Fact.MR’s report predicts that the global smart kitchen appliances market will register a stellar CAGR of around 25% by gaining a market value of US$ 93 Bn in the sales indicator period 2021-2031. Technological advancements and constant innovation are driving the demand for smart kitchen appliances.
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Historically, between 2016 and 2020, the smart kitchen appliances market topped a market value of US$ 10 Bn by the end of the aforementioned period. The COVID-19 pandemic has affected the sales of smart kitchen appliances in large sectors such as restaurants and hotels but simultaneously the residential sector has shown an inclination towards investing in smart kitchen appliances.
Furthermore, with increasing discussion on climate change and energy conservation, governments are also promoting the use of energy-efficient smart kitchen appliances. Rising demand coupled with high disposable income and favourable regional policies are forecasted to drive the growth of the market for energy-efficient smart kitchen appliances in the coming decade. In addition, energy-efficient smart kitchen appliances that can reduce energy consumption and save on electricity bills are attracting more and more consumers across the world.
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Key Takeaways from Market Study
- By type, smart refrigerators expected to account for 45% of sales for smart kitchen appliances.
- Smart kitchen appliances industry expected to hold around 39% of market share across the U.S
- Smart kitchen appliances market expected to grow at a CAGR of 20% across China
- Cookware and Cooktops expected to account for 1/4th of market share.
“Increasing awareness regarding energy consumption and demand for sustainability will drive the sales of smart kitchen appliances” opines a Fact.MR analyst.
Key players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
- In July 2021, Samsung SmartThings has introduced SmartThings Energy that helps consumers to reduce energy bills and increase sustainability.
- In March 2019, Haier Home Appliances introduced upgraded COSMOPlat empowered with 5G technology at Hannover.
- In April 2021, LG Electronics launched its first laundromat. The laundry lounge is a contactless, digital public laundry located in the Philippines.
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Key Segments Covered
- Smart Refrigerators
- Smart Dishwashers
- Smart Ovens
- Smart Cookware and Cooktops
- Smart Scales and Thermometers
- Residential Smart Kitchen Appliances
- Commercial Smart Kitchen Appliances
Crucial insights in the Smart Kitchen Appliances Market research:
- Underlying macro- and microeconomic factors impacting the growth of the Smart Kitchen Appliances Market Basic overview of the, Smart Kitchen Appliances Market including market definition, classification, and applications.
- Scrutinization of each Smart Kitchen Appliances Market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend of Smart Kitchen Appliances Market across various industries.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No THE 2 SIDE STORY journalist was involved in the writing and production of this article.