Press release
Smart Cooktop Market Competitive Landscape, Key Drivers, Major Players, Outlook And Forecast To 2033
Smart Cooktop Market
According to The Business Research Company's, The smart cooktop market size has grown rapidly in recent years. It will grow from $1.60 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to advancements in technology, changing consumer lifestyles, growing interest in home automation, globalization and market expansion.
The smart cooktop market size is expected to see rapid growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to enhanced safety features, customization and personalization, enhanced safety features, consumer education and awareness. Major trends in the forecast period include integration with smart home ecosystems, AI-powered cooking assistance, seamless connectivity and remote control, modular and flexible design.
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Market Drivers and Trends:
The growing demand for smart home adoption is expected to propel the growth of the smart cooktop market going forward. Smart home adoption refers to the integration and use of interconnected devices and systems within a household to enhance convenience, efficiency, and control over various aspects of domestic life through automation and remote access. The adoption of smart home technology enhances the functionality of smart cooktops, allowing users to control and monitor cooking processes remotely for increased convenience and efficiency. For instance, in June 2023, according to a survey of 1,000 adults conducted by Samsung Electronics Co. Ltd., a South Korea-based appliance company, 86% of homebuyers in the UK would consider a smart home when selecting their next property, and they would pay $21,685 (£18,000) more for it. This research as well as an analysis of Google search trends from March 2022 to March 2023, indicated that customers want smart technology and are willing to pay a premium for it. Almost 40% of Gen Z buyers want their next property to be a smart home. Therefore, the growing demand for smart home adoption is driving the growth of the smart cooktop market.
Urbanization Surge Accelerates Growth In The Smart Cooktop Market
The increasing urbanization is expected to propel the growth of the smart cooktop market. Urbanization is the process of cities growing and expanding, usually accompanied by a migration of people from rural to urban areas. Cities often offer a greater variety and quantity of job opportunities compared to rural areas. Industries, businesses, and services tend to concentrate in urban centers, attracting people in search of employment and economic opportunities. Smart cooktops can contribute to urbanization by providing technological solutions that enhance efficiency, convenience, and safety in urban living. For instance, in April 2022, according to the World Economic Forum, a Switzerland-based independent international organization, over 55% of the global population, exceeding 4.3 billion people, resided in urban areas, with projections indicating a surge to 80% by the year 2050. Therefore, increasing urbanization is driving the growth of the smart cooktop market.
Major companies operating in the smart cooktop market are increasing their focus on developing advanced solutions, such as smart gas stoves, to gain a competitive edge in the market. A smart gas stove is a kitchen appliance that comes with connectivity features and advanced technology, providing users with better control and monitoring capabilities. For instance, in December 2023, Xiaomi Corporation, a consumer electronics company, launched the Mijia Smart Gas Stove S2, a smart cooktop. The stove is a smart gas stove that blends sophisticated design with advanced technology, including smart functionality that fits seamlessly into any modern kitchen. The stove has two burners set in an elegant, matte-tempered glass panel, similar to those found in high-end induction cooktops. It also features a double-flame system that allows for even heating of pots and pans, enabling precise temperature control up to 230°C. Equipped with a dual timer, programmable from 1 minute to 3 hours, it automatically shuts off the gas supply when the time is up, ensuring safety and convenience.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Siemens Home Appliances, LG Electronics Inc., Panasonic Corporation, Whirlpool Corporation, Bosch Home Appliances, Electrolux AB, Miele & Cie. KG, GE Appliances, Fisher & Paykel Appliances, Garland Commercial Industries LLC, KitchenAid Inc., Teka Group, Montague Company, Viking Range LLC, AGA Rangemaster Group Ltd., BlueStar Cooking, Dacor Inc., Smeg S.p.A., Hestan Commercial Corporation, Fulgor Milano, ILVE S.p.A., Kenmore Appliances, Bertazzoni S.p.A., La Cornue S.A., Wolf Appliances
Smart Cooktop Market 2024 Key Insights:
• The Smart Cooktop Market is expected to grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Growing Demand For Smart Home Adoption Fuels Smart Cooktop Market Growth
• Advancements In Smart Gas Stoves Elevate Cooking Experiences And Safety In The Smart Cooktop Market
• North America was the largest region in the smart cooktop market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart cooktop market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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