Smart Kitchen Appliances Market worth USD 48.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Kitchen Appliances Market by Product (Refrigerators, Dishwashers, Coffee Machines), by Technology (Wi-Fi and Bluetooth, and others), by Distribution Channel (Online, Offline), by End User (Residential, Commercial), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart kitchen appliances market was valued at USD 3,537.1 million in 2020 to USD 15134.20 million by 2027, at a CAGR of 23.08% from 2021 to 2027. With the regular development of new technologies in the home appliance industry, companies are taking their smart kitchen appliances one step further with increasing innovations. Therefore, prices of smart devices are rising with every new technological advancement in the product. The rate at which smart appliances prices are rising does not par with the rate of spending of the average household on consumer goods, thus restricting the expected increase in sales of smart appliances. The massive difference in the average selling price limits the sales of smart kitchen appliances to the higher-class economy category.

Global Smart Kitchen Appliances Market Segmentation

The overall smart kitchen appliances market has been segmented into the product, technology, distribution, end-user, and region.

• By Product (Refrigerators, Dishwashers, Coffee Machines)
• By Technology (Wi-Fi and Bluetooth, Others)
• By Distribution Channel (Online, Offline)
• By End User (Residential, Commercial)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Wi-Fi and Bluetooth, by technology, is estimated to hold the largest market share during the forecast period

The global smart kitchen appliances market has been segmented into Wi-Fi, Bluetooth, and others based on the technology. In 2020, Wi-Fi and Bluetooth is accounted for the largest market share of 66.68% in the global smart kitchen appliances market and had a CAGR of 22.48% during the forecast period.

Predominantly, the Wi-Fi technology is integrated into the smart kitchen appliances for remote monitoring and controlling. Since the smart devices provided by the companies are connected through apps, which enable the users to place orders to their appliances remotely and direct them to carry out the task before they reach home. Bluetooth technology provides a shorter range for connecting and controlling the appliances, usually about 10 m. For the users who want to maintain their devices from a shorter range, Bluetooth connectivity can be used. Generally, the Bluetooth system can be used when there is an interrupted internet connection. The user needs to track their smart kitchen appliances from a shorter range sitting at home. The existence of Wi-Fi connectivity in smart devices allows the user to track the cooking process in real-time and remotely control the smart devices via an app. This connection provides the user with the stock details available in refrigerators, the expiry date of the stock, and notification to reorder before the stock lasts, among others. The adoption and revenue generation of Wi-Fi connectivity is expected to grow in the forecast period due to the increased adoption of IoT-centered appliances in the global smart kitchen appliances market.

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North America accounts for the largest market share during the forecast period in the smart kitchen appliances market

Based on the regions, the global smart kitchen appliances market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 36.06% in the global smart kitchen appliances market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

North America is mainly considered to be one of the early adopters of any technology across industries. Emerging technological advancements in developing connected homes as an initiative under smart cities have led to a surge in the adoption of smart kitchen appliances in North American countries, such as the U.S., Canada, and Mexico. The development and high penetration of communication technologies, such as Wi-Fi and mobile internet, has propelled the adaptability of kitchen appliances with such technologies to communicate directly with the user. The rise in the per-unit cost of electricity is one of the factors responsible for developing energy-efficient and technologically advanced appliances for daily use. Rapid urbanization and high demand for sophisticated technologies for use in the home in North America have resulted in the high adoption of smart kitchen appliances. The region consists of a population of early adopters of IoT home and kitchen technology globally. The North American region holds the largest revenue share globally for the smart kitchen appliances market products. Constant product innovation, integration of technologies in small kitchen appliances, and government initiatives in terms of funding and regulations are expected to drive the market in the forecast period.

Some of the major companies that operate in the global smart kitchen appliances market are Samsung Electronics Co., Ltd., Philips N.V., AB Electrolux, Groupe SEB, Midea Group Co., Ltd., and LG Electronics Co., Ltd., among others.

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