A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that global smart kitchen appliances market was worth USD 10.5 Billion in the year 2020. It is estimated to grow at a CAGR of 15%, earning revenue of around USD 26.6 Billion by the end of 2027. The millennial consumers prefer convenient devices, which makes their life easy. The additional features that help connect appliances with other household appliances such as smartphones and tablets are making people’s lives easier than before. Thus, kitchen appliance companies are developing appliances with various sensors that can easily facilitate many processes, thereby increasing the demand for the kitchen smart appliances market. Furthermore, the incorporation of technology into various products such as Wi-Fi-controlled smart refrigerators, cookware, dishwashers, and ovens, among others, provides people with a wide range of options for purchasing smart kitchen appliances. Therefore, increased demand for enhanced functionality and user experience is also contributing to the growth of the smart kitchen appliances industry.
Increasing penetration of internet connectivity
Due to the increasing penetration of internet connectivity worldwide, manufacturers are now more focused on incorporating relevant features in home appliances. As a result, smart kitchen appliances now include features such as internet connectivity, remote control, and other sensing systems that also providing energy savings options. Furthermore, as technology advances and people’s disposable income increases, the demand for smart kitchen appliances is expected to skyrocket in the coming years.
Availability of energy-saving products
Consumers are increasingly investing in energy-efficient products. The rising cost of fossil fuels is being driven by the rising cost of energy on a global scale. As a result of understanding the market scenario, many companies are increasingly putting money into the production of energy-saving smart kitchen appliances.
Smart kitchen appliances are more energy-efficient than traditional kitchen appliances. Increasing demand for advanced and energy-efficient smart home appliances in urban areas will, therefore, work as a driver for market growth. Another major factor driving the growth of the smart kitchen appliances market is the feature that automatically switches off the appliances as needed by notifying the owner.
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High Product Cost
The average price of smart home appliances is very high in the retail market. For the middle-class population, it has become challenging to afford such products. Furthermore, traditional devices are more affordable in both urban and rural markets. Thus, affordability may be a barrier to the market, reducing demand for smart appliances. Higher input costs, as well as increases in the ocean and air cargo charges, are expected to have an impact on home appliance prices.
Impact of COVID-19 in the industry
The household appliances section has witnessed a negative impact due to the widespread growth of the COVID-19 pandemic. The massive surge of the COVID-19 pandemic has had a negative impact on the household appliances segment. People’s lower purchasing power and increased spending on necessities and healthcare products have hampered the market for kitchen smart appliances. However, sales of smart kitchen appliances have increased due to the development of cost-effective and efficient technologies. Because of COVID-19, the majority of the population has been forced to stay at home, allowing them to pursue cooking as a hobby, allowing consumers to invest in advanced kitchen appliances.
The residential segment occupies the largest share of the global smart kitchen appliances market
Based on end-users, the smart kitchen appliances market is categorized into commercial and residential. The residential segment accounts for the majority of the market share for kitchen appliances among user applications. Because of changing lifestyles and increased disposable income of the masses, the demand for smart kitchen appliances is growing substantially. The market is witnessing an increase in the popularity of smart modular kitchens among household customers. Millennial consumers are now opting for advanced and urbane built-in kitchen appliances to boost the aesthetic value of their kitchen. Furthermore, the introduction of technology-driven kitchen appliances is inspiring consumers to transform their basic kitchen into a smart kitchen.
North America is expected to witness significant growth in the market during the forecast period
Based on region, the global smart kitchen appliances market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The most dominant region in the global kitchen appliances market is North America. Because of the growing popularity of modular kitchens in North America, the general public in the region is increasingly embracing smart kitchen appliances. Consumers in the region also prefer using kitchen appliances that are technologically advanced and simple to use. As the working-class population grows in North America, so does the demand for energy-efficient kitchen appliances. This provides ample opportunity for companies to launch innovative kitchen appliances in the region.
Do not miss the business opportunity of the global smart kitchen appliances market. Consult our analysts to gain crucial insights, and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart kitchen appliances market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global smart kitchen appliances market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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