In 2023, the global smart kitchen appliances market is expected to reach a valuation of USD 1,450.8 million, marking a significant increase from the previous year’s valuation of around US$ 1,326.1 million. The market is projected to maintain a healthy CAGR of 8.5% throughout the forecast period, reaching a valuation of USD 3,280.1 million by the end of 2033. This promising outlook indicates a period of substantial growth and opportunities for the smart kitchen appliances market from 2023 to 2033.
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.
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.
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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.
“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.
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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.
