Smart Kitchen Appliances Market Size, Share, and Industry Analysis, By Type (Smart Refrigerator, Smart Cookers, Smart Kitchen Hoods, Other), By Application (Commercial Use, Home Use), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Smart Kitchen Appliances Market REPORT OVERVIEW

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The global smart kitchen appliances market size was USD 2414.3 million in 2021 and market is projected to touch USD 49245.5 million by 2031, exhibiting a compound annual growth rate (CAGR) of 34.9% during the projected period.

Smart kitchen appliances represent high-quality products/kitchen components that are primarily created provide the comfort and efficiency in almost every kitchen operation. Smart kitchen appliances are more expensive than traditional kitchen appliances, but they are more efficient and save time. There are several advantages to using smart kitchen appliances, including reducing waste, efficient food preparation operations, increased safety, and the ability to receive timely alerts, gain remote access, and save money and energy.

COVID-19 Impact: Supply and Lockdown Hindrances to Strengthen Market Advancement

The COVID-19 pandemic had a detrimental effect on most market outlook. The smart kitchen appliances are extensively used by the consumer to minimize the work load, and the continued utilisation of this consumer good for time efficiency during first half of 2020 proved to be beneficial for the smart kitchen appliance market. However, the situation returned to normal after the lockdown due to conservative workplace conditions and vaccination procedures, resulting in the revival of all the activities around the world, making it challenging for the smart kitchen appliances market growth dynamics.

LATEST TRENDS 

"Increase Adoption Rate by Residential Sector to Intensify Market Magnification "

The smart kitchen appliances market is divided into commercial and residential applications. Due to the increase in the acquiring of smart kitchen equipment in the residential sector, the residential category or division is anticipated to hold the majority of the smart kitchen appliance market share during the forecast period. The incorporation of advanced technologies like AI and IoT into smart kitchen appliances saves time and energy. Increased residential renovation and remodeling activity is expected to increase popularity for smart kitchen appliances market. The online accessibility of kitchen appliances, expansion in the domestic segment, and increased adoption of environmentally friendly buildings are also driving the segment..

Smart Kitchen Appliances Market SEGMENTATION 

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• By Type

Based on type; the market is divided into smart refrigerator, smart cookers, smart kitchen hoods, other

Smart refrigerator is the leading part of the type segment

• By Application

Based on the application; the market is divided into commercial use, home use

Commercial use is the leading part of the application segment

DRIVING FACTORS

"Smart Refrigerators Segment to Assist Market Evolution "

The smart kitchen appliances market is divided into smart fridges, smart microwave ovens, smart dishwasher’s machines, smart hobs & kitchenware, smart scales & temperature sensors, followed by others based on product type. During the forecast period, the smart refrigerators category is predicted to dominate the global smart kitchen appliances market share. The segment's expansion can be attributed to an increase in customer demand for healthy and fresh foods, as well as an increase in public concern about food waste. Smart refrigerators include advanced features like an internal camera, meal tracking and meal planning, and control and monitoring. Users can inspect the available food within the fridge without opening the doors. Food tracking sends notifications when dish is about to get fermented or non-edible. Whenever it concerns environmental sustainability, food waste is a major concern. Food waste and food poisoning can be caused by a lack of surveillance and improper use of food items. Smart refrigerators monitor food in order to regulate and reduce food waste.

"Utility in Operation to Nurture Market Expansion "

Smart appliances have been simple to operate. They can be linked to mobile phones, tablets, or other devices for remote control. The incorporation of IoT (Internet of Things) in smart kitchen appliances enables users to receive notifications and alerts regarding their usage and functions. The emergence in demand for advanced kitchen appliances is expected to be aided by expansion in the smartphone market. Increased adoption of modern lifestyles, strict working time, and long working hours have further made kitchen appliances even more essential in the residential sector. This has resulted in explosive expansion in the global smart oven and smart

RESTRAINING FACTORS

"Privacy Risk to Diminish Market Growth "

They may endanger data and privacy. Smart home appliances might not employ trustworthy internet security procedures, giving hackers access to other linked devices in the home. Furthermore, the more data these devices collect about an individual, their habits, and their home, the more exposed that data may be. Firmware problems Because manufacturers may fail to even supply or provide timely firmware updates, a device may no longer be compatible with certain other devices such as a smart home hub and speech controllers. It is also extremely easy for attackers to gain access to devices that have not been kept up to date and secure dishwasher markets.

Smart Kitchen Appliances Market REGIONAL INSIGHTS

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"Early Adoption of Advanced Kitchen Appliances to Foster Market Growth in North America "

Smart kitchen appliances have a large customer base in North America. The market in these regions is being driven by the early adoption of advanced kitchen appliances in the residential and hospitality industry, as well as the presence of significant manufacturers and distributors. Because of the increased adoption of sophisticated kitchen equipment in these regions, the marketplace in North America region is anticipated to expand significantly over the forecast period.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Whirlpool Corporation (U.S.)
• AB Electrolux (Sweden)
• Samsung Electronics (South Korea)
• LG Electronics (South Korea)
• Haier Group (China)
• BSH (Germany)
• Miele & Cie KG (Germany)
• Panasonic (Japan)
• Robam (China)
• Midea (China)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.

The report also examines the equipment market's current state of development and its overall market trend. It also separates the market by categories based on type and applications in order to conduct a detailed study and demonstrate the industry's characteristics and prospects. By taking into account a range of elements, such as growth rate, trends, industrial advancements, technologies, growth, distribution, and barriers, it offers a thorough assessment as well as a detailed analysis.

If the significant competitors or the predicted assessment of market dynamics change, the analysis would need to be updated. In terms of production, this study looked at consumption, manufacturing, annual growth, and share prices of manufacturers. It also delivers detailed information and cutting-edge assessment required to create an ideal strategic plan and outline the best path for speedy growth for all industry participants. With this knowledge, participants will be better able to build new strategies are focused on market prospects that would benefit them, thereby rendering their company ventures successful. The market informs the readers about its product lines, applications, and specifications. The research identifies key market players and highlights the strategies used by the businesses to strengthen their market position. The strong points, weaknesses, possibilities, and configurations of major manufacturers are comprehensively derived and cited in the report through extensive use of situation analysis tools. Every major player in this world market is profiled, including types of products, companies set up, revenues, skilled workforce, applications, and other requirements. The market has been steadily expanding in recent years and is expected to expand even further in the coming years.