Smart Kitchen Appliances Market Growth, Competitive Landscape, Latest Innovations and Research

Smart kitchen appliances are regular kitchen appliances integrated with advanced technology. The appliances are capable of connecting to various available technologies such as wireless network, Wi-Fi system, Bluetooth, and others and run on the inbuilt intelligence system. With developing economic conditions, consumers are found to adapt to various unique technologies to make their cooking more convenient and time-saving. Manufacturers have developed various appliances including smart fridge, ovens, smart weighing scales, intelligent pans and others which have not only made the cooking experience better but have also resulted in power saving across the globe.

Market Forecast:

North America and Europe market for Smart Kitchen Appliances Market Demand have witnessed continued demand during the last few years and is projected to reach USD 5906.78 Million in North America and USD 5595.05 Million in Europe by 2023. Developing economy and consumers’ adoption of modern lifestyle and technology trends are likely to increase smart kitchen appliances’ market share in these two major regions. Increasing disposable income and consumers’ inclination to cope up with the social dynamics also have a positive impact on its market growth.

Based on the product-type, intelligent pans will witness the highest growth rate (~19.64%) in Europe and (~18.87%) in North America. By 2023, intelligent pans and instant pots will witness high growth rate among the various smart kitchen appliances type due to its diverse cooking based applications and the high demand for the household cooking purpose. Combination ovens will contribute to the largest market share in smart kitchen appliances. Instant pot will grow at a growth rate of 18.75% in North America and 19.30% in Europe and is anticipated to hold a significant share in the North America and Europe smart kitchen appliances market.

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By Downstream Analysis:

By 2023, smart combination ovens will reach a market value of more than USD 1,000 Million in both the regions. Dual application and convenience usage of combination ovens are having a positive impact on its market. Based on the application, the residential application is anticipated to hold the lion’s share of North America and Europe smart kitchen appliances market owing to the high demand for smart household appliances.

Wireless sensor networks will carry the major share of technology-type in smart kitchen appliances owning to technology developments. Bluetooth will secure the second position concerning market share based on technology type. Bluetooth technology is expected to grow at a CAGR of 18.91% in Europe and 18.23% in North America. Among the store-based distribution channel, specialty retailers will hold the highest market share of more than 25% in both the regions.