GVR Report cover Smart Kitchen Appliances Market Size, Share & Trends Report

Smart Kitchen Appliances Market Size, Share & Trends Analysis Report By Product (Smart Refrigerators, Smart Ovens), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68038-409-3
  • Number of Pages: 90
  • Format: Electronic (PDF)

Report Overview                 

The global smart kitchen appliances market size to be valued at USD 43.83 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 18.6% during the forecast period. Changes in living standards around the world and a growing interest in smart connected home appliances are driving the kitchen cooking appliance industry. The demand for energy-efficient appliances with user-friendly interfaces is another factor driving kitchen appliance purchases. Antimicrobial hardware such as coppers, brasses, and bronze are becoming increasingly popular. Copper-based materials have been found to inhibit the transmission of viruses and bacteria in studies. Home appliances are increasingly making their way into shopping trolleys as individuals in the Covid world spend more time at home. While the lockdowns caused some instability in the business, overall consumer sentiment has been strong, and the prognosis is positive. 

North America Smart Kitchen Appliances Market size, by product

The improved technology used in smart kitchen appliances and their add-on networking functions have aided the market expansion. The market for smart kitchen appliances is expected to grow in response to the increased customer demand for energy-efficient appliances with user-friendly interfaces. Smart kitchen appliances make use of technology to help them complete duties faster and more effectively.

According to the Smart Home Technology Usage, Satisfaction, and Acquire Intent 2020 research, over 80 million U.S. homes expect to purchase a new smart home gadget within the next 12 months. 64% of respondents stated they intend to purchase new smart home devices within the next year, equating to almost 80 million households in the United States. Similarly, kitchen appliances are seeing a 3% increase in interest, while cleaning appliances are seeing a 55% increase. Large appliances and television sets are attracting a lot of attention and practically every category is exhibiting a good trend.

Smart Kitchen Appliances Market Trends

The rapid expansion of the Internet-of-Things (IoT) has led to the augmentation of smart technologies that include smart appliances. The use of smart kitchen appliances has layoff efforts from cooking chores. These smart appliances are integrated with a certain amount of computing power, one or more actuators, and integrated with sensor technology, communication capabilities such as Wi-Fi or Bluetooth, artificial intelligence (AI), and an advanced user interface. This potential of IoT catering to the need of the customers and enhancing both functionality and interactive experience has boosted the growth of the market.

The expansion of the construction industry has offered growth opportunities to the market. This is ascribed to the increased interest of people in smart home developments. Thus the demand for connected homes that are equipped with technologically advanced appliances and devices has arisen. This is due to the rising need for time-saving appliances, especially in urban areas owing to the hectic lifestyle. Furthermore, the increased awareness of the ease of life provided by the gadgets like smart coffee vending machines, smart juicers & blenders, and others necessitates their need for smart appliances further augmenting the market growth. However, smart appliances especially those with multiple technologies like built-in WiFi, AI, and others have comparatively high prices than regular appliances which turn out to be a limiting factor for the market growth.

Product Insights

In terms of value, smart refrigerators dominated the market with a share of 34.23% in 2020. Increasing spending on home renovations in the residential sector and the rising cook-at-home trend are driving the sales of smart kitchen products. With the popularity of the smart home idea, there is a growing preference for smart kitchen appliances, which is positively influencing the market for kitchen appliances.

The most popular kitchen appliances are smart refrigerators. They are also jam-packed with amazing features. Consumers can now view what's inside their refrigerators with their smartphones thanks to technological improvements. They may also use the integrated touchscreen to change the temperature, use the water dispenser, and so on.

Stainless steel is the most common finish option in today's luxury kitchens. In addition to being durable, the smooth surface of stainless steel is easy to maintain. Another high-end trend is to use bespoke panels to integrate appliances with cabinetry. Higher-end appliances have the advantage of being constructed with classic lines that go with a wide range of kitchen styles.

Application Insights

The residential application segment grabbed the largest share of 56.83% in 2020. The growing attraction towards cooking as a result of the increasing awareness through famous cooking shows programmed on TV is developing interest among consumers to buy the high-end smart kitchen appliances. In addition, rising tourism and travel are increasing consumers’ interest in different cooking cultures and multi-cuisine food, which is thereby contemplating consumers to opt for smart kitchen appliances in their households.

Global Smart Kitchen Appliances Market share, by application

According to a recent NPR investigation, around 39 million Americans own a smart speaker for use in a connected home environment. Kitchen equipment such as refrigerators and ovens can be controlled remotely using voice-activated speakers and smartphone interfaces. In 2021, for the second year in a row, ice innovation has been a big appliance trend, with homes serving as the year's most popular cocktail bar and dining place. LG is expanding its line of smart fridges with craft ice, which takes twice as long to melt as standard ice and is ideal for an even happy hour.

Samsung's new four-door BESPOKE 4-Door Flex refrigerator boasts a brand-new Beverage Center with an Autofill Water Pitcher that is always full of freshwater, an ultra-hygienic water dispenser, and a Dual Ice Maker that can generate both ordinary ice and "ice bits" to cool down drinks even faster.

Regional Insights

North America captured the largest share of 33.33% in 2020. This is ascribed to the increasing number of smart grid projects, changing consumer preferences, and an increase in spending power. One of the primary elements driving the market is the increase in government incentives for the use of energy-efficient gadgets. The increase in the number of residential and commercial construction projects in this region will result in a rise in regional demand for smart kitchen appliances.

Smart Kitchen Appliances Market Trends by Region

According to the World Travel & Tourism Council (WTTC), travel and tourism contributed USD 714 billion to the economy of Asia Pacific in 2017. As a result, smart kitchen appliances in the commercial sector in the Asia Pacific have new growth opportunities.

Key Companies & Market Share Insights        

The market is dominated by several well-known players. These companies control a significant portion of the market and have a global presence. Manufacturers are agreeing on new product introductions in order to gain market share. For instance, Midea Group, a Guangdong-based company, introduced a new refrigerator in June 2021 that uses Huawei's HarmonyOS. Users can take advantage of a variety of functions provided by the smart appliance. This includes touch-based interactions that may tell consumers how fresh the goods in the refrigerator are at any particular time.

Recent Development

  • In January 2022, LG announced the launch of the LG CLOi ServeBot in the U.S. market. According to the company, it is the world’s first commercial service robot that can be used in environments such as retail stores, restaurants, and hotels.

    In January 2022, Electrolux AB a Swedish multinational home appliance company announced the launch of the AI feature CamCook® for smartphones. The appliance stated to offer a food recognition feature for smartphones.

    In April 2022, LG revealed the new lineup of 2022 Smart Home Appliances. LG launched new stylish refrigerators i.e. InstaView Door-in-Door™ and Frost Free Refrigerators, and a new range of charcoal microwaves.

  • In October 2021, Whirlpool India launched its W series 4-door refrigerator that comes with a Quattro (4-Door) format and665-liter storage space and has adaptive intelligence technology.

Some prominent players in the global smart kitchen appliances market include:

  • Whirlpool Corporation

  • LG Electronics

  • Electrolux AB

  • Samsung Electronics Co. Ltd.

  • Haier Group

Smart Kitchen Appliances Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 13.18 billion

Revenue forecast in 2028

USD 43.83 billion

Growth rate

CAGR of 18.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; India; Brazil; South Africa

Key companies profiled

Whirlpool Corporation; LG Electronics; Electrolux AB; Samsung Electronics Co. Ltd.; Haier Group

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

 

Global Smart Kitchen Appliances Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global smart kitchen appliances market report on the basis of product, application, and region.

Global Smart Kitchen Appliances Market Segmentation

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Smart Refrigerators

    • Smart Cookware and Cooktops

    • Smart Dishwashers

    • Smart Ovens

    • Other Appliances

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Residential

    • Commercial

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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