Smart Kitchen Appliances Market

Smart Kitchen Appliances Market Outlook (2023 to 2033)

The global smart kitchen appliances market stands at US$ 15.65 billion in 2023. Worldwide sales of smart kitchen appliances are estimated to reach a market value of US$ 50.37 billion by the end of 2033, increasing at a prolific CAGR of 12.4% between 2023 and 2033.

An appliance that can link to the internet and be controlled by voice commands or a mobile app is referred to as a "smart kitchen appliance." These appliances can often be started, stopped, or adjusted remotely, allowing users to do so when they are away from home. The value of smart kitchen appliances resides in their capacity to simplify and streamline the cooking process.

• Adoption of smart kitchen appliances in residential applications across regions is being fueled by the rising demand for energy-efficient products and emerging trends in smart appliance renovation.
• Use of smart kitchen appliances in residential applications is expected to increase at a CAGR of 12.6% over the forecast period.

Eco-friendly smart kitchen gadgets and appliances that mix aesthetics and functionality are increasingly in demand from consumers. The use of smart kitchen equipment has grown even more as e-Commerce platforms provide consumers with better access to international brands.

Growing reliance on the Internet of Things and artificial intelligence is hugely driving demand for smart kitchen appliances. Consumer awareness regarding a healthy environment prompted them to invest in efficient and smarter appliances.

Smart speakers can enhance the kitchen experience with their assistance capabilities. Manufacturers in this industry are likely to focus on maintaining product design that doesn’t involve heavy apps while cooking but still streamlines the process of cooking.

• In 2020, Spring USA unveiled its new LoPRO induction range line. This series provides over- and under-voltage protection together with the proper temperature assurance needed for the best performance and energy economy.

Growing urbanization has positively impacted the entry of smart appliances into the kitchen. Apart from other features such as size, weight, and color, energy efficiency is a major characteristic for which consumers purchase smart appliances for kitchens.

Swift market growth is also attributed to the need for energy-saving appliances, which motivates users to buy smart kitchen equipment. The smart city funds given by the government also influence the market. IoT plays a crucial role in the penetration and adaptation of smart appliances in the kitchen. With Alexa's smart voice integration, equipment management in the kitchen has become easier.

Report Attributes	Details
Smart Kitchen Appliances Market Size (2023)	US$ 15.65 Billion
Forecasted Market Value (2033)	US$ 50.37 Billion
Global Market Growth Rate (2023 to 2033)	12.4% CAGR
Market Share of Smart Refrigerators (2023)	39%
United States Market Value (2033)	US$ 7.1 Billion
Market Share of Residential Applications (2023)	68%
South Korea Market Growth Rate (2023 to 2033)	12.7% CAGR
Japan Market Size (2033)	US$ 1.23 Billion
United Kingdom Market Growth Rate (2023 to 2033)	12.9% CAGR
Key Companies Profiled	Samsung; Haier; LG Electronics; Whirlpool Corporation; Panasonic Corporation; Electrolux AB; Dacor; Breville; Miele; Daewoo Electronics

Which are the Key Factors Pushing the Adoption of Smart Kitchen Appliances?

“Rapid Integration of Voice-controlled Features”

A significant trend in the target market is integration with voice-controlled personal assistants. Kitchen appliances from a variety of suppliers are compatible with voice-controlled personal assistants such as Google Assistant.

A smart hub that connects numerous Internet-connected services and gadgets is a voice-controlled personal assistant. Users of speech-controlled personal assistants may use their voice to manage their smart appliances and other gadgets.

• A user may ask the voice assistant built into the refrigerator to add milk to the shopping list or go out and get milk if the refrigerator is running low on milk. The user's smart device will get a message detailing the steps taken.

The kitchen experience is more dynamic with voice-controlled personal assistants. Consumers can operate the refrigerator without touching it thanks to voice-activated personal assistants.

Key market players are partnering with various voice-controlled personal assistant service/platform providers to integrate voice help with their appliances. During the forecast period, it is anticipated that the usage of these appliances will expand due to the greater incorporation of voice-controlled features.

“High Demand for Convenient Devices for the Kitchen”

Demand for convenient devices that make life easier is at an all-time high. Keeping in mind consumer behavior, companies are equipping appliances with different sensors that can easily facilitate various operations. Moreover, enhanced features that can connect appliances with other household appliances, such as smartphones and tablets, are making people's lives easier, and hence the demand for more efficient smart kitchen appliances is on the rise.

The penetration of technology in different products, such as Wi-Fi-controlled smart refrigerators, dishwashers, ovens, and cookware, gives people a range of choices to easily purchase products. Demand for customized functionality and an enhanced user experience is contributing to the growth of the smart kitchen appliance industry.

“Energy Efficiency Concerns Fueling Demand for Smart Kitchen Products”

Rising concerns regarding energy conservation and demand for energy-efficient smart kitchen appliances are projected to grow at a rapid pace. For instance, companies such as Whirlpool and Samsung are focusing on eco-friendly appliances with high energy ratings to increase their penetration in the market.

A rise in investments in innovative solutions such as IoT (Internet of Things) devices for kitchens is projected to grow over the coming years. With a small amount of processing power embedded, smart kitchen appliances will have a significant impact on people's lifestyles.

What Restraints are Adversely Impacting Global Demand for Smart Kitchen Appliances?

“High Maintenance Cost and Data Privacy Issues”

A majority of smart appliances are controlled by commercially produced smartphone applications that gather user data, creating concerns about customer privacy. Therefore, data privacy issues can prevent the market for smart appliances from growing. The market is currently experiencing some challenges due to factors, including a lack of consumer awareness of the benefits and high maintenance costs.

How Can Emerging Companies Increase their Market Share?

“New Market Entrants Focusing on Introducing Smarter Consumer Products by Using Advanced Technologies”

Start-up companies are providing products at competitive prices that become affordable options for customers purchasing smart kitchen appliances for the first time. New entrants are committed to creating smarter consumer products that can be controlled by mobile phones and the Internet.

New market players are constantly inventing, innovating, and integrating IoT with kitchen appliances. Businesses are putting a lot of effort into encouraging sustainability and lowering energy use. They are focusing on using advanced technologies to address common consumer problems with smarter products by pushing the boundaries of hardware and software design.

• Meater, a start-up based in the United Kingdom offers smart thermometers for monitoring the temperature of grilling meat. The sensors on the thermometers may be put inside the meat to be cooked. It has a rechargeable battery, precise temperature readings, cloud storage, water resistance, a list of meats with suggested temperatures, and an integrated mobile app. Both iOS and Android devices support this app.

Country-wise Insights

What Makes the United States a Lucrative Market for Manufacturers of Smart Kitchen Appliances?

“Rising Investments in Residential Construction Projects”

• Demand for smart kitchen appliances in the United States is predicted to rise at a stupendous CAGR of 12.8% from 2023 to 2033.

The United States is a promising market for smart kitchen appliances because of the presence of high-end hotels, providing top-notch services and magnificent kitchen fixtures. Another noteworthy development in the United States is rising investments in residential construction projects.

The introduction of strict government laws and standards connected to energy use in the United States is another factor driving up demand for smart appliances. As a result, vendors continually innovate and release new items in the market. Due to changes in lifestyle, health, safety, and convenience, the home appliance business is becoming increasingly important to customers through its products and innovation.

Will the United Kingdom Be an Investment-worthy Market?

“Rising Adoption of Smart Kitchen Appliances in Hospitality Sector”

• The smart kitchen appliances market in the United Kingdom is predicted to reach US$ 6.35 billion by 2033.

Smart kitchen appliances have a large user base in the United Kingdom. The market is being driven by the early adoption of smart kitchen appliances in the hospitality sector, as well as the presence of prominent manufacturers and distributors.

How is Japan Contributing to Revenue Generation in Asia Pacific?

“Rapid Expansion of Smart Grid Projects”

• The market in Japan is set to develop at a stellar CAGR of 12.7% over the next ten years.

The market is anticipated to be driven by the growth of the residential sector, rising disposable income, and a rise in the use of home automation. Rapid expansion of smart grid projects and expanding commercial operations are boosting market value.

What is the Market Outlook for Smart Kitchen Appliances in South Korea?

“Rise in Government Incentives for Use of Energy-efficient Kitchen Appliances”

• Sales of smart kitchen appliances in South Korea are valued at US$ 2.69 billion in 2023 and are expected to reach US$ 8.86 billion by the end of 2033

The main drivers of market expansion in South Korea are the increase in nuclear families and shifting consumer lifestyles. Market growth in South Korea is attributed to the rise in government incentives for the use of energy-efficient equipment, a rise in consumer spending on home renovations, and the surging popularity of advanced kitchen designs.

Category-wise Insights

Why is Demand for Smart Refrigerators Increasing Rapidly?

“Smart Refrigerators Offer Proper Food Monitoring to Manage & and Minimize Food Waste”

By product, the market is segmented into smart refrigerators, smart dishwashers, smart ovens, smart cookware and cooktops, and smart scales and thermometers.

• At present, smart refrigerators account for 39% share of the global market.

One of the most well-liked and feature-rich smart kitchen appliances is the smart refrigerator. Due to technological advances, consumers of these smart refrigerators may use their cell phones to view items within their refrigerators. These refrigerators also use the built-in touchscreen to control the water dispenser, change the temperature, and other things.

Modern technologies, including an internal camera, meal planning and food tracking, monitoring, and control are all included in smart refrigerators. Users may examine the food stock inside the refrigerator without opening the doors thanks to inside cameras. Smart refrigerators offer proper food monitoring to manage and minimize food waste.

Leading companies are putting in efforts to develop advanced refrigerators with innovative technologies. Moreover, the rise in demand for smart refrigerators can be attributed to the millennial population who prefer working with technology in a much more efficient way.

• Samsung recently introduced a model that allows users to pay for groceries through mobile apps for the orders they place. Features that companies are focusing on inculcating in smart refrigerators are voice assistants, speakers, and touch screens that allow users to play music, make a shopping list, and even connect with other home appliances.

Competitive Landscape

Top vendors of smart kitchen appliances are using various tactics, including product standards, quality control, strategic alliances, new developments, and supply chain management to strengthen their position in the market. Major players are concentrating on online distribution channels for their online marketing and product branding to entice more consumers.

For instance :

• In 2020, The NN-CD87KS Home Chef 4-in-1 Countertop Multi-Oven was launched by Panasonic. This oven is designed with four flexible functions such as baking, air frying, broiling, and conventional microwaving to fit the hectic lifestyles of both culinary specialists and beginners.
• In 2022, the next smart kitchen appliance, "The SHARP Smart Dishwasher," was revealed by SHARP. It has Wi-Fi connectivity that "Works with Alexa" for seamless remote operation.

Key Segments of Smart Kitchen Appliances Industry Research

• By Product :

  • Smart Refrigerators
  • Smart Dishwashers
  • Smart Ovens
  • Smart Cookware and Cooktops
  • Smart Scales and Thermometers

• By Application :

  • Residential
  • Commercial

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa