The global smart kitchen appliances market size is expected to reach USD 39.9 billion by 2027, expanding at a CAGR of 19.1% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by increasing penetration of Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices. With rapid technological upgradation and increasing women workforce, strong inclination toward luxurious and tech-savvy appliances are considered to be major factors fueling the market growth. In addition, these appliances are equipped with high proximity sensors and can be operated remotely from smartphones, tablets, and display monitors. Increasing disposable income of middle-class economic group and westernization in the developing countries is also propelling the market.
The smart refrigerators product segment held majority of the market share, accounting for more than 34.0% share in 2019 and is expected to witness a significant growth over the forecast period. Availability of new age technology and energy efficient refrigerators with high ENERGY STAR ratings are becoming popular among consumers and thus driving the overall market. The smart cookware and cooktops segment is expected to be the fastest growing segment, witnessing a significant CAGR of 20.2% during the forecast period.
The residential application segment dominated the market and accounted for more than 57.0% of the market share in 2019. Rising trend of modern kitchen has enforced consumers to renovate and develop their kitchen according to latest trends in interiors and design. Availability of variety of products such as smart refrigerators, smart dishwashers, smart ovens, etc. is leading to the growth of kitchen appliances. Commercial segment is also expected to have a significant market growth in the forecast period owing to external food outlets such as hotels, restaurants, etc.
North America dominated the smart kitchen appliances market in 2019 and accounted for more than 34.0% of the market share. Rapid lifestyle changes along with increasing disposable income of middle-class population are among the prominent factors for the market growth in the region. Asia pacific is anticipated to be the fastest growing region and is expected to witness the highest CAGR of more than 21.0% over the forecast period. China is expected to account for the highest market share globally owing to growing adoption of smart cookware and smart ovens, thus leading to significant growth of the region.
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Further key findings from the report suggest:
- The smart cookware and cooktops product segment is expected to register a CAGR of 20.2% over the forecast period
- Commercial sector in the application segment is expected to expand significantly with a CAGR of 18.8% over the forecast period
- Europe is one of the fastest growing regions and is growing at a significant rate of 19.3% due to growing disposable income and advanced lifestyle standards especially in U.K. and Germany
- Whirlpool Corporation, LG Electronics, AB Electrolux, Samsung Electronics Co. Ltd, Haier Group, Panasonic Corporation, BSH Hausgerate GmbH, Koninklijke Phillips N.V., and Miele are some of the major players in the smart kitchen appliances market.