The key companies operating in the global smart kitchen appliances market are AB Electrolux, Samsung Electronics Co., Ltd., and Haier Group, Whirlpool Corporation, and LG Electronics, Inc., as per Transparency Market Research (TMR). The manufacturers of smart kitchen appliances are primarily focusing on the introduction of cutting-edge kitchen appliances. In addition, these manufacturers are also taking steps to acquire the other manufacturers of home appliances for expanding their sales and footprint.
The global smart kitchen appliances market stood at US$ 476.2 mn in 2013 and is predicted to touch US$ 2,730.6 mn in 2022, expanding at a whopping 29.10% CAGR between 2014 and 2022. On the basis of product, the segment of smart refrigerators emerged as the most significantly utilized appliances within households and hence the refrigerators market is high lucrative in nature. The reasons for the dominance of this segment include the shifting lifestyles of consumers and the increasing expending on home appliances. In addition, smart refrigeration presents more user-friendly operation and a number of other advantages over conventional refrigerators, which further increase their demand. This segment is predicted to reach US$786.2 mn by 2020, expanding at a remarkable 29.5% CAGR till 2022.
Increasing Purchasing Power of Individuals to Increase Usage of Smart Kitchen Appliances in Residential Applications
In terms of application, the segment of residential applications led the market with a share of 88.14% in 2013. The reasons for the growth of this segment is the globally rising aging population and the rising purchasing power of individuals. In addition, the residential segment is largely supported by the increasing demand for oven, dishwashers, and smart refrigeration. This segment is predicted to touch US$2,408.6 mn by 2020 and is predicted to rise at an impressive CAGR of 26.9% during the forecast period. The residential segment is predicted to maintain its superiority all through the forecast period. On the other hand, commercial segment is poised to experience strong development, particularly in regions having a strong hospitality industry.
Geographically, the North America smart kitchen appliances market holds the most dominant share and is predicted to maintain its superiority in the coming years. This is due to the huge technological acceptance in Canada and the U.S. In addition, the soaring demand for both connected and standalone smart kitchen appliances within North America will also boost the growth of the market here. The North America smart kitchen appliances market is poised to reach US$ 1,087.9 mn by 2022, in terms of revenue, and will expand at a whopping 29.2% CAGR during the forecast horizon. On the other hand, Asia Pacific is anticipated to emerge as the most swiftly developing region over the forecast horizon. This is due to soaring demand for smart appliances from nations such as South Korea, Japan, China, and Australia.
Technological Developments to Positively Impact Demand for Smart Kitchen Appliances
The global smart kitchen appliances market is fuelled by the increasing discretionary income of individuals and the rising awareness regarding eco-friendly and energy-efficient appliances, states a TMR analyst. In addition, the huge technological developments seen in the smart kitchen appliances market have also provided impetus to the overall growth of the market. This is owing to the fact that a number of manufacturers are focusing on converting simple appliances into cutting-edge smart appliances. On the other hand, the skyrocketing prices of smart kitchen appliances may come up as a roadblocks in the growth of the market. “Nonetheless, the untapped potential presented by consumer electronic markets has emerged as a prime opportunity in the global smart kitchen appliances market”, says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Smart Kitchen Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”
The market is segmented as follows:
Smart Kitchen Appliances Market, by Products
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Other Products (Kettles and Coffee Makers)
Smart Kitchen Appliances Market, by Applications
Smart Kitchen Appliances Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa (MEA)
- Latin America
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