17.4% CAGR, Smart Kitchen Appliance Market to Outstrip USD 47,071.2 Million by 2028 - The Insight Partners

According to The Insight Partners' 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.

Impact of COVID-19 Pandemic on Smart Kitchen Appliance Market

According to the Electronic Components Industry Association, COVID-19 caused delay and disruption in the supply chain, product releases, events, and other industry-related activities. Several electronics manufacturers had to temporarily cease their manufacturing units due to containment measures and limited availability of components and raw materials. Further, the manufacturers of various electronic and semiconductor products, including smart kitchen appliances, experienced a delay in stipulated timelines, which negatively affected the supply chain of the smart kitchen appliances market in 2020. However, the supply chain of the smart kitchen appliances market started to stabilize in late Q4 of 2020, as economics reopened and the market gained positive momentum from 2021.

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Strategic Insights:
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:

- 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.

Surge in Internet Penetration

In recent years, several developed countries in North America and Europe have witnessed the growth in the adoption of smart kitchen appliances, which is majorly attributed to the significant rise in the internet of things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled end users to procure smart kitchen appliances. Similarly, Asia Pacific is also witnessing staggering growth in internet penetration due to advancements in internet infrastructure.

According to the Cisco Annual Internet Report, APAC is projected to have 3.1 billion internet users (72% of APAC population) and 13.5 billion networked devices/connections by 2023. Further, networked devices/connections will be wired or connected over Wi-Fi by 2030. As the operations of these smart kitchen appliances are primarily based on internet infrastructure, the stimulating internet infrastructure in Asia Pacific is boosting the adoption of smart kitchen appliances in the region. Japan and South Korea account for the most significant internet users and are the home to several electronics, home appliances, and sensors manufacturers. Additionally, the benefits of operational costs and risks reduction are supporting the growth of smart kitchen appliances in several APAC countries.

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.

Also, the hospitality industry in various geographies is procuring robotic technologies and connected technologies to enhance customer satisfaction. Smart TVs, voice-controlled rooms, robotic luggage storage, and digital concierge are a few of the prominent smart hotel technologies in the current times. Various hotel managements are showcasing decent interest in transforming their kitchens into smart kitchens with the procurement of smart kitchen appliances. The integration of cloud-based technologies and smartphones enables hotels and restaurant owners to remotely control and monitor their commercial kitchen appliances, facilitating the progression of the smart kitchen appliance market in the current scenario.

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This release was published on openPR.