This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Smart Kitchen Appliances Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global smart kitchen appliances market was valued at USD 9.4 billion in 2020 and is expected to reach USD 27.8 billion by 2027, expanding at a CAGR of 17.9% over the forecast period. The rising trend of technological advancements and the growing preference for connected devices are the major drivers for the market. In addition, the increasing demand for energy-efficient products is also propelling the market growth.
The market is segmented by type into refrigerators, ovens, dishwashers, and Others. The refrigerators segment is expected to grow at the highest CAGR over the forecast period, owing to the increasing demand for energy-efficient refrigerators. The ovens segment is expected to hold the largest market share in 2020, owing to the growing preference for smart ovens among consumers.
The market is segmented by distribution channel into online and offline. The online segment is expected to grow at the highest CAGR over the forecast period, owing to the growing preference for online shopping among consumers.
The market is segmented by geography into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to hold the largest market share in 2020, owing to the presence of a large number of smart kitchen appliance manufacturers in the region. Asia Pacific is expected to be the fastest-growing region over the forecast period, owing to the growing economic development and the increasing purchasing power of consumers in the region.
Some of the key players operating in the market are LG Electronics, Inc., Robert Bosch GmbH, Samsung Electronics Co., Ltd., Whirlpool Corporation, Electrolux AB, Panasonic Corporation, and Sharp Corporation.
Product Insights
The global smart kitchen appliances market is expected to grow at a CAGR of 12.1% during the forecast period. The major factor driving the growth of the market is the need for efficient and time-saving appliances in the kitchen. The fast-paced lifestyle of consumers has led to the increased demand for smart kitchen appliances that can help in reducing cooking time. Moreover, the increased adoption of the internet of things (IoT) technology in kitchen appliances is another factor expected to drive the growth of the market.
The refrigerators & freezers segment is expected to hold the largest market share during the forecast period. The need for efficient and smart refrigerators & freezers is increasing among consumers due to the changing lifestyles and the need for fresh and healthy food. Smart refrigerators & freezers are equipped with features such as automatic defrost, ice & water dispensers, and energy-saving modes, which are attracting consumers.
The ovens & microwaves segment is expected to grow at the highest CAGR during the forecast period. The increased adoption of smart ovens & microwaves is due to the advanced features offered by these appliances. Smart ovens & microwaves are equipped with features such as self-cleaning, automatic temperature control, and energy-saving modes.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase beauty and personal care products. According to a study by FashionNetwork.com in 2020, men are more likely to buy brands after touch and feel the experience in supermarkets & hypermarkets as only 22% of men shop frequently on their mobile devices. These establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions for the required skincare product.
The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. E-commerce development in the personal care and skincare industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, Nykaa launched NykaaMan.com dedicated to men’s grooming. The website will offer brands across categories like shaving, hair care, grooming kits, bath & body, beard care, sexual wellness, and sports nutrition. In addition, it will also offer the best brands and products for men along with expert advice and opinions on choosing the best regime.
Type Insights
The global smart kitchen appliances market is expected to reach USD 24.8 billion by 2025 from USD 10.5 billion in 2020, at a CAGR of 18.2% during the forecast period. The growth of the smart kitchen appliances market is driven by the growing trend of connected homes, the increasing preference for energy-efficient appliances, the increasing disposable income, and the changing lifestyle of consumers.
The market for built-in appliances is expected to grow at the highest CAGR during the forecast period. The growth of the built-in appliances market is driven by the increasing preference for compact and sleek appliances, the growing trend of modular kitchens, and the increasing construction of smart homes.
The market for refrigerators is expected to grow at the highest CAGR during the forecast period. The growth of the refrigerators market is driven by the increasing demand for energy-efficient and smart refrigerators.
Regional Insights
North America is expected to dominate the market and account for the largest revenue share of over 30.0% by 2023. The presence of key players and the early adoption of smart technology are the key factors driving the growth of the market in the region. Furthermore, the region is witnessing a surge in the number of working women, which is leading to the increased demand for smart kitchen appliances.
Europe is expected to witness the second-fastest growth in the coming years. The growing awareness regarding the benefits of smart kitchen appliances is a key factor driving the growth of the market in the region. Moreover, the region is home to a large number of working women, which is further expected to increase the demand for smart kitchen appliances.
Asia Pacific is expected to witness the third-fastest growth in the coming years. The rising population and the growing disposable income are the key factors driving the growth of the market in the region. Moreover, the region is witnessing a surge in the number of working women, which is leading to the increased demand for smart kitchen appliances.
Financial Projections
In this part of the business plan, we will provide a detailed breakdown of all income and expense categories for the Smart Kitchen Appliances Products business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for the Smart Kitchen Appliances Products business comes from the sale of products. Here you will find a list with a description of each product and other possible sources of profit such as discounts, the sale of used products, and leasing the space for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the Smart Kitchen Appliances Products business running will be described. The list of operating expenses includes product development, marketing, rent, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the smart kitchen appliances 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 September 2022, LG Electronics Inc. launched the LG ThinQ refrigerator with Wi-Fi capabilities and voice control.
– In October 2022, Samsung Electronics Co. Ltd. launched the Family Hub refrigerator with a 21.5-inch touchscreen display.
– In November 2022, GE Appliances launched the FirstBuild Opal Nugget ice maker with Wi-Fi capabilities.
Some of the prominent players in the smart kitchen appliances market include:
– LG Electronics Inc.
– Samsung Electronics Co. Ltd.
– GE Appliances
– Bosch
– Electrolux
– Panasonic Corporation
– Sharp Corporation
– Haier Group Corporation
– Midea Group
– Hisense
Global Smart Kitchen Appliances 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 kitchen appliances market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Refrigerators
– Dishwashers
– Ovens
– Cooktops & Ranges
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Built-in
– Stand-alone
4. 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]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in grooming products are expected to influence the smart kitchen appliances market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Smart Kitchen Appliances Market?
[A]: LG Electronics, Samsung Electronics Co. Ltd., Robert Bosch GmbH, Panasonic Corporation, Whirlpool Corporation, and Electrolux AB.
[Q]: Which Region Offers the Largest Opportunity for Sales of Smart Kitchen Appliances?
[A]: With an absolute dollar opportunity of $4 B (USD), North America is expected to be lucrative for smart kitchen appliances market.
[Q]: What are the factors driving the smart kitchen appliances market?
[A]: Key factors such as the increase in the number of households and the rise in the disposable income are expected to drive market growth over the forecast period.
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
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
