Smart Kitchen Appliance Market is expected to reach US$ 47,071.2 million by 2028 - Analysis by The Insight Partners

Smart Kitchen Appliance Market: Key Insights

According to our latest market study on "Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Smart Ovens, Smart Refrigerators, Smart Sous Vide, Smart Juicers & Blenders, Smart Cooker & Cooking Robots, Smart Cooktops, Smart & Integrated Ovens & Cooktops, and Others), By End User (Commercial and Residential), and Connectivity (Wi-Fi and Bluetooth)," 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 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 appliances 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 the LG ThinQ application. Further, the application provides necessary troubleshooting instructions 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.

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Substantial Growth in Smart Home and Smart Hotel Projects

The global construction sector is witnessing substantial demand for connected homes with technologically advanced appliances and devices. Developed countries such as the US and the UK and developing countries such as China, Japan, and South Korea have made interesting strides in smart home developments. The US market has witnessed substantial growth in the number of smart homes, and the country is expected to experience similar trends in the coming years. The rapid shift in the mindsets of the US population is heavily impacting the growth of smart home appliances such as smart speakers, smart thermostats, smart lighting, and smart security devices. According to Alarm.org, 57% of Americans admitted that by using smart products, they could save ~30 minutes of their time. ~47% of millennials are using smart home products.

The adoption of these devices is continuously rising in the US and globally. The penetration of these smart devices opens the growth avenues for smart kitchen appliances, as these appliances are among the necessary household items. Due to the change in the mindset of the global population, majorly among the people in developed countries and a few developing countries, the future of smart kitchen appliance is expected to be prominent.

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 operating in the global smart kitchen appliance market.

Players operating in the smart kitchen appliance market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

1. 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.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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