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Smart Kitchen Appliance Market is expected to reach US$ 47,071.2 million by 2028 | The Insight Partners
Smart Kitchen Appliances market
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.
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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.
The List of Companies:
AB Electrolux
Breville Group Limited
BSH Hausgerate GmbH
GE Appliance
LG Electronics inc.
Panasonic corporation
KONINKLIJKE PHILIPS N.V.
Samsung electronics Co., Ltd.
Vita-Mix Corporation
Whirlpool Corporation
What are reasons behind smart kitchen appliances market growth?
The connected home devices industry has witnessed significant growth across the globe in the current scenario, and the same is expected to be adopted in large quantities in the coming years. Several manufacturers of electronics and electrical equipment are increasingly emphasizing on the development of smart kitchen appliances to benefit their customers with advanced technologies. The presence of long-established and industry recognized manufacturers in the smart kitchen appliance market is facilitating the market to proliferate quickly. Additionally, rising disposable income among the middle-class societies in developed countries and developing countries is influencing the residential end users to adopt newer technologies such as intelligent kitchen appliances, which is paving the growth path for smart kitchen appliance market.
The smart kitchen appliance market is segmented into product, end user, connectivity, and geography. Based on product, the smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cooker & cooking robots, smart cooktops, smart & integrated ovens & cooktops, and others. The smart refrigerator segment held the largest market share in 2020. Based on connectivity, the smart kitchen appliance market is bifurcated into Wi-Fi and Bluetooth. The Wi-Fi segment held a larger market share in 2020. Based on end user, the smart kitchen appliance market is divided into residential and commercial. In 2020, the residential segment led the market globally.
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.
Geographically, the smart kitchen appliance market is segmented into five key regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The smart kitchen appliance market in APAC is projected to grow at the fastest rate from 2020 to 2028.
Product-Based Market Insights:
Based on product, the smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cooker & cooking robots, smart cooktops, smart & integrated ovens & cooktops, and others. The smart refrigerators segment led the smart kitchen appliance market with a share of 33.0% in 2020. The smart kitchen appliance market is witnessing a surge due to significant demand for smart refrigerators and smart ovens in the developed and developing countries, improved lifestyle, enhanced internet infrastructure, substantial growth in Internet of Things (IoT), and a rise in demand for connected devices or appliances in residential and commercial kitchens.
The smart refrigerators segment captured the largest share in the global smart kitchen appliance market in 2018 and is expected to dominate the market during 2021-2028 On the other hand, the demand for smart ovens is foreseen to grow significantly over the years, thereby projecting a promising future for the segment from 2021 to 2028.
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What are market opportunities for smart kitchen appliances market?
growth in internet penetration and awareness related to the smart kitchen appliances among the population in developing countries are helping customers in these regions to procure an increased number of smart kitchen appliances, thereby, creating growth opportunities for the smart kitchen appliances market players.
Contact Us:
The Insight Partners
Email: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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