Vancouver, British Columbia, April 28, 2021 (GLOBE NEWSWIRE) -- The smart kitchen appliances market reached a market size of USD 110.56 Billion in 2020 and is expected to register a steady CAGR over the forecast period, according to recent analysis by Emergen Research. Large and medium sized companies are investing majorly in R&D to develop, design, and enhance product offerings. Major players such as Bosch, Samsung, and LG are changing the way consumers store, prepare, consume, and interact with food, and the way they interact with the kitchen and related appliances. Companies are introducing a wide range of products such as built-in ovens, built-in hobs, coffee makers, steam appliances, thermostats, refrigerators with Wi-Fi modules, electric kettles, washing machines, and many more; these appliances are incorporated with IoT and AI technologies that enables interconnectivity and interoperability.
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With the help of AI technologies, companies have been able to develop devices with in-built sensors, which help users to manage their time more efficiently, and also offers features such as self-monitoring for minimizing energy consumption. Adoption of Wi-Fi-enabled kitchens among residential and commercial end-users has been increasing rapidly, and this is boosting revenue growth of the Wi-Fi segment in countries in developed and developing regions.
Other key factors driving rise in demand for smart kitchen appliances is increasing disposable income, rapid urbanization, growing awareness regarding smart kitchen appliances in different countries, increasing funding in smart city projects, growing demand for connected devices, and rising concerns about the environment. Reducing energy consumption through IoT-enabled devices is a major focus point among major players in the market.
Key Highlights of Report
- In January 2018, BSH Hausgeraete GmbH acquired 64.57% share of global food platform, Kitchen Stories. With their strategic investment in digital services, BSH is on a verge to become an integrated software, hardware, and service provider.
- Smart kitchen appliances include smart refrigerators, smart cookware, smart cooktops, smart electric kettles, dishwashers, smart coffee makers, and others. Smart refrigerators segment accounted for largest revenue share among the other product segments owing to offering of more advanced features and applications such as Internet access, in-built ability to recognize and manage food items stored in it, and energy saving ability.
- The US accounted for largest revenue share contribution in the North America market, with Canada accounting for second-largest share. Major revenue share contribution to the Europe smart kitchen appliances market came from the UK, Germany, and the Netherlands. Asia Pacific revenue is expected to register the fastest CAGR over the forecast period.
- Some major players in this market include Whirlpool Corporation, LG Electronics, Samsung Electronics Co. LTD., Panasonic Corporation, AB Electrolux, BSH Hausgerate GmbH, Haier Group, Robert Bosch Gmbh, Miele & Cie, and Koninklijke Philips N.V.
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Emergen Research has segmented the smart kitchen appliances market on the basis of product, technology, end use, and region:
- Product (Revenue, USD Billion; Volume: Thousand Units; 2020–2028)
- Smart Refrigerators
- Smart Cookware and Cooktops
- Smart Dishwashers
- Smart Thermostats
- Smart Coffeemakers
- Other Appliances
- Technology Outlook (Revenue, USD Billion; Volume: Thousand Units; 2021–2028)
- Wi-Fi
- Bluetooth
- RFID
- Others
- Sales Channel Outlook (Revenue, USD Billion; Volume: Thousand Units; 2021–2028)
- Online
- Offline
- End-user Outlook (Revenue, USD Billion; Volume: Thousand Units; 2021–2028)
- Residential
- Commercial
- Industrial
- Regional Outlook (Revenue: USD Billion; Volume: Thousand Units; 2021–2028)
- North America
- U.S.
- Canada
- Europe
- Russia
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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