Smart Kitchen Appliances Market Portrays High-End Demand across Major Geographies During 2027

Smart Kitchen Appliances Market Portrays High-End Demand across Major Geographies During 2027

Description

The global smart kitchen appliances market size was valued at USD 3,537.1 million in 2020 to USD 15,134.20 million by 2027, at a CAGR of 23.08% from 2021 to 2027. The era of technological modernization began with the advent of smart homes in nations such as the U.S., the U.K., and developed European countries. The importance of home and household appliances in the lives of the population is a sign of the advancement of the living space. This has given a gradual rise in replacing traditional kitchen appliances with smart kitchen appliances in most developed nations. The configuration of modern homes with smart meters as an initiative to build smart cities has boosted the need for energy-efficient appliances in households. There are emerging market players offering various smart kitchen appliances to cater to the global smart kitchen market. For instance, Smarty Pans have developed a smart pan that provides features such as measuring and recording AI formatted recipes, calculating nutritional values, and giving step-by-step cooking instructions.

Global kitchen appliance manufacturers are introducing innovative technologies to build a modern kitchen to address the demand for simpler operations due to the rising urbanization and working population. The application of IoT in kitchen appliances provides interconnectivity and interoperability for smart kitchen appliances. Despite being a relatively new concept that allows consumers to communicate with kitchen appliances and take smart decisions, smart kitchen appliances are expected to showcase robust growth during the next decade. The trend of the smart kitchen appliances industry is prevalent in developed countries, but developing countries are also gradually realizing its importance. Governments of several countries have also recognized the need and advantages of efficient appliances to save on the energy demand. Thus, their initiatives to promote these smart appliances will further drive the growth of smart kitchen applications. The increase is driven by certain other factors mentioned in the preceding figure.

Although products offered under smart kitchen appliances render efficiency and ease in operations for the consumers, the adoption of these products also faces a few restraints. Smart kitchen appliances are offered at prices much higher than traditional kitchen appliances, making it difficult for an ordinary consumers to invest enormous amounts in upgrading their kitchen. The adoption of these appliances may be increased in the developed nations. Still, it is relatively nascent in developing countries, especially in Asia-Pacific Japan and Middle East Africa.

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Global Smart Kitchen Appliances Market Dynamics

Drivers: Increase in prevalence of chronic disease

One of the significant factors is the availability of various smart kitchen appliances technologies for wireless monitoring and treatment of patients suffering from different chronic diseases, such as asthma, cancer, blood pressure, heart rate, diabetes, respiratory diseases, and chronic obstructive pulmonary diseases boost the market growth. Globally, chronic diseases, such as cardiovascular disease, are the leading causes of mortality and morbidity. According to the World Health Organization (WHO), in 2021, various types of chronic diseases, such as cardiovascular diseases, cancer, respiratory diseases, and diabetes, are responsible for approximately 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths, respectively. As per the same source, 41 million people die each year due to chronic disease, equivalent to 71% of all deaths globally. It has been observed that 77% of the deaths from chronic diseases occur in low and middle-income countries.

Moreover, the surge in sedentary lifestyles, such as tobacco use, unhealthy diet, physical inactivity, and harmful alcohol use, increase the risk of chronic disease. According to World Health Organization (WHO), in 2021, it was reported that tobacco intake, physical inactivity, and excess sodium/salt intake are responsible for approximately 7.2 million, 1.6 million, and 4.1 million deaths, respectively, each year. Therefore, this rise in prevalence of chronic disease and increase in lifestyle disorders are the major factors, which surge the demand for smart kitchen appliances service.

Restraints: Data Privacy and IoT Security Concern Among the Consumers

IoT has bridged the gap between the digital world and the natural world by providing options such as remotely determining the status of the smart appliance and transmitting tasks to be performed. The introduction of IoT into kitchen appliances and the addition of sensors and networking has taken them to a communication level, enhancing connectivity between the users and the kitchen appliances. Such sensors collect sensitive data, for instance, what the user says and does in their home. Cyber-attacks and hacking into IoT-connected devices may have harmful real-world consequences. Safety is one of the significant issues associated with IoT technology since the IoT security track record has been relatively poor. Therefore, providing adequate data security to the user is crucial for a company offering smart kitchen appliances. There are many IoT apps that do not take the basics of protection into account, such as the encryption of data in transit.

Opportunities: Favorable Government Policies to Support IoT

The introduction of IoT in smart home appliances has brought the immense potential to strengthen the technology industry. With every country attempting to achieve social and economic development, IoT has presented itself with tremendous opportunities to help countries overcome challenges in various sectors such as healthcare, manufacturing, communication, transportation, science, and technology. This has resulted in governments worldwide introducing initiatives to adapt and deploy IoT, where smart kitchen appliances have been recognized as one of the favorable end-user industries. The government initiatives include several public-private partnerships and a sustained support environment to allow established companies or emerging startups to introduce new IoT devices in the market, revolutionizing the use of new technologies. In India, the government has allocated approximately $7.40 billion in its central budget to construct about 100 smart cities in the country, resulting in the country's rapid and significant expansion of IoT.

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Scope of the Report

The study categorizes the smart kitchen appliances market based on product, technology, distribution channel, end user, and regions.

By Product Outlook (2017-2027, USD billion, Revenue)

• Smart Refrigerators
• Smart Cookware and Cooktops
• Smart Dishwashers
• Smart Ovens
• Other Appliances

By Technology Outlook (2017-2027, USD billion, Revenue)

• Wi-Fi
• Bluetooth
• Others

By Distribution Channel Outlook (2017-2027, USD billion, Revenue)

• Online
• Offline

By End User Outlook (2017-2027, USD billion, Revenue)

• Residential
• Commercial

By Region Outlook (2017-2027, USD billion, Revenue)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Smart coffee, by Product and Service, is estimated to be the fastest-growing segment during the forecast period

The connected machines offered by the manufacturer of smart kitchen appliances are smart refrigerators, smart dishwashers, smart cooktop and range, smart microwave and oven, smart coffee machines, and others. The smart coffee machine is the fastest-growing segment in the market of smart kitchen appliances, having a CAGR of 25.60% during the forecast period, 2021-2027, whereas smart refrigerators is having the highest revenue share of 34.29% in 2020.

A smart coffee machine gives a simple way to monitor the coffee machine with a smartphone, so the user can easily customize their cup of coffee. This also makes it easy to track the daily dose of caffeine and track the coffee machines, such as the quantity of water, coffee beans, and flavorings. There is a wide range of personalized options for coffee, and the user can order any ingredients when they need them. In addition, it provides scheduling features and lets the user know when the coffee is ready. Such features are gaining global popularity among coffee consumers and further growing the demand for the product.

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Europe accounts for the highest CAGR during the forecast period in the smart kitchen appliances market

Based on region, the global smart kitchen appliances market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Europe has a growth rate of 24.43% during the forecast period 2021-2027. Smart kitchen appliances adoption in the UK has been growing over the past decade, while the attraction toward products offered in the market grows yearly. The country has been an early adopter of technologies in kitchen appliances, with many startups to drive the market in the region. For instance, Winnow has developed smart kitchen technology to enable commercial kitchens to achieve reduce food waste.

Smart home penetration in the country is one of the significant factors for adopting smart kitchen appliances in the country. The consumer perception of smart homes or a smart lifestyle highly impacts the adoption and inclusion of IoT in regular and daily-use appliances, such as smart kitchen appliances. The region's major revenue generation in smart kitchen appliances is through large kitchen appliances, such as smart refrigerators and smart dishwashers. The small kitchen appliances are expected to grow at a higher rate during the forecast period, with smart microwaves & ovens recording a staggering growth in the market. Consumers' confidence in large smart kitchen appliances is currently much more than others, hence resulting in higher adoption of the same as of 2018. Smarter kitchen appliances players are disrupting the market by offering state-of-the-art smart kitchen appliances at competitive prices compared to established brands in the country.

Key Market Players

The smart kitchen appliances market companies are highly focused on product development and collaboration with distribution partners to enhance their market presence in the global market. The key players actively taking part in the smart kitchen appliances market are Samsung Electronics Co., Ltd., Philips N.V., AB Electrolux, Groupe SEB, Midea Group Co., Ltd., and LG Electronics Co., Ltd., among others.

Recent Developments

• In January 2020, Panasonic corporation collaborated with Drop, a recipes app provider, to connect their smart kitchen appliances with a drop platform for guided cooking.
• In March 2019, Samsung electronics co. Ltd. acquired Whisk., an AI-based platform for smart food, converting recipes to shopping lists. The technology will provide nutritional information and meal planning for health tracking through smart kitchen appliances.
• In February 2017, AB Electrolux acquired Anova Applied Electronics, Inc., a provider of Anova precision cooker, for increasing its profitable growth in emerging technology. The company aims to widen its market presence by acquiring and merging with other companies in the supply chain and across regions.
• In March 2019 and August 2019, LG Electronics Co., Ltd. launched a new line-up of voice-enabled kitchen appliances, which included refrigerators, ovens, dishwashers, and mobile app for the management of smart home appliances, respectively.

Key Issues Addressed

• What is the market size by various segmentation of the smart kitchen appliances by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's five forces of the smart kitchen appliances market?
• What are the key opportunities and trends for manufacturers involved in the smart kitchen appliances supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of smart kitchen appliances in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027

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