NEWARK, Del, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The smart kitchen appliances market is estimated to be US$ 1,450.8 million in 2023. By 2033, the smart kitchen appliances market will reach US$ 3,280.1 million.
With upgrades in lifestyle worldwide due to increasing disposable income, people are also looking to upgrade their homes. The introduction of the smart homes concept has led to renewed attention being paid to kitchens. By using smart kitchen appliances, smart kitchens can be achieved. Therefore, there is increasing demand for smart kitchen appliances.
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People are also skewing towards living their life more healthily and being eco-friendlier. Smart kitchen appliances can help with both of these things. With smart kitchen appliances, consumers can track what and how much is consumed. Smart kitchen appliances also help with minimizing food waste.
With technology inescapable in the modern world, kitchen appliances too are benefiting from it. The list of things smart kitchen appliances can do is impressive and ever-increasing. From setting alarms for when food is cooked in an oven to keeping track of how much time the food has been in the refrigerator, the possibilities for smart kitchen appliances seem to be endless. Smart kitchen appliance manufacturers are further trying to improve their products with the help of AI, voice assistants, and more such innovations.
“The hospitality sector is a lucrative sector for the smart kitchen appliances market. Businesses in the hospitality sector have already adopted smart kitchen appliances. By integrating smart kitchen appliances into their kitchen, businesses in the hospitality sector can take care of their customers’ needs. Apart from the residential sector, the hospitality sector too represents huge potential in the smart kitchen appliances market” says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways from the Smart Kitchen Appliances Market
- The smart kitchen appliances market recorded a growth of 8.5% from 2023 to 2033.
- Smart refrigerators lead the appliances segment, accounting for 25.70% of the share in 2022.
- Wi-Fi is the leader in the connectivity technology segment, accounting for 20.40% of the market share 2022.
- The United States rules the roost among countries, enjoying 23% of the market share 2022.
- There is expected to be strong growth in the Asia Pacific market, with Japan making up 4.8% of the global market share in 2022, while China made up 6.2%
- In Europe, the United States and Germany made up 7.4% and 6.2% of the global market share, respectively in 2022.
Competition Analysis of the Smart Kitchen Appliances Market
Smart kitchen appliance manufacturers are increasingly investing in Research and Development (R&D) activities to propel themselves ahead of the competition. The market is heavily fragmented, but several established players exist. A few are Whirpool Corporation, LG Electronics, Panasonic Corporation, Haier Group, and Samsung Electronics Co. Ltd.
Recent Developments in the Smart Kitchen Appliances market
- In August 2023, the Samsung Food app was launched by Samsung Electronics Pvt. Ltd. It has a feature whereby users can scan a food item and get recipes. Those recipes can also be synced with an oven.
- In July 2022, Sharp Corporation launched the Sharp Smart Dishwasher. The innovative dishwasher can count among its capabilities, Wi-Fi connectivity and Alexa remote assistant.
- In April 2022, LG Electronics launched several smart kitchen appliances in India. A few of them were the InstaView Door-in-Door and Frost Free Refrigerators, AI Direct Drive Washing Machines, and a range of Charcoal Microwaves.
Key Companies in the Smart Kitchen Appliances Market
- Whirlpool Corporation
- LG Electronics
- AB Electrolux
- Panasonic Corporation
- Haier Group
- Samsung Electronics Co. Ltd.
- Koninklijke Philips N.V.
- General Electric Co.
- Onida
- Sector Qube
- Dacor
- Sharp Corporation
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Smart Kitchen Appliances Market Segmentation:
By Appliances:
- Smart Refrigerator
- Smart Coffee Maker
- Smart Dishwasher
- Smart Cookware & Cooktop
- Smart Oven
- Other Appliances
By Connectivity Technology:
- Bluetooth
- Wi-Fi Market
- NFC
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author By
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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