Navigating Market Trends: Smart Kitchen Appliances on Path to 8.5% CAGR by 2033

The smart kitchen appliances market is estimated to be US$ 1,450.8 million in 2023. By 2033, the smart kitchen appliances market is projected to reach US$ 3,280.1 million.

With improvements in lifestyles worldwide as a result of increased disposal income, individuals are on the lookout for housing changes. Smart homes have also led to the resurrection of interest in kitchens. We can have smart kitchens with the use of intelligent home appliances. As such, smart kitchen appliances are in high demand.

People are also leaning towards living in a healthy way and being environmentally sound. The two issues are resolved with smart kitchen appliances. The use of smart kitchen appliances enables consumers to monitor all that is being consumed, and in what quantity. Smart kitchen appliances also aid in reducing food waste.

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With technology inescapable in the modern world, kitchen appliances too are benefiting from it. The list of things smart kitchen appliances can do is impressive and ever-increasing. From setting alarms for when food is cooked in an oven to keeping track of how much time the food has been in the refrigerator, the possibilities for smart kitchen appliances seem to be endless. Smart kitchen appliance manufacturers are further trying to improve their products with the help of AI, voice assistants, and more such innovations.

“The hospitality sector is a lucrative sector for the smart kitchen appliances market. Businesses in the hospitality sector have already adopted smart kitchen appliances. By integrating smart kitchen appliances into their kitchen, businesses in the hospitality sector can take care of their customers’ needs. Apart from the residential sector, the hospitality sector too represents huge potential in the smart kitchen appliances market,” says an analyst at FMI.

Key Takeaways from the Smart Kitchen Appliances Market

The smart kitchen appliances market recorded a growth of 8.5% from 2023 to 2033.
Smart refrigerators lead the appliances segment, accounting for 25.70% of the share in 2022.
Wi-Fi is the leader in the connectivity technology segment, accounting for 20.40% of the market share in 2022.
The United States rules the roost among countries in the market, enjoying 23% of the market share in 2022.
There is expected to be strong growth in the Asia Pacific market with Japan making up 4.8% of the global market share in 2022, while China made up 6.2%
In Europe, the United States and Germany made up 7.4% and 6.2% of the global market share respectively in 2022.

Competition Analysis of the Smart Kitchen Appliances Market

Smart kitchen appliance manufacturers are increasingly investing in Research and Development (RD) activities to propel themselves ahead of the competition. The market is heavily fragmented but several established players exist. A few of them are Whirpool Corporation, LG Electronics, Panasonic Corporation, Haier Group, and Samsung Electronics Co. Ltd.

Recent Developments in the Smart Kitchen Appliances market

In August 2023, the Samsung Food app was launched by Samsung Electronics Pvt. Ltd. It comes equipped with a feature whereby users can scan a food item and get recipes for it. Those recipes can also be synced with an oven.
In July 2022, Sharp Corporation launched the Sharp Smart Dishwasher. The innovative dishwasher can count among its capabilities Wi-Fi connectivity and Alexa remote assistant.
In April 2022, LG Electronics launched several smart kitchen appliances in India. A few of them were the InstaView Door-in-Door and Frost Free Refrigerators, AI Direct Drive Washing Machines, and a range of Charcoal Microwaves.

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Detailed market segmentation

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