Smart Kitchen Appliance Market size is set to grow by USD 22.38 billion from 2024-2028, Growing demand for premium, innovative appliances boost the market, Technavio

NEW YORK, June 10, 2024 /PRNewswire/ -- The global smart kitchen appliance market size is estimated to grow by USD 22.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.19%  during the forecast period. Growing demand for premium, innovative appliances is driving market growth, with a trend towards increased adoption of modular kitchen. However, high cost of installation  poses a challenge. Key market players include Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips N.V., LG Electronics Inc., Liebherr International Deutschland GmbH, MIDEA Group Co. Ltd., 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 Driver

The modular kitchen trend is on the rise due to increasing living standards and customer preference for modern, space-saving designs. Vendors respond by offering advanced built-in appliances like refrigerators, wall ovens, and cooktops. New residential constructions, especially in Western countries, further fuel this trend with integrated smart appliances.

Vendors adapt to customer preferences, providing smart, modern features in various sizes and colors. Third-party vendors, such as Homevista Decor and Furnishings Pvt. Ltd., offer modular kitchen renovation services, promoting the adoption of smart kitchen appliances. This market growth is anticipated during the forecast period. 

The smart kitchen appliance market is experiencing significant growth with innovative technologies such as voice recognition, connectivity, and automation. Products like refrigerators, ovens, and microwaves are now equipped with these features, making kitchen chores more convenient and efficient. For instance, voice-activated refrigerators allow users to check inventory and set expiration alerts.

Smart ovens can be controlled through a smartphone app, enabling users to preheat or adjust temperature settings remotely. Additionally, the integration of machine learning algorithms in these appliances enables them to learn user preferences and adjust settings accordingly. Overall, the smart kitchen appliance market is expected to continue its upward trend as consumers seek to simplify their lives and save time in the kitchen. 

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Market Challenges

•         The smart kitchen appliance market faces challenges due to higher installation costs compared to regular appliances. These costs include the price difference for smart appliances, infrastructure expenses for smart hubs and internet bills, high costs for smart hubs and related devices, and elevated aftermarket costs. These factors may impede market growth during the forecast period.

•         The smart kitchen appliance market is experiencing significant growth due to the increasing demand for convenience and technology integration in daily life. However, several challenges persist in this sector. One major challenge is ensuring compatibility and connectivity among various smart appliances and devices. Another challenge is data security and privacy concerns, as these appliances collect and share user data.

•         Additionally, cost remains a barrier for some consumers, as smart appliances can be more expensive than traditional ones. Furthermore, user interface and ease of use are crucial factors, as complex systems may deter adoption. Lastly, energy efficiency and sustainability are becoming important considerations for consumers and manufacturers alike.

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Segment Overview 

1. Product 
• 1.1 Smart large cooking appliance
• 1.2 Smart refrigerator
• 1.3 Smart small cooking appliance
• 1.4 Smart dishwasher
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Smart large cooking appliance-  The smart large cooking appliance segment is a significant contributor to the global smart kitchen appliance market, driven by enhanced living standards and consumer interest in connected home appliances. Technological advancements and add-on features, such as temperature probes and voice control, are fueling growth.

Key players like LG Electronics and Samsung Electronics offer energy-efficient, user-friendly appliances, with LG's All in One Microwave Oven featuring Intellowave Technology and auto cook options. Wi-fi connectivity and smart mobile applications, like Samsung's SmartThings, enable remote control and monitoring, boosting sales in developing economies. Despite market maturity in North America and Europe, rising awareness of benefits is driving growth in India, China, and APAC countries.

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Research Analysis

In the current landscape, single-person households represent a significant market segment for smart kitchen appliances. With disposable income on the rise, tech-savvy homeowners are increasingly investing in cutting-edge household appliances, such as AI-enabled microwaves and Wi-Fi-connected wall ovens. Consumer behavior indicates a preference for efficiency, precision, safety, and productivity in their daily routines.

The worldwide lockdown has further accelerated this trend, as more people work from home and rely on their smartphones and tablets to control their central home automation systems and home appliances via Bluetooth or Wi-Fi. Smart kitchen appliances offer mishap prevention, convenience, and the latest purchasing trends, making them an essential addition to modern households. Millennials, in particular, are driving the demand for smart kitchen appliances, as they prioritize technology and convenience in their living spaces.

The Smart Kitchen Appliance Market is experiencing significant growth due to the increasing demand for convenience and technology integration in household chores. These appliances, including refrigerators, ovens, and dishwashers, are equipped with features such as voice control, connectivity to mobile devices, and energy efficiency.

The use of artificial intelligence and machine learning algorithms enables these appliances to learn user preferences and adapt to their cooking habits. The market is driven by factors such as the rising disposable income, urbanization, and changing consumer preferences. The future of the market looks promising with ongoing advancements in technology and the increasing adoption of smart home solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Smart Large Cooking Appliance
• Smart Refrigerator
• Smart Small Cooking Appliance
• Smart Dishwasher
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Media & Marketing Executive
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio