factors may hamper the growth of the global market during the forecast period.

Market Customer Landscape

The 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.

Market Customer Landscape

Who are the Major Market Players?

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.

Godrej and Boyce Manufacturing Co. Ltd. - The company offers smart kitchen appliances for various applications. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• AB Electrolux.
• Beko Plc
• BSH Hausgerate GmbH
• Coway Co. Ltd.
• General Electric Co.
• Gourmia Inc.
• Haier Smart Home Co. Ltd.
• Havells India Ltd.
• June Life Inc.
• Koninklijke Philips NV
• LG Electronics Inc.
• Liebherr International AG
• MIDEA Group
• Miele and Cie. KG
• Newell Brands Inc.

Qualitative and quantitative market growth 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.

What is the Fastest-Growing Segment in the Market?

The Market is experiencing a significant transformation driven by factors such as the rise of single-person households and the growing disposable income of consumers. With the evolution of smart homes and the integration of Internet of Things (IoT) technology and artificial intelligence (AI), there's a surge in demand for cutting-edge household appliances like the LoPRO induction range series from Spring USA. Consumer behavior and purchasing trends have been influenced by events like the worldwide lockdown, leading to a shift towards tech-savvy homeowners and a notable compound annual growth rate in the Market. The revenue share is indicative of the global smart home adoption, with connectivity features like Wi-Fi and Bluetooth facilitating a central system for home automation.

The market share growth by the smart large cooking appliance segment will be significant during the forecast period. The smart large cooking appliance is the largest contributor to the global market, led by enhanced living standards and growing interest in smart connected home appliances. Moreover, augmented technology used in these appliances and their add-on connectivity features contribute to the growth. 

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The smart large cooking appliance segment showed a gradual increase in the market share of USD 4.35 billion in 2017 and continued to grow until 2021. The growing trend of modular kitchens with large cooking appliances is driving the demand. Moreover, the trend of smart homes is boosting the growth of the global smart large cooking appliance segment. The smart large cooking appliance segment is expected to grow with the rise in consumer demand for energy-efficient appliances with user-friendly interfaces. companies operating in the market are continuously innovating and introducing products with a customer-friendly interface. In addition, certain ovens offered in the market can monitor the progress of the cooking process, change the temperature, and check the level of humidity in the food. Connectivity technologies like wi-fi, and features, such as a voice-controlled personal assistant, are contributing to the growth of the smart large cooking appliance segment. The rising awareness about the benefits of smart large cooking appliances will also propel sales in developing economies such as India, China, and other APAC countries. Hence, the above-mentioned factors are expected to fuel the growth of the smart large cooking appliance segment in the global market during the forecast period.

Which are the Key Regions for the Market?

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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.

The demand for these kitchen appliances in North America is expected to grow at a notable rate, driven by an expected rise in the popularity and adoption of smart home technologies, particularly in the US and Canada, during the forecast period. The US market exhibits a high demand for such kitchen appliances owing to technological advancements and increased product offerings by companies across the globe. In addition, the demand for energy-efficient smart appliances is expected to grow owing to the implementation of stringent government regulations and standards related to energy usage in the US. Therefore, companies are continuously innovating and introducing new products in the market. Thus, the benefits of technologies, such as smart thermostats, are expected to drive the demand for these appliances, including smart refrigerators and smart ovens equipped with smart thermostats in North America during the forecast period.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook 
  • Smart large cooking appliance
  • Smart refrigerator
  • Smart small cooking appliance
  • Smart dishwasher

•  Distribution Channel Outlook 
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Market Analyst Overview

The Market is witnessing a surge driven by several key factors. With the rise of single-person households and an increase in disposable income, there's a growing demand for small household appliances that integrate Internet of Things (IoT) technology and artificial intelligence (AI). Innovations like the LoPRO induction range series reflect the industry's response to evolving purchasing trends. The global lockdown during the pandemic further accelerated the adoption of eco-friendly smart kitchen appliances, emphasizing both style and function. This shift is evident on e-commerce platforms, where large appliances and small appliances with smart gadgets and device-to-device connectivity are gaining traction.

Moreover, consumers now value cloud-to-cloud connectivity for seamless experiences and smartphone connectivity for remote control, especially with features like smart fridges enabling remote temperature management to avoid unexpected temperature fluctuations and waste reduction. Moreover, connected buying and storing processes are complemented by personal nutritionists and health goals, meeting safety standards and emphasizing data protection and privacy. Energy-efficient designs align with energy regulation goals, focusing on carbon emission reduction and optimizing expiration dates. This market targets tech-savvy homeowners seeking efficiency, precision, and safety. With IoT-enabled technology integrated into Coffee makers, Smart sensors, and Smart assistant speakers, the Market promises an interactive experience that enhances productivity while minimizing operational expenses and mishaps.

Market Scope
Report Coverage	Details
Page number	174
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 13.4%
Market growth 2023-2027	USD 13.29 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	12.81
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	AB Electrolux., Beko Plc, BSH Hausgerate GmbH, Coway Co. Ltd., General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips NV, LG Electronics Inc., Liebherr International AG, MIDEA Group, Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research  Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth ofmarket companies

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