Smart Kitchen Appliance Market to hit $47,071.2 million, Globally, by 2028 at 17.4% CAGR: The Insight Partners

According to our latest market study on "Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product, End User, Connectivity, and Geography," the market was valued at US$ 13,786.0 million in 2020 and is projected to reach US$ 47,071.2 million by 2028; it is expected to grow at a CAGR of 17.4% from 2020 to 2028.

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Smart Kitchen Appliance Market: Competitive Landscape and Key Developments

Electrolux AB; BSH Hausgeräte GmbH; GE Appliances; LG Electronics; Koninklijke Philips N.V.; Panasonic Corporation; Samsung Electronics Co., Ltd; Breville Group Limited; Whirlpool Corporation; and Vita-Mix Corporation are among the key players profiled in the global smart kitchen appliance market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.

The global smart kitchen appliance market is booming in the current business years owing to the demand for advanced and intelligent cooking appliances in regions 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 captured by numerous well-established and globally renowned manufacturers, tier-2 companies, and startups, which offer various types of smart kitchen appliances. This factor is also influencing the residential and commercial end users to procure smart kitchen appliances, thereby catalyzing the growth of smart kitchen appliance market.

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Cost-Effectiveness and Communication Ability of Smart Kitchen Appliances

Smart kitchen appliances are recently innovated technologies that are gaining prominence substantially in developed and developing nations. According to the Cisco Internet Report, connected homes will hold a share of 48% across all Internet of Things (IoT) applications. Smart kitchen appliances offer several benefits such as cost-effectiveness, communication ability, safety, and convenience to the owners, thereby gaining traction among end users.

The initial investments toward the procurement of smart kitchen appliance are on the higher side. However, these appliances help customers reduce recurring costs associated with periodic maintenance and energy consumption in the long run. Traditional or modern electronics or electrical appliances conserve less energy but require periodic maintenance and incur high costs. The integration of sensor technologies in smart kitchen appliances enables the devices to sense the performance and alert the owners in case of any faults. This factor reduces repetitive costs. For instance, LG ThinQ is a smartphone application offered by LG Electronics for its smart appliances. The smart appliances are powered by self-diagnosis features, and diagnosis results can be accessed by end users using LG ThinQ application. Further, the application provides necessary troubleshooting instruction to users to diagnose problems, which eliminates the need to contact repair personnel for minor issues. The reduction in recurring expenses is facilitating several end users to procure these smart kitchen appliances.

Additionally, smart refrigerators have screens that are used as notepads and to check the temperature and energy consumption pattern. The owners of smart refrigerators can easily control and manage the refrigerators according to the refrigerator's performance and switch between various modes through smartphones. These advantages of smart refrigerators allow customers to procure smart refrigerators for commercial and residential purposes, thereby boosting the growth of the smart kitchen appliance market.

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In November 2019, Electrolux expanded its collaboration with Google by integrating connected kitchen products in Europe with the Google Assistant, enabling consumers to control products via voice commands.

In 2019, Haier unveiled New 7-brand Smart Home Solution at the 2019 Appliances and Electronics World Expo. The upgraded solution integrates the latest technologies from Haier Group's seven brands to deliver the next generation of smart homes.

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