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Smart Kitchen Appliances Market Trends 2024: Market Growth, Innovation, and Consumer Demand
Smart Kitchen Appliances Market Trends
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According to The Business Research Company's, The smart kitchen appliances market size has grown rapidly in recent years. It will grow from $21.44 billion in 2023 to $25.54 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to changing lifestyle, growth in population, increase in popularity of home renovations, growth in emerging markets, rise in construction sector.
The smart kitchen appliances market size is expected to see rapid growth in the next few years. It will grow to $49.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to rising smart home integration, increasing urbanization, growing disposable income, rise in demand for energy efficiency. Major trends in the forecast period include voice-controlled appliances, augmented reality (ar) cooking guidance, health and nutrition monitoring, compact and multi-functional appliances, touchless and hygienic features.
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Market Drivers and Trends:
The increased demand for advanced and intelligent cooking appliances is significantly contributing to the growth of the smart kitchen appliances market. The outbreak of the COVID-19 pandemic and subsequent lockdowns along with increased access to smartphones and wireless services has aided in the growth in demand for smart kitchen appliances. For instance, according to research by security.org, 32% of US households have access to smart home technology and it is expected to grow to 57% by 2025. Estimates also show that 80 million US households or 64% of the participants intend to purchase a new type of smart home device within the next year. Therefore, the increased demand for advanced and intelligent cooking appliances will contribute to the growth of the human smart kitchen appliances market.
Technological advancement is a key trend gaining popularity in the smart kitchen appliances market. Key players operating in the smart kitchen appliances market are focusing on developing innovative kitchen appliances with advanced technological solutions such as machine learning to enhance their existing product portfolio and strengthen their position in the market. For instance, Bosch, a German multinational engineering and technology company, launched Bosch Series 8 accent line sensor oven, a smart Artificial Intelligence-powered oven. With the use of a machine learning system, a neural network helps recognize certain sequences from the data and makes intelligent predictions, including the time required for the baking or cooking process.
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Major Key Players of the Market:
Whirlpool Corporation, LG Electronics Inc., Electrolux AB, Samsung Electronics Co. Ltd., Haier Group Corporation, Panasonic Corporation, Breville Group Limited, Miele & Cie. KG, Koninklijke Philips N.V., BSH Hausgeräte GmbH, General Electric Appliances Company, Siemens AG, Sharp Corporation, Toshiba Corporation, Hitachi Ltd., Groupe SEB SA, De'Longhi S.p.A., Kenwood Limited, Morphy Richards Limited, TefalCo., Smarter Applications Ltd., Drop Servicing, June Life Inc., Tovala Inc., Bartesian LLC, MEATER Inc., Plumis Inc., Lumitics Pte. Ltd., CapSen Robotics Inc., Fitly Inc.
Smart Kitchen Appliances Market 2024 Key Insights:
• The smart kitchen appliances market size is expected to see rapid growth in the next few years. It will grow to $49.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
• Rising Demand For Advanced And Intelligent Cooking Appliances Drives The Smart Kitchen Appliances Market
• Technological Advancements And Innovation Drive Growth In The Smart Kitchen Appliances Market
• North America was the largest region in the smart kitchen appliances market in 2023
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