Smart Kitchen Appliances Market 2020 and Forecast 2021-2027

                                          
Report Overview: Global Smart Kitchen Appliances Market


The global smart kitchen appliances market size was valued at USD 9.87 billion in 2020 and is anticipated to expand at a CAGR of 18.0% over the forecast period 2021-2027. Rising consumer disposable income and increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices are spurring the market growth. Increasing adoption of smart kitchen appliances in residential as well as commercial sectors across the world is also one of the prominent factors driving the market growth.

The market is expected to grow at a significant rate owing to features such as connected security, intelligent sensors, time saving, and convenience. Shifting consumer trend toward technology led products is driving the need for electric and energy saving appliances in the kitchen environment. The growth of smart homes in the U.S. is considerably higher as compared to the rest of the world owing to greater penetration of technologically equipped advanced products.


Increasing importance of kitchen renovation or remodeling in order to build a modular kitchen is leading to a fast-paced growth for smart kitchen appliances such as cookware, cooktops, and dishwashers. The digital assistance applications in voice-controlled devices such as Amazon Echo and Google Home are gaining popularity due to their ability to control your home. According to a recent study by NPR, around 39 million people in America owned a smart speaker for a connected home environment in 2018. These voice and speaker interface allows the kitchen appliances like refrigerators and ovens to be controlled and accessed remotely.

Smart displays come up with a built-in camera for video calling to home from anywhere outside. In the U.S., the food network has partnered with Amazon to bring live and on-demand cooking classes for the Echo show the line of the smart displays. In addition, the growing emphasis on energy efficiency measures has influenced kitchen appliance manufacturers to launch eco-friendly appliances with high ENERGY STAR ratings for energy efficiency. For instance, some of the major companies like Samsung and Whirlpool focus more on increasing the ENERGY STAR ratings for kitchen appliances like refrigerators and ovens in order to increase their product penetration in the market.

As per the Hamerville Media Group, the penetration of smart dishwashers in U.K. and Germany stood at 43.1% and 54.9% respectively in 2018. Top European kitchen appliance manufacturers like BSH Hausgerate GmbH and Miele focus on product innovations that are convenient to customer lifestyle. The other appliances such as coffee machines, smart kettles, and thermostats are also going to observe a boost in their market share in the forecast period.



Product Insights: Global Smart Kitchen Appliances Market

The smart refrigerators segment accounted for the largest share of the market with approx. 34.0% share in 2019. Smart cookware and cooktops are the major products in this segment and are expected to drive market growth. Electric cooktops are becoming popular among consumers owing to greater efficiency, which is anticipated to propel the segment growth over the forecast period. Innovation by the manufacturers in smart refrigerators such as embedded screen displays and Wi-Fi controlled ranges are gaining popularity among consumers, thus driving the demand for these products. Smart cookware and cooktops are the fastest growing segment in the market and are witnessing a significant CAGR of 20.2% over the forecast period. Increasing penetration of modern kitchens with IoT enabled appliances and improved kitchenware services are among the prominent factors for the segment to grow faster.

Application Insights: Global Smart Kitchen Appliances Market

On the basis of application, the smart kitchen appliances market is further divided into residential and commercial. Increasing the purchasing power of residents in western countries including U.S., France, and Germany, and their interest in advanced gourmet cooking is driving the segment growth. The residential application segment lead the market and accounted for more than 57.0% of the market share in 2019 and is projected to grow at a healthy rate over the forecast period. Constantly changing residential and commercial routines, economic electricity accessibility, and rising concerns about energy efficient appliances are drawing consumer’s attention toward technology led kitchen appliances.


Apart from the residential sector, commercial segment is expected to grow significantly, witnessing a CAGR of 18.8% over the forecast period. The introduction of new smart products such as ovens, dishwashers, and thermostats have increased the demand for smart kitchen appliances. Innovation in smartphone accessibility with devices such as Amazon Echo and Google Home is increasing in the residential sector owing to accessibility of voice assistant, which helps control refrigerators, microwave ovens, etc. through remote access.

Regional Insights: Global Smart Kitchen Appliances Market

North America was estimated to be the largest market for smart kitchen appliances in 2019 owing to the growing trend of technology driven appliances in the market. In 2019, the U.S. was the largest market for smart kitchen appliances and held more than half of the market share in North America. Increasing disposable income, changing lifestyles, and investments on renovations and modern designs are the prominent factors for regional market growth.

Asia Pacific is expected to be the fastest growing market, witnessing a significant growth rate of more than 21.0% during the forecast period. The growing adoption of smart refrigerators, smart ovens in the region particularly in China is the major factor for the growth of the market in the region.
Smart Kitchen Appliances Market Share Insights: Global Smart Kitchen Appliances Market

 	
Whirlpool Corporation
 	
LG Electronics
 	
AB Electrolux
 	
Samsung Electronics Co. Ltd
 	
Haier Group
 	
Panasonic Corporation
 	
BSH Hausgerate GmbH
 	
Koninklijke Phillips N.V.
 	
 Miele

are some of the major players in the market. The market poses a moderate to high entry barrier due to the presence of big players and huge investment amounts. These market players are indulging in innovations and are investing a significant amount in research and development in order to provide the best products to the consumers and gain an edge over their competitors.

For instance, Samsung has recently unveiled the latest edition of the family hub refrigerator, which has AI enhanced features and provides meal planning and recipe suggestions tailored to each member of the family. The market is further driven by various strategic initiatives, mergers and acquisitions, and business expansion by the big players in the market.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global smart kitchen appliances market report on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

 	
Smart Refrigerators
 	
Smart Cookware & Cooktops
 	
Smart Dishwashers
 	
Smart Ovens
 	
Other Appliances

Application Outlook (Revenue, USD Million, 2016 - 2027)

 	
Residential
 	
Commercial