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The smart kitchen appliance market is estimated to grow at a CAGR of 13.4% between 2022 and 2027. The size of the market is forecast to increase by USD 13,293.08 million. The growth of the market depends on several factors, including the growing demand for premium, innovative appliances, the increasing adoption of smart connected home systems, and the ease of use and convenience offered by kitchen appliances.
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.
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The ease of use and convenience offered by smart kitchen appliances are notably driving the market growth, although factors such as lack of product and technology awareness, especially in developing regions may impede the market growth. 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 Smart Kitchen Appliance 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 appliances, users can remain updated about the activity status of their appliances. 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.
The 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 appliances due to hectic lifestyles and work schedules, as well as the ease of use and faster cooking capability of these appliances. Vendors such as Robert Bosch, and Samsung Electronics are consistently focusing on providing fast, smart, easy-and convenient-to-use appliances. Hence, the above-mentioned factors are expected to drive the growth of the global market during the forecast period.
Significant Smart Kitchen Appliance Market Trends
Integration with voice-controlled personal assistants is a major trend in the focused market. Various vendors 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 appliances and 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.
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 vendors operating in the global market are collaborating with different voice-controlled personal assistants service/platform providers, to integrate the feature of voice assistance with their appliances. This increased integration of voice-controlled features in kitchen appliances is expected to drive the adoption of these appliances during the forecast period.
Major Smart Kitchen Appliance Market Challenge
The lack of product and technology awareness, especially in developing regions is a major challenge impeding the market. These appliances 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, vendors 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 appliances and poses a challenge to the vendors 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.
In order to penetrate developing markets, vendors 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, vendors 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.
Key Smart Kitchen Appliance 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.
Global Smart Kitchen Appliance Market Customer Landscape
Vendors 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 includes personal care, and home care among others, with a high focus on home care.? The company under this segment?is involved in offering a wide range of products that are required on daily basis such as good night coil, liquid detergents, clothes cleaners, and many more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 shows a gradual increase in the market share of USD 4,355.58 million 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. Vendors 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.
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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 vendors 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, vendors are continuously innovating and introducing new products in the market.
The demand for smart thermostats is budding steadily in North America. This trend is expected to continue during the forecast period. North America is home to various smart thermostat manufacturing companies, such as Nest Labs. To address the growing demand, vendors operating in the focused market in North America are offering products equipped with smart thermostats. 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.
The market in the region faced huge challenges due to the outbreak of COVID-19 in the US, Canada, and Mexico in 2020. However, the introduction of COVID-19 vaccines in the region led to reduced COVID-19 cases, which resulted in the resumption of manufacturing operations of smart cooking appliances. This will fuel the growth of the regional market in focus during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Smart Kitchen Appliance Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.4% |
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Market growth 2023-2027 |
USD 13,293.08 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
12.81 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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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, Market condition analysis for the forecast period |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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