USD 30 billion, and by 2030, it will be worth USD 138.22 billion, growing at a 18.5% CAGR during the forecast period. The industry is expanding due to rising consumer disposable income and technological advancements like the Internet of Things (IoT) and gadgets that support artificial intelligence (A.I.). One of the main factors pushing the market growth to the north is the expanding use of smart kitchen equipment in both residential and commercial sectors worldwide.
DriversWith the rapid growth of technology, the kitchen concept has undergone a drastic transformation, with a major emphasis on maximizing kitchen efficiency and minimizing the time required for cooking and cleaning. Due to gadgets augmented with smart sensors and Internet of Things (IoT) enabled technologies, the sector has been gaining importance. Throughout the forecast, IoT devices will fuel market expansion. Customers of the global market have begun to associate technological progress with prosperity and are spending excessively on enhancing their dwellings. The market for smart kitchen appliances has expanded globally due to this.
RestraintsHigh maintenance costs and a need for more awareness of the advantages of smart kitchen equipment are two big obstacles to the industry’s growth.
OpportunityIoT’s integration into smart home products has enormous potential to grow the technology sector. IoT provides enormous prospects to assist governments in tackling issues in various industries, including healthcare, manufacturing, communication, transportation, science, and technology, with every country seeking to achieve social and economic progress. Governments worldwide have launched programs to adopt and use IoT, with the end-user industry for smart kitchen equipment being identified as one of the most promising.
By ProductIn 2021, smart refrigerators ruled the market with the biggest share of 33.98. Smart refrigerators are becoming more prevalent as smart infrastructure and smart cities are adopted more broadly. The IoT market has expanded significantly as smart home gadgets and equipment like Google Nest, Ring, Alexa, and smart refrigerators make houses more sophisticated.
By ApplicationThe commercial segment will expand at a rapid rate of 17.7% during the forecast period. Due to the younger population’s increased reliance on fast food restaurants, more Quick Service Restaurants (QSR) chains are popping up, which is increasing the use of smart kitchen appliances, including grillers, fryers, ovens, and cooktops. As a result, business players worldwide are spending more on these smart kitchen products.
Regional AnalysisNorth America was a significant regional market for smart kitchen appliances in 2021. The largest share is due to the industry’s growing popularity of technologically advanced appliances. The U.S. accounted for more than half of the market share in North America in 2021 and was the main market for smart kitchen appliances. The key drivers of regional market growth include increasing disposable income, evolving lifestyles, investments in renovations, and adoption of contemporary designs. With a considerable growth rate of more than 20.46%, Asia Pacific will expand at the quickest rate. The key driver of market growth in the Asia-Pacific, particularly in China, is the increasing usage of smart refrigerators and ovens.
- L.G. Electronics (South Korea)
- Xiaomi (China)
- Electrolux (Sweden)
- Miele & Cie. KG (Germany)
- Panasonic (Japan)
- Whirlpool (U.S.)
- Haier Smart Home (China)
- Samsung Electronics (South Korea)
- BSH Hausgerate (Germany)
- Koninklijke Philips (Netherlands)