Smart Kitchen Appliances Market Size Expected to Expand by USD 22.38 Billion from 2024 to 2028, Driven by Rising Demand for Premium and Innovative Appliances, Technavio

new york, June 10, 2024 /PRNewswire/ — The global smart kitchen appliance market size is $22According to Technavio, the kitchen market is projected to reach $380 million between 2024 and 2028. The market is expected to grow at a CAGR of approximately 18.19% during the forecast period. The growing demand for premium and innovative appliances is driving the market growth, which is driving the increasing adoption of modular kitchens. However, high installation costs pose a challenge. Some of the major market players include Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips NV, LG Electronics Inc., Liebherr International Deutschland GmbH, MIDEA Group Co. Ltd., Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd. and Whirlpool Corp.

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Market Drivers

Rising living standards and customer preference for modern, space-saving designs are driving the trend for modular kitchens. Vendors are responding by offering advanced built-in appliances such as refrigerators, wall ovens, stoves, etc. New home constructions, especially in Western countries, are further fueling this trend with integrated smart appliances.

Vendors are offering smart and modern features in various sizes and colors to suit customer preferences. Third-party vendors such as Homevista Decor and Furnishings Pvt. Ltd. are offering modular kitchen remodeling services to facilitate the adoption of smart kitchen appliances. Growth in this market is expected during the forecast period.

The smart kitchen appliances market is experiencing significant growth due to innovative technologies such as voice recognition, connectivity, and automation. Products such as refrigerators, ovens, and microwaves are now equipped with these features, making kitchen tasks more convenient and efficient. For example, a voice-activated refrigerator allows users to check inventory and set expiration date alerts.

Smart ovens can be controlled through a smartphone app, allowing users to preheat and adjust temperature settings remotely. Additionally, machine learning algorithms are integrated into these appliances, allowing them to learn user preferences and adjust settings accordingly. Overall, the smart kitchen appliances market is expected to continue on an upward trend as consumers look to simplify their lives and save time in the kitchen.

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Market Challenges

• The smart kitchen appliances market is facing the challenge of high installation costs compared to regular appliances. These costs include price differential of smart appliances, infrastructure costs for smart hubs and internet charges, high cost of smart hubs and associated devices, rising aftermarket costs, etc. These factors are likely to hinder the market growth over the forecast period.

• The smart kitchen appliances market is experiencing significant growth due to the increasing demand for convenience and technology integration in everyday life. However, several challenges remain in this sector. One major challenge is ensuring compatibility and connectivity between various smart appliances and devices. Another challenge is concerns regarding data security and privacy as these appliances collect and share user data.

• Additionally, cost is a barrier for some consumers, as smart appliances can be more expensive than traditional appliances. Additionally, user interface and ease of use are important factors, as complex systems can discourage adoption. Finally, energy efficiency and sustainability are becoming important considerations for both consumers and manufacturers.

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Segment Overview

1. product

• 1.1 Smart large kitchen appliances
• 1.2 Smart refrigerator
• 1.3 Smart small cookware
• 1.4 Smart dishwasher

• 3.1 North America
• 3.2 Europe
• 3.3 Asia-Pacific
• 3.4 south america
• 3.5 middle east and Africa

1.1 Smart large kitchen appliances – The smart large cooking appliances segment is a major contributor to the global smart kitchen appliances market, owing to improving living standards and growing consumer interest in connected appliances. Technological advancements and additional features such as temperature probes and voice control are driving the growth.

Leading players such as LG Electronics and Samsung Electronics offer energy-efficient, user-friendly home appliances — LG's all-in-one microwave ovens feature Intellowave technology and automatic cooking options — while Wi-Fi connectivity and smart mobile applications such as Samsung's SmartThings allow for remote control and monitoring, boosting sales in developing countries. North America and EuropeIncreased profit awareness is driving growth India, Chinaand APAC countries.

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Research Analysis

In the current context, single-person households occupy a key market segment for smart kitchen appliances. With rising disposable income, tech-savvy homeowners are increasingly investing in cutting-edge home appliances, such as AI-enabled microwaves and Wi-Fi-connected wall ovens. Consumer behavior shows that they prioritize efficiency, precision, safety, and productivity in their daily operations.

This trend has accelerated due to global lockdowns, as more people are working from home and using their smartphones and tablets to control central home automation systems and appliances via Bluetooth and Wi-Fi. Smart kitchen appliances have become an essential part of modern homes as they offer accident prevention, convenience and are the latest buying trends. Millennials, in particular, are driving the demand for smart kitchen appliances as they prioritize technology and convenience in their living spaces.

Market Research Overview

The smart kitchen appliances market is witnessing significant growth due to the growing demand for convenience and technology integration in household chores. These appliances, such as refrigerators, ovens, dishwashers, etc., come equipped with features such as voice control, connectivity to mobile devices, and energy efficiency.

The use of artificial intelligence and machine learning algorithms enables these appliances to learn the preferences of users and adapt to their cooking habits. The market is driven by factors such as rising disposable income, urbanization, and changing consumer preferences. With continuous advancements in technology and increasing adoption of smart home solutions, the future of the market looks promising.

table of contents:

1. Executive Summary
2. Market situation
3. Market size assessment
4. Past market size
Five Forces Analysis
6. Market Segmentation

• product
• Smart Large Cookware
• Smart refrigerator
• Smart small cookware
• Smart Dishwasher
• Distribution Channel
• Geography
• North America
• Europe
• Asia Pacific
• south america
• Middle East and Africa

7 Customer Environment
8. Geographical Landscape
9 Drivers, Challenges and Trends
10. Company Status
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Its research and analysis focuses on emerging market trends, providing actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market position.

With over 500 expert analysts, Technavio's report library contains over 17,000 reports covering 800 technologies across 50 countries. The company's client base comprises of businesses of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify existing and potential market opportunities, and evaluate their competitive position within a changing market scenario.

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Source Technavio