Press release
Smart Kitchen Appliance Market to Grow at 14+% CAGR to Reach $40.5 Billion by 2027 Led by GlenDimplex, Gorenje, Gourmia, Hisense, IKEA, Instant Brands, John Lewis, Joules, Liebherr, Mellow, MFI, Tavola, Mondragon, Nomiku, Precision Appliance Technology
Smart Kitchen Appliance Market Worth USD 40.5 Billion by 2027
Geographically, the smart kitchen appliance market is segmented into North America, Europe, Asia-Pacific, and Rest of World regions. Europe leads the smart kitchen appliances market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years. The global smart kitchen appliance market is booming in the current business years, attributing to the demand for advanced and intelligent cooking appliances in geographies such as North America, Europe and Asia Pacific.
The rising number of high net worth individuals in these regions are fueling the growth of smart kitchen appliance market. Additionally, the smart kitchen appliance market is heavily captured by numerous well-established and globally renowned manufacturers as well as tier-2 companies and startups, which offer various types of smart kitchen appliances. This factor is also influencing the residential as well as commercial end users to procure smart kitchen appliances, thereby, catalyzing the growth of smart kitchen appliance market.
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Global Smart Kitchen Appliance Market Key Company Profiles:
• AGA Rangemaster Group Ltd. (The Middleby Corporation)
• Amica Wronki S.A
• Anova Applied Electronics, Inc.
• Arçelik A.Ş. / Koç Holding
• Asko Appliances AB
• Brava Home, Inc.
• Candy Hoover Group S.r.l.
• Currys / Dixons Carphone PLC
• Dayou Winia / Dayou Group
• De’Longhi S.p.A
• Fnac
• GlenDimplex
• Gorenje
• Gourmia
• Hisense Kelon Electrical Holdings Ltd. / Hisense Group
Market Insights:
Several developed countries in North America and Europe has witnessed the growth in adoption of smart kitchen appliances, which is majorly attributed to the significant rise in Internet of Things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled the end users to procure smart kitchen appliances, thereby, have boosted the growth of smart kitchen appliances market size. Similarly, the Asia Pacific region is also witnessing staggering growth in internet penetration owing to the advancements in internet infrastructure.
Inorganic strategies to escalate revenue for smart kitchen appliance manufacturers:
The growth trajectory of the smart home industry is consistently rising, and the same is expected to surge exponentially in the years to come. The smart kitchen appliance market is also anticipated to grow in the coming years, with the increasing number of partnerships among the players operating in the ecosystem. The growing alliances would benefit the developers to innovate and design advanced technology appliances and would also facilitate in reducing the upfront cost of the appliance. This factor is foreseen to increase the procurement volume of smart kitchen appliances during the forecast period, thereby, helping the market to foster.
Product Type Insights:
The global smart kitchen appliance market by product type is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cookers & cooking robots, smart cooktops, smart integrated ovens & cooktops, and others. Smart refrigerators by revenue dominates the smart kitchen appliance market heavily, however, smart ovens by volume dominates the market and is expected to continue its dominance throughout the forecast period from 2019 – 2027.
Connectivity Technology Insights:
The smart kitchen appliance market revenue by connectivity technology is further segmented into Wi-Fi and Bluetooth technologies. Wi-Fi dominates the smart kitchen appliance market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The growing adoption rate of Wi-Fi enabled smart kitchen appliances among residential and commercial end users, is catalyzing the growth of connectivity technology segment in a smart kitchen appliance market.
End User Insights:
The smart kitchen appliance market revenue by end user is segmented into residential and commercial. The smart kitchen appliance market by residential segment led the market in 2018 with the maximum market share and is expected to continue its dominance during the forecast period. Due to traditional heating kitchen appliances, the homeowners look ahead for technological advanced and aesthetic, smart kitchen appliances. In addition to adoption of smart kitchen appliances, homeowners with high net worth possess high usage of these connected and smart kitchen appliances to ease their regular activities of kitchen.
Strategic Insights:
Market Initiatives was observed as the most adopted strategy in the global smart kitchen appliance market. Few of the recent market initiatives are listed below;
2019: Whirlpool Corporation showcased its latest smart home appliance innovations at the 2019 NAHB International Builders' Show (IBS), Las Vegas. The company showcased KitchenAid Smart Oven+ with Powered Attachments, Whirlpool Smart Front Control Range, and KitchenAid Limited Edition 36" 6-Burner Dual Fuel Freestanding, Commercial-Style Range.
2018: Electrolux expanded its collaboration with Google by integrating connected kitchen products in Europe with the Google Assistant, enabling consumers to control products using voice commands.
2018: BSH Hausgeräte GmbH acquired approximately 65 percent of the global food platform Kitchen Stories. With this strategic investment in digital services, BSH is on track to become an integrated hardware, software and service provider.
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GLOBAL SMART KITCHEN APPLIANCE MARKET SEGMENTATION
Global Smart Kitchen Appliance Market – By Product Type
• Smart Ovens
• Smart Refrigerators
• Smart Sous Vide
• Smart Juicers & Blenders
• Smart Cooker & Cooking Robots
• Smart Cooktops
• Smart & Integrated Ovens & Cooktops
• Others
Global Smart Kitchen Appliance Market – By Connectivity Technology
• Wi-Fi
• Bluetooth
Global Smart Kitchen Appliance Market - By End User
• Commercial
• Residential
Global Smart Kitchen Appliance Market - By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o Spain
o UK
o Russia
o Poland
o Sweden
o Netherlands
o Rest of Europe
• Asia Pacific (APAC)
o Australia
o China
o India
o Japan
o South Korea
o Rest of APAC
• Rest of World
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