Smart Kitchen Appliances Market SWOT Analysis: Is growing continuously in Global Business Industry from 2019- 2027
Rising technological integration such as Artificial Intelligence (AI) and Internet of Things (IoT), along with rise in the disposable income of people has bolstered growth of the smart kitchen appliance market.
Smart kitchen appliances are widely being adopted in both, residential and commercial sectors on global level. This is one of the key factors contributing to expansion of the smart kitchen appliances market.
Further, convenience, intelligent sensors, connected security features, and time saving features are some of the prominent factors likely to drive growth of the global smart kitchen appliances market.
Inclination of people towards technology driven products is, further, fuelling demand for electric appliances that can aid to save energy in the kitchen environment. Moreover, growing trend smart homes, particularly in the U.S., is resulting in higher penetration of technologically equipped advanced kitchen appliances.
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Further, kitchen renovation and remodeling in order to set up a modular kitchen propelling sale of smart kitchen appliance such as cooktops, dishwashers, and cookware. The digital assistance application in voice-controlled devices such as Google home and amazon echo are gaining wide traction, as it enables to control home setting remotely.
As per a study conducted by NPR, in 2018, approximately 39 million people is the U.S. use smart speaker to control connected home. These speaker and voice interface enable people to control smart kitchen appliances such as ovens and refrigerators to be accessed and control without actually being present at the location.
Meanwhile, in the U.S., various food network entered into strategic alliance with Amazon to provide on-demand and live cooking classes for echo show line of the smart displays.
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Global Smart Kitchen Appliances Market: Snapshot
Smart kitchen appliances are equipped with different sensors that facilitate easy operation for the users. In addition some of the smart kitchen appliances are designed with connectivity features that can connect to the other household appliances and also to handheld devices such as smartphones, tablets and others. Consumers can also regulate these appliances remotely. Companies are investing in research and development to launch innovative products. Nowadays, smart kitchen appliances available in the market are integrated with sensors, which has boosted the market. These appliances also offer easy operability and are energy efficient, which keep them ahead from traditional kitchen appliances. Moreover, growing prices of energy are expected to fuel the demand for smart kitchen appliance in the next few years.
As per TMR report, global smart kitchen appliances market size was valued US$ 2,725.5 Mn and expected to grow with a CAGR of 25.5%. In the end of 2027, the market is forecasted to reach US$ 8,501.1 Mn in 2027.
Low consumer awareness of the product will work as a market restrain. Furthermore, initial investment to purchase smart kitchen appliance is very high. This factor will slow down the market growth.
Application of Smart Kitchen Appliances to Increase in Residential Sector
The market has been segmented on the basis of product type and application. In terms of product type, the market is segmented into smart dishwashers, smart ovens, smart cooktops and cookware, smart refrigerators, smart scales and thermometers, and other including coffee makers and kettles. Smart refrigerators segment accounted for the larger share in terms of revenue in 2018. Efforts made by the leading companies in using innovative technology to develop advanced refrigerators models led the growth of this market. In addition, in the coming years, smart ovens and smart dishwashers are also expected to grow at a significant rate.
Residential segment accounted for the largest market revenue in 2018 as a result of increasing consumer spending on household appliances at global level. Furthermore, usage of smart kitchen appliance is growing significantly in hospitality industries as well.
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Asia Pacific to Offer High Growth Opportunities Smart Kitchen Appliance Manufacturers
In terms of region, smart kitchen appliances market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America held 39% of market share in in 2018 and expected to maintain its dominance in next eight years. Higher purchasing power and growing preference of the people in the region is the major factor of this market growth. Moreover, government initiatives to support the growth of smart kitchen appliances has also fueled the demand in this market. Asia Pacific expected to grow with a higher CAGR in coming years as a result of increasing disposable income in developing economies. Key players operating the global smart kitchen appliance market are
- Whirlpool Corporation
- LG Electronics
- Samsung Electronics Co. Ltd.
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