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, 2024 - 2030

  • Report ID: GVR-4-68038-409-3
  • Number of Pages: 130
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the smart kitchen appliances market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for smart kitchen appliances market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of smart kitchen appliances market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Smart Kitchen Appliances Market Categorization:

The smart kitchen appliances market was categorized into four segments, namely product (Smart Refrigerators, Smart Cookware & Cooktops, Smart Dishwashers, Smart Ovens), application (Residential, Commercial), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The smart kitchen appliances market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The smart kitchen appliances market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Germany; UK; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Saudi Arabia; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Smart kitchen appliances market companies & financials:

The smart kitchen appliances market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Whirlpool Corporation offers a wide range of home appliances, including refrigerators, washers, dryers, wall ovens, microwaves, cooktops, dishwashers, hoods, freezers, water filters, and other products. In the smart kitchen appliances category, the company offers dishwashers, microwaves, and wall ovens. Moreover, the company operates around the globe, including North America, Europe, the Middle East & Africa, Latin America, and Asia Pacific. In North America, the company sells its products under Whirlpool, Kitchen Aid, Maytag, JennAir, and Gladiator brands.

  • LG Electronics operates as a subsidiary of LG Corporation. It functions through five business segments: home entertainment, home appliances & air solutions, mobile communication, vehicle component solutions, and business solutions. Moreover, LG Electronics is a specialist in TVs, air conditioners, mobile devices, refrigerators, and washing machines. The smart kitchen appliances category is a part of the home appliances segment, which includes washing machines, refrigerators, dishwashers, vacuum cleaners, cooking appliances, built-in appliances, air purifiers, air conditioners, and dehumidifiers.

  • Electrolux AB is a multinational manufacturer of home appliances and operates through four major business segments: kitchen products, laundry products, home care & SDA, and home care & services. The company’s smart kitchen appliances range includes cooktops, dishwashers, microwaves, and wall ovens.

  • Samsung Electronics Co., Ltd. operates through four major business segments: consumer electronics, IT & mobile communications, device solutions, and R&D center. Smart kitchen appliances are included in the home appliances category. The smart kitchen appliances segment includes refrigerators, wall microwaves, microwaves, cooktops, and dishwashers.

  • Haier Group is a designer, manufacturer, and supplier of home appliances and consumer electronics. Haier Group’s products are divided into four categories: kitchen, laundry, air, and smart appliances. The smart appliances category includes smart ranges, smart microwaves, smart washers, smart dishwashers, smart dryers, and smart portable & air units.

  • Panasonic Corporation is a manufacturer and distributor of consumer electronics around the globe. It operates through five major business segments, namely, appliances, life solutions, connected solutions, automotive, and industrial solutions. Each segment is a separate company with its distinct R&D, production, and sales functions.

  • BSH Hausgeräte GmbH is a home appliances company housing numerous renowned appliance brands such as Bosch, Siemens, Gaggenau, and Neff, as well as seven other local brands - Junker, Profilo, Pitsos, Constructa, Coldex, Thermador, and Balay. The company’s product offerings range from ovens, cookers, dishwashers, extractor hoods, washers, dryers, freezers, and fridges to small home appliances such as coffee machines, vacuum cleaners, and food processors. The company manufactures smart kitchen appliances under the home appliances segment and the products offered include microwaves, dishwashers, and refrigerators

  • Breville was founded in Sydney and provides small home appliances. It has a presence in more than 70 countries through a vast portfolio comprising products such as coffee machines, juicers, ovens, air fryers, and accessories.

  • Miele & Cie. KG is a manufacturer and distributor of high-end domestic appliances. The products manufactured by the company include baking and steam cooking hobs, cookers, hoods, coffee machines, freezers, refrigerators, wine units, dishwashers, washing machines, tumble dryers and rotary ironers, vacuum cleaners, and cleaning products. It manufactures smart kitchen appliances such as microwave ovens, dishwashers, and refrigerators

  • Dongbu Daewoo Electronics is a manufacturer and distributor of refrigerators, washing machines, microwave ovens, air conditioners, vacuum cleaners, and other home appliances. It offers smart kitchen appliances such as refrigerators and microwaves. The company supplies its high-quality consumer electronics to about 150 countries across different regions. Moreover, it has five manufacturing subsidiaries and 30+ sales subsidiaries/offices worldwide.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Smart Kitchen Appliances Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Smart Kitchen Appliances Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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