The smart kitchen appliances market is poised to reach a valuation of USD 1,450.8 million in 2023. In 2022, the market's valuation was reached around USD 1,326.1 million.
The market is predicted to register a healthy CAGR of 8.5% until the end of the forecast period. The valuation at the end of the forecast period is predicted to be USD 3,280.1 million. Thus, the smart kitchen appliances market is in for a promising period from 2023 to 2033.
Consumption Analysis in the Smart Kitchen Appliances Market
| Attributes | Details |
|---|---|
| Smart Kitchen Appliances Market Value for 2023 | USD 1,450.8 million |
| Projected Market Value for 2033 | USD 3,280.1 million |
| Value-based CAGR of Market for 2023 to 2033 | 8.5% |
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The smart kitchen appliances industry recorded significant growth during the historical period. While cost remains a sticking point in the appeal of smart kitchen appliances, the severity of the issue could be reduced over the forecast period.
| Attributes | Details |
|---|---|
| Smart Kitchen Appliances Market Value in 2022 | USD 1,326.1 million |
More and more people are accessing disposable income, which could be spent on smart kitchen appliances. Smart kitchen appliance manufacturers are also making their products more affordable. Thus, the smart kitchen appliances market is expected to grow its consumer base during the forecast period.
For the forecast period, the smart kitchen appliances market is projected to grow at a significant rate of 8.5%. With consumers increasingly striving to ease their lives, smart kitchen appliances potentially have a big role. There is expected to be an increasing adaptation of smart kitchen appliances as people look to make trips to the kitchen more convenient.
Smart microwaves that send reminders to smartphones and smart refrigerators that keep a list of the food remaining in them are examples of smart kitchen appliances that increase convenience in kitchens. The smart kitchen appliances market is expected to benefit in the forecast period because these products make consumers' lives more comfortable.
Smart kitchen appliances rely on technology. The innovations in technology are expected to raise the bar as we advance. The infusion of AI into smart kitchen appliances is just one innovation that has propelled the market. With technology continuing to advance in leaps and bounds, the progression of the smart kitchen appliances market is expected to be strong.
The smart kitchen appliances market can be divided into the following segments: appliances and connectivity technology. By looking at the segments, consumers can determine what they prefer in their smart kitchen appliances. Information is also gleaned about what the consumers want their smart kitchen appliances to do.
Smart refrigerators lead the appliances segment of the smart kitchen appliances market. In 2022, smart refrigerators accounted for 25.70% of appliance market share.
| Attributes | Details |
|---|---|
| Top Appliance | Smart refrigerators |
| Market Share in 2022 | 25.70% |
Smart refrigerators are becoming increasingly common in households. Due to constant innovations, smart refrigerators are getting smarter and smarter. With smart refrigerators, consumers can get to know what is inside the refrigerator without leaving their place with the help of an app. This and other advancements like modifying temperatures have ensured the demand for smart refrigerators remains high.
While smart refrigerators enjoy the highest share of the market, other appliances are predicted to show growth, too. Smart coffee makers and smart dishwashers are expected to grow strongly during the forecast period.
The rising importance of the internet has led to an increasing reliance on Wi-Fi. Customers are partial to having Wi-Fi connectivity even in their kitchen appliances. This has led to Wi-Fi-enabled smart kitchen appliances having a massive market share in the connectivity technology segment. Smart kitchen appliances with Wi-Fi connectivity accounted for 20.40% of the market in 2022.
| Attributes | Details |
|---|---|
| Top Connectivity Technology | Wi-Fi |
| Market Share in 2022 | 20.40% |
During earlier periods, smart kitchen appliances with Bluetooth technology were in vogue. However, the internet, and consequently Wi-Fi, have become necessary commodities in people's daily lives. As a result, Wi-Fi-enabled smart kitchen appliances have taken over from Bluetooth-enabled smart kitchen appliances.
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North America and Europe are the beneficiaries of leading technologies. Thus, the technology-driven smart kitchen appliances market enjoys significant market share in the two regions. North America is especially fertile ground for the smart kitchen appliances market, with the United States having a mammoth market share.
Asia Pacific is also a rapidly growing market. Japan and China are forecasted to have significant growth in the coming years, contributing to the smart kitchen appliances growth in the Asia Pacific. Another region tipped to experience notable growth is the Middle East and Africa (MEA).
| Countries | Market Share in 2022 |
|---|---|
| United States | 23% |
| United Kingdom | 7.4% |
| Germany | 6.2% |
| Japan | 4.8% |
| China | 6.2% |
The United States reigns supreme in terms of share in the smart kitchen appliances market. In 2022, the country accounted for a staggering 23% of the market.
Over the forecast period, the smart kitchen appliances market is projected to reach new heights in the country. Several factors contribute to making the United States such a lucrative market for smart kitchen appliances.
The abundance of top-notch hotels as well as houses is conducive to the growth of the smart kitchen appliances market. The market is also aided by government schemes that promote smarter living.
The high demand for smart kitchen appliances in the United Kingdom is a prime example of a revolution in smart appliances. The United Kingdom accounted for 7.4% of the smart kitchen appliances market share in 2022.
The acceptance of smart kitchen appliances in people's homes is a leading growth factor in the United Kingdom. The hospitality sector, too, is embracing smart kitchen appliances, further aiding the market.
Germany is another lucrative European country for the smart kitchen appliances market. In 2022, Germany accounted for a 6.2% share of the smart kitchen appliances market.
Germany is at the forefront of technological developments in Europe. There has also been an increase in the standard of living in Germany. These and other factors are expected to fuel the growth of Germany's smart kitchen appliances market.
Asia Pacific is a region with great potential for the smart kitchen appliances market. Japan is one of the leaders in this region. In 2022, Japan accounted for a 4.8% share of the global smart kitchen appliances market.
The ever-expanding economy of Japan is a significant contributing factor to the growth of the smart kitchen appliances market. The growing economy leads to development in the residential sectors, which in turn leads to more homes with smart requirements. Thus, the smart kitchen appliances market is propelled in Japan.
China is another region in the Asia Pacific where the smart kitchen appliances market is expected to grow at a rapid pace. In 2022, China accounted for 6.2% of the global smart kitchen appliances market share.
The intermingling of international brands and local manufacturers has left consumers with a variety of options in China. With the Chinese people’s lifestyle improving due to disposable income, the smart kitchen appliances market is enjoying notable growth in the country.
With technology essential to smart kitchen appliances, manufacturers are investing heavily to improve it. Significant money is going towards Research and Development (R&D) to come up with innovations. Smart kitchen appliance manufacturers are looking to get ahead of the competition through this strategy.
The market is fragmented, though several established players exist. There are opportunities for new entrants, and competition can be provided to the established manufacturers.
Recent Developments in the Smart Kitchen Appliances Market
Key Companies in the Smart Kitchen Appliances Market
Whirlpool Corporation, LG Electronics, and Samsung Electronics Co. Ltd. are prominent players in the market.
In 2023, the smart kitchen appliances market is estimated to be USD 1,450.8 million.
The industry is projected to reach a valuation of USD 3,280.1 million in 2033.
Smart kitchen appliances with voice assistants and smart homes aiding the market growth.
The smart kitchen appliances market may record a growth of 8.5% through 2033.
| Estimated Market Size (2024E) | USD 34,434.7 million |
|---|---|
| Projected Market Value (2034F) | USD 97,732.3 million |
| Value-based CAGR (2024 to 2034) | 11% |
| Estimated Market Size (2023) | USD 105.84 billion |
|---|---|
| Projected Market Size (2033) | USD 145.0 billion |
| CAGR from 2023 to 2033 | 3.2% |
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Smart Kitchen Appliances Market
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