Smart Kitchen Appliances Market Growth & Trends
The global smart kitchen appliances market size is expected to reach USD 43.83 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 18.6% from 2021 to 2028. Customers are drawn to the new and smart kitchen appliances because they are energy-efficient, eco-friendly, and have a user-friendly interface. Furthermore, as disposable income and purchasing power rise, customers are able to increase their spending on high-end smart kitchen equipment, resulting in increased demand and market growth.
Kitchen appliance manufacturers have recognized the potential of IoT and are investing time and money to build infrastructures that will allow their products to communicate with one another. This feature is valued by consumers that use IoT devices, and it is expected to boost the market growth throughout the forecast period. The Internet of Things (IoT) is a growing network of common objects that connects industrial machinery with consumer home appliances to share data and complete tasks while people are occupied with other activities. The inclusion of small amounts of computational power in appliances has resulted in significant lifestyle enhancements.
Millennials and Gen Xers are most likely to have smart home technology products in their homes, according to Security.org. Persons under the age of 44 are more likely to acquire smart kitchen equipment than people over 45.
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According to Value Penguin, 52% of people who are very concerned about climate change and own a smart home device acquired it because it is better for the environment, compared to 20% of those who are moderately concerned and 10% of those who are not. In addition, 66% of those who are extremely concerned about climate change intend to purchase another smart home gadget in the next six months. Only 41% of respondents were somewhat concerned, while 20% were not at all concerned, indicating that people concerned about the environment are more likely to be repeat buyers of smart home gadgets.
Smart Kitchen Appliances Market Report Highlights
By product, the smart refrigerators segment accounted for the largest share of 34.23% in 2020. Smart refrigerators are becoming more common as smart cities and smart infrastructure are more widely adopted. They have emerged as the most popular kitchen appliances. Owing to technological advancements, consumers can now view what’s inside their refrigerators with their smartphones
Based on the application, the residential segment dominated the market and grabbed a revenue share of 56.83% in 2020. As smart appliances are replacing traditional appliances in kitchens, millennials and the young population are also taking interest in cooking. In addition, rising tourism and travel are increasing consumers’ interest in different cooking cultures and multi-cuisine food, which is thereby contemplating consumers to opt for smart kitchen appliances in their households
North America dominated the market and held a revenue share of 33.33% in 2020. The increasing number of smart grid projects, changing consumer preferences, and an increase in spending power are fueling regional market growth. Another noteworthy trend in North America is the increased investments in residential construction projects. The rise in the number of residential and commercial construction projects will lead to an increase in the regional demand for smart kitchen appliances
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Smart Kitchen Appliances Market Segmentation
Grand View Research has segmented the global smart kitchen appliances market on the basis of product, application, and region:
Smart Kitchen Appliances Product Outlook (Revenue, USD Million, 2016 – 2028)
Smart Cookware and Cooktops
Smart Kitchen Appliances Application Outlook (Revenue, USD Million, 2016 – 2028)
Smart Kitchen Appliances Regional Outlook (Revenue, USD Million, 2016 – 2028)
Central & South America
Middle East & Africa
List of Key Players of Smart Kitchen Appliances Market
Samsung Electronics Co. Ltd.
BSH Hausgeräte GmbH
Koninklijke Philips N.V.
Miele & Cie. KG
Dongbu Daewoo Electronic
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About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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