According to a recent ResearchAndMarkets.com report, the smart kitchen appliances market is expected to reach $8.20 billion by 2024, rising at a CAGR of 23.08% from 2019 to 2024. Market growth is largely attributed due to the adoption of smart kitchen appliances pertaining to households with increasing disposable income to spend on premium kitchen appliances.
The era of technological modernization began with the advent of smart homes in nations, such as the U.S., the U.K., and developed European countries. The importance of the home and household appliances in the lives of the population is an affirmation of the advancement of the living space, as the customers benefit visibly. The configuration of modern homes with smart meters as an initiative to build smart cities has boosted the need for energy-efficient appliances to be used in households. This has given a gradual rise to the replacement of traditional kitchen appliances with smart kitchen appliances in most developed nations.
The increasing urbanization has also fueled the need for independently operating kitchen appliances, which the consumers can access or give orders to operate based on their convenience. This has been made possible with the extensive internet connectivity, which is present in most advanced economies but is gradually picking pace in the developing nations. As a result, the ease in operating and managing kitchens has made smart kitchen appliances an attractive option for consumers who lead a hectic lifestyle.
The smart kitchen appliances are expected to advance technologically, with an increase in compatibility with smart home appliances, for further opportunities and emerging trends related to Machine-to-Machine (M2M) communication amongst smart appliances. This paves the way for home automation in future generations, which is currently a distant goal for consumers as well as governments.
In 2018, the smart kitchen appliances market by product category was dominated by smart refrigerators. These products are mainly being adopted due to the replacement of traditional kitchen appliances with smart appliances.
The smart coffee machines are the most upcoming product category for smart kitchen appliances in the coming years, with individuals increasingly looking forward to IoT controlled kitchen appliances that enable ease of operations in a busy lifestyle. Although many solution providers in this segment are currently providing the same at high costs, the coming decade is expected to witness a reduction in prices in order to increase market penetration of smart kitchen appliances as compared to traditional kitchen appliances.”
Some of the most prominent players in the smart kitchen appliances market are Whirlpool Corporation, Qingdao Haier Co., Ltd, Miele & cie. KG, Midea Group, LG Electronics, Robert Bosch GmbH, Siemens AG, and De’Longhi Appliances S.r..L. The result of the emerging strategies and developments are already surging the market in the form of product launches. Moreover, the growing market of smart kitchen appliances is further expected to increase the involvement of companies across different segments of the value chain.
The majority of the companies preferred launching new products to offer the customers with a wide variety to choose from, while the relatively less adoptive strategies comprised collaborations with similar companies in the supply chain, thus consolidating a small part of the market.
Strategic partnerships, collaborations, and joint ventures across the value chain of the smart kitchen appliances industry presented a major strategic move made by a large number of companies since 2017. For instance, in September 2019, Qingdao Haier Co., Ltd partnered with SideChef, a software company, to develop agriculture software integrated by artificial intelligence. Similarly, a home cooking platform, to provide their users with step-by-step cooking instructions based on inventory available inside the refrigerator.
This report is a meticulous compilation of research on more than 100 players in the smart kitchen appliances ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 15 leading manufacturers in smart kitchen appliances. Key profiles include Whirlpool Corporation, Qingdao Haier Co., Ltd, Miele & cie. KG, Midea Group, LG Electronics, Robert Bosch GmbH, Siemens AG, and De’Longhi Appliances S.r..L., Samsung Electronics Co. Ltd, and Smarter Kitchen Appliances, among others.