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Smart Kettle Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global smart kettle products market was valued at USD 230 million in 2022 and is projected to expand at a CAGR of 19.5% from 2023 to 2030. Smart kettles are gaining traction as they provide convenience to consumers in the preparation of tea, coffee, and other beverages. These appliances facilitate wireless connectivity, which enables users to remotely control the appliance and its functions through their smartphones. Smart kettle products offer various benefits such as energy efficiency, voice command capabilities, and temperature-based settings. Furthermore, the introduction of new technologies such as Bluetooth, Wi-Fi, and radio-frequency identification (RFID) are fostering the growth of the market.
The increasing demand for technologically advanced products and the growing trend of connected homes are driving the growth of the market. The growing trend of automation and the increasing use of voice-controlled appliances are further stimulating the growth of the market. Furthermore, the surge in demand for convenience and safety is expected to drive the market further in the coming years. To address the growing demand for convenience and safety, manufacturers are introducing various features such as auto-shutoff and child-lock, which are further driving the demand for these products.
Furthermore, manufacturers are introducing various smart kettle products with advanced features to meet the needs of consumers. For instance, in February 2021, Amazon launched its Alexa-enabled smart kettle, which is powered by Amazon’s Alexa Voice Service technology. The product offers various features such as voice-control, auto-shutoff, temperature-based settings, and water level indicator. Apart from that, manufacturers are focusing on introducing new products with attractive designs, which are further driving the growth of the market. For instance, in October 2021, Xiaomi launched its new smart kettle, which is designed with a transparent window and a stainless steel finish.
Moreover, the growing demand for eco-friendly products is also driving the market growth. Manufacturers are introducing eco-friendly and energy-efficient products to cater to the demand of consumers. For instance, in April 2021, Russell Hobbs launched its new eco-friendly smart kettle. The product is designed with an energy-saving mode, which helps reduce energy consumption by up to 70%. Furthermore, the introduction of energy-efficient products is expected to further support the growth of the market in the coming years.
The presence of several key players in the market, such as Amazon, Xiaomi, Russell Hobbs, and others, is creating a highly competitive market landscape. To gain a competitive edge, these companies are focusing on introducing technologically advanced products with attractive designs. Furthermore, they are also focusing on strategic partnerships and collaborations with local players, which is driving the growth of the market.
Product Insights
The smart kettle segment is anticipated to expand at the fastest CAGR of 15.6% over the forecast period. Smart kettles offer numerous benefits such as safety and convenience compared to conventional kettles. Smart kettles are equipped with advanced features such as voice control, temperature adjusting and automated shut-off, which make them easier to use, and safer than traditional kettles. Furthermore, the increasing trend of digitalization and the rising adoption of smart home appliances are some of the key factors driving the smart kettle market.
Moreover, the rising popularity of smart homes and the emergence of connected home appliances are further propelling the growth of the smart kettle market. According to an article published by Forbes in April 2018, the global smart home market is expected to reach USD 53.45 billion by 2022. Additionally, the growing demand for energy-efficient and smart home appliances is driving the growth of the smart kettle market.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share of over 43.4% in 2022. This is mainly due to the presence of a wide range of smart kettle products from different brands in these stores. Supermarkets & hypermarkets also provide a reasonable selection of products and help customers in making rapid purchasing decisions for the required product.
The online segment is anticipated to expand at the highest CAGR of 16.2% over the forecast period. The availability of various smart kettle products on different online retail stores, such as Amazon and Flipkart, has increased significantly. Moreover, the convenience offered by online stores, such as cash-on-delivery, free shipping, and discounts, is expected to drive the segment growth. Furthermore, the increasing use of smartphones and tablets to purchase products online is expected to further fuel the segment growth.
Type Insights
The connected kettles segment accounted for the largest revenue share of 77.3% in the year 2022. The increasing adoption of connected technology in household appliances is the primary factor driving the segment. The connected kettles are available with Wi-Fi and Bluetooth connectivity that allow users to control the appliance from a distance. The connected kettles also come with voice-enabled technology which allows users to operate the device with voice commands. Furthermore, the availability of mobile applications to monitor the progress of the appliance is attracting more customers to the segment.
The standalone kettles segment is anticipated to expand at the highest CAGR of 10.2% over the forecast period. The standalone kettles are available at an affordable price and are easy to use. They come with an easy to read LCD display and temperature control options. The increasing demand for energy-saving appliances is further driving the segment. Furthermore, the increasing demand for portable kettles is expected to contribute to the growth of the segment.
Regional Insights
Europe is expected to hold the largest share of the global smart kettle market in 2022. This is attributed to the presence of well-established smart home appliance manufacturers in the region. Additionally, the increasing demand for energy-efficient products and the rising tech-savvy population have led to the adoption of smart kettles in the region. For instance, in March 2021, German company Klarstein launched a range of smart kettles with a Home Connect app, allowing users to remotely control the device via their smartphones.
Asia Pacific is expected to witness the fastest growth rate in the forecast period. This can be attributed to the growing demand for smart home appliances in the region. Additionally, rising disposable income, rapid urbanization, and favorable government initiatives are expected to boost the growth of the market. For instance, in October 2021, Xiaomi launched its smart kettle with a new design and a built-in water filter in India.
Financial Projections
In this part of the smart kettle products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your smart kettle products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a smart kettle products business comes from product sales, advertising, and sponsorships. Here you will find a list with a description of each of them and other possible sources of profit such as wholesale and retail sales, online sales, and licensing agreements.
Projecting Expenses
In this section, all the regular expenses related to keeping the smart kettle products business running will be described. The list of operating expenses includes research and development costs, marketing, advertising, salaries, utilities, insurance policies, web hosting and development, and others.
Key companies & market share insights
Some of the key companies operating in the smart kettle market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, iKettle launched a new range of intelligent kettles that can be controlled remotely.
– In August 2022, Breville launched the Oracle Touch, a smart kettle with an integrated LCD screen to help users control and monitor the brewing process from start to finish.
– In October 2022, Samsung launched the Smart Kettle Plus, a WiFi-enabled device that allows users to control the temperature and water level of the kettle remotely.
Some of the prominent players in the smart kettle market include:
– iKettle
– Breville
– Samsung
– Tefal
– Morphy Richards
– Philips
– KitchenAid
– Dash
– Hamilton Beach
– Braun
Global Smart Kettle Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart kettle products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Electric Kettles
– Stovetop Kettles
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Smart kettles are increasingly gaining traction in the market due to their features such as digital temperature control, automated shut-off, and energy saving. Product innovation is expected to play a key role in driving the growth of the smart kettle market. Smart kettles are expected to adopt features such as voice activation, touch screen controls, and wireless connectivity. These features are likely to give an edge to the smart kettle market.
[Q]: Who are the Key Players in the Smart Kettles Market?
[A]: Hamilton Beach Brands Holding Company, AEG, Robert Bosch GmbH, Electrolux AB, Panasonic Corporation, Morphy Richards, Breville Group Ltd, Midea Group, and De’Longhi Group are some of the key players in the smart kettle market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Smart Kettles?
[A]: North America is expected to lead the global smart kettle market over the forecast period. The region is expected to register a CAGR of 10.5% from 2019 to 2026. This can be attributed to the increasing number of smart devices being adopted in the region, along with the presence of prominent players in the region.
[Q]: What are the factors driving the smart kettle market?
[A]: The increasing demand for smart and connected devices, the growing trend of automating kitchen appliances, and the rising demand for energy-efficient devices are some of the major factors driving the growth of the global smart kettle market. In addition, the increasing focus on lifestyle convenience is expected to further boost the market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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