Global Smart Kitchen Appliances Market Anticipated to Reach $8.2 Billion by 2024 - Revenue Insights and Breakdown by Product
DUBLIN, May 27, 2020 /PRNewswire/ -- The "Global Smart Kitchen Appliances Market: Focus on Products (Refrigerators, Dishwashers, Coffee Machines), Technology (Wi-Fi/Bluetooth), Distribution Channel (Online, Offline), End User (Residential, Commercial) and Region - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
According to the market intelligence report, the smart kitchen appliances market is expected to reach $8.20 billion by 2024, rising at a CAGR of 23.08% from 2019 to 2024. Market growth is largely attributed due to the adoption of smart kitchen appliances pertaining to households with increasing disposable income to spend on premium kitchen appliances.
The era of technological modernization began with the advent of smart homes in nations, such as the U.S., the U.K., and developed European countries. The importance of the home and household appliances in the lives of the population is an affirmation of the advancement of the living space, as the customers benefit visibly. The configuration of modern homes with smart meters as an initiative to build smart cities has boosted the need for energy-efficient appliances to be used in households. This has given a gradual rise to the replacement of traditional kitchen appliances with smart kitchen appliances in most developed nations.
The increasing urbanization has also fueled the need for independently operating kitchen appliances, which the consumers can access or give orders to operate based on their convenience. This has been made possible with the extensive internet connectivity, which is present in most advanced economies but is gradually picking pace in the developing nations. As a result, the ease in operating and managing kitchens has made smart kitchen appliances an attractive option for consumers who lead a hectic lifestyle.
The smart kitchen appliances are expected to advance technologically, with an increase in compatibility with smart home appliances, for further opportunities and emerging trends related to Machine-to-Machine (M2M) communication amongst smart appliances. This paves the way for home automation in future generations, which is currently a distant goal for consumers as well as governments.
In 2018, the smart kitchen appliances market by product category was dominated by smart refrigerators. These products are mainly being adopted due to the replacement of traditional kitchen appliances with smart appliances.
The smart coffee machines are the most upcoming product category for smart kitchen appliances in the coming years, with individuals increasingly looking forward to IoT controlled kitchen appliances that enable ease of operations in a busy lifestyle. Although many solution providers in this segment are currently providing the same at high costs, the coming decade is expected to witness a reduction in prices in order to increase market penetration of smart kitchen appliances as compared to traditional kitchen appliances."
Some of the most prominent players in the smart kitchen appliances market are Whirlpool Corporation, Qingdao Haier Co., Ltd, Miele & cie. KG, Midea Group, LG Electronics, Robert Bosch GmbH, Siemens AG, and De'Longhi Appliances S.r..L. The result of the emerging strategies and developments are already surging the market in the form of product launches. Moreover, the growing market of smart kitchen appliances is further expected to increase the involvement of companies across different segments of the value chain.
The majority of the companies preferred launching new products to offer the customers with a wide variety to choose from, while the relatively less adoptive strategies comprised collaborations with similar companies in the supply chain, thus consolidating a small part of the market.
Strategic partnerships, collaborations, and joint ventures across the value chain of the smart kitchen appliances industry presented a major strategic move made by a large number of companies since 2017. For instance, in September 2019, Qingdao Haier Co., Ltd partnered with SideChef, a software company, to develop agriculture software integrated by artificial intelligence. Similarly, a home cooking platform, to provide their users with step-by-step cooking instructions based on inventory available inside the refrigerator.
This report is a meticulous compilation of research on more than 100 players in the smart kitchen appliances ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 15 leading manufacturers in smart kitchen appliances. Key profiles include Whirlpool Corporation, Qingdao Haier Co., Ltd, Miele & cie. KG, Midea Group, LG Electronics, Robert Bosch GmbH, Siemens AG, and De'Longhi Appliances S.r..L., Samsung Electronics Co. Ltd, and Smarter Kitchen Appliances, among others.
Key Questions Answered
- What is the expected global smart kitchen appliances market size in terms of value during the period 2018-2024?
- What is the anticipated future scenario and revenue generated by the different types of products offered under smart kitchen appliances, such as smart refrigerators, smart dishwashers, smart coffee machines, smart ovens and microwaves, smart cooktops and ranges, among others?
- What is the expected future scenario and revenue generated by different end-users of smart kitchen appliances, including the residential sector and the commercial sector?
- What is the expected future scenario and revenue generated through different distribution channels adopted for the sale of smart kitchen appliances, including offline and online platforms?
- What is the expected future scenario and revenue generated by the integration of connectivity platform integrated into smart kitchen appliances, Wi-Fi/Bluetooth, and others?
- Which geographical region is currently the largest market in the global smart kitchen appliances market?
- What are the expected future scenario and the revenue generated by different geographical regions and countries in the agriculture market such as North America, South America, the U.K., Europe, Middle East Africa, China, and Asia-Pacific Japan?
- What is the expected future scenario and revenue generated by different products under smart kitchen appliances in different regions such as North America, South America, the U.K., Europe, Middle East Africa, China, and Asia-Pacific Japan?
- What is the competitive strength of the key players in the smart kitchen appliances market on the basis of the analysis of their recent developments, product offerings, and regional presence?
- What are the emerging trends in the global smart kitchen appliances market through innovations and patents filed?
- How are the adoption scenario, related opportunities, and challenges associated with smart kitchen appliances market?
- What are the market dynamics of the global smart kitchen appliances market including market drivers, restraints, and opportunities?
- What are the expected market driving trends for smart kitchen appliances in terms of business model, market consolidation, and new product offerings?
Key Topics Covered
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Smart Cities Funding Fueling Smart Kitchen Appliances Demand
1.1.2 Need for Energy-Efficient Appliances in the Kitchen
1.1.3 Growing Demand for Connected Devices
1.2 Market Restraints
1.2.1 Data Privacy and IoT Security Concern Among the Consumers
1.2.2 High Purchasing Cost of Smart Kitchen Appliances
1.3 Market Opportunities
1.3.1 Favorable Government Policies to Support IoT
1.3.2 Machine-to-Machine (M2M) Communication in Smart Kitchen Appliances
2 Competitive Landscape
2.1 Key Market Developments and Strategies
2.1.1 New Product Launches and Developments
2.1.2 Partnerships, Collaborations, and Joint Ventures
2.1.3 Mergers and Acquisitions
2.1.4 Business Expansion and Contracts
2.1.5 Others (Awards and Recognitions)
3 Industry Analysis
3.1 Industry Attractiveness
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Bargaining Power of Suppliers
3.1.4 Threat from Substitutes
3.1.5 Intensity of Competitive Rivalry
3.2 Technologies in Smart Kitchen Appliances Industry
3.2.1 Comparative Analysis of Technology in Global Smart Kitchen Appliances Market
3.2.2 Smart Kitchen Appliances: Product Analysis
3.2.2.1 Smart Refrigerator: Competitive Analysis
3.2.2.2 Smart Oven: Competitive Analysis
3.2.2.3 Smart Cooktops & Ranges: Competitive Analysis
3.2.2.4 Smart Wall Ovens: Competitive Analysis
3.2.2.5 Smart Dishwasher: Competitive Analysis
3.2.2.6 Smart Coffee Machine: Competitive Analysis
3.2.2.7 Others: Competitive Analysis
3.3 Patent Analysis
3.3.1 Patent Analysis (by Status)
3.3.2 Patent Analysis (by Company)
3.3.3 Patent Analysis (by Applicant Profile)
3.3.4 Patent Analysis (by Product)
4 Global Smart Kitchen Appliances Market (by Product)
4.1 Assumption and Limitations
4.2 Market Overview
4.3 Smart Refrigerators
4.4 Smart Dishwashers
4.5 Smart Cooktops & Ranges
4.6 Smart Microwaves & Ovens
4.7 Smart Coffee Machines
4.8 Others
5 Global Smart Kitchen Appliances Market (by Technology)
5.1 Wi-Fi/Bluetooth
5.1.1 Wi-Fi
5.1.2 Bluetooth
5.2 Others
6 Global Smart Kitchen Appliances Market (by Distribution Channel)
6.1 Market Overview
6.2 Offline
6.2.1 Wholesaler/Distributor
6.2.2 Experience Center
6.3 Online
6.3.1 Third-Party E-Commerce Website
6.3.2 Companies Branded Online Retail Stores
7 Global Smart Kitchen Appliances Market (by End User)
7.1 Market Overview
7.2 Residential
7.3 Commercial
8 Global Smart Kitchen Appliances Market (By Region)
8.1 North America
8.1.1 North America (by Product)
8.1.2 North America (by Country)
8.1.2.1 U.S.
8.1.2.2 Canada
8.1.2.3 Mexico
8.2 Europe
8.2.1 Europe (by Product)
8.2.2 Europe (by Country)
8.2.2.1 Germany
8.2.2.2 Spain
8.2.2.3 France
8.2.2.4 Italy
8.2.2.5 Rest-of-Europe
8.3 Asia-Pacific Japan
8.3.1 Asia-Pacific Japan (by Product)
8.3.2 Asia-Pacific Japan (by Country)
8.3.2.1 Japan
8.3.2.2 India
8.3.2.3 Australia
8.3.2.4 South Korea
8.3.2.5 Rest-of-Asia-Pacific Japan
8.4 U.K.
8.4.1 U.K. (by Product)
8.5 South America
8.5.1 South America (by Product)
8.5.2 South America (by Country)
8.5.2.1 Brazil
8.5.2.2 Argentina
8.5.2.3 Rest-of-South America
8.6 Middle East Africa
8.6.1 Middle East Africa (by Product)
8.6.2 Middle East Africa (by Country)
8.6.2.1 U.A.E
8.6.2.2 Saudi Arabia
8.6.2.3 South Africa
8.6.2.4 Rest-of-Middle East Africa
8.7 China
8.7.1 China (by Product)
9 Company Profiles
9.1 De'Longhi Appliances S.r.L.
9.1.1 Company Overview
9.1.2 Role of De'Longhi Appliances the in Smart Kitchen Appliances Market
9.1.3 Product Portfolio
9.1.4 Financials
9.1.5 SWOT Analysis
9.2 Electrolux AB
9.3 Groupe SEB
9.4 Illycaff S.p.A.
9.5 Koninklijke Philips N.V.
9.6 LG Electronics Co. Ltd.
9.7 Midea Group Co. Ltd.
9.8 Miele & cie. KG
9.9 Panasonic Corporation
9.10 Qingdao Haier Co. Ltd.
9.11 Robert Bosch GmbH
9.12 Samsung Electronics Co. Ltd.
9.13 Sharp Corporation
9.14 Siemens AG
9.15 Smarter Applications Ltd.
9.16 Whirlpool Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4upxl3
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