Global Smart Kitchen Appliances Market - Segmented by Product, Application, and Distribution Channel, Geography - Growth, Trends and Forecasts (2018 - 2023)

The global smart kitchen appliances market is projected to grow at the rate of 17.2% during the forecast period, 2018-2023. Growing availability of the high-tech appliances coupled with increased discretionary income, along with rising preference towards smart kitchen appliances is driving the market growth. Small players are engaging in joint ventures with international players looking to expansion into the market, especially in emerging economies like India and China. Multinational corporations, like Hafelle, which enter emerging nations benefit from the established distribution networks of local firms. On the other hand, local firms benefit from the quality and technological efficiency of the international players. As more consumers opt for modular kitchens, vendors of built-in appliances will influence the smart kitchen appliances market growth.

Growing Innovation to Drive Smart Kitchen Appliances Market Growth

Increasing innovation in sensor technology is driving the demand for smart and energy efficient kitchen appliances from last few years. Apart from technological development, the market is also influenced by the growing smart grids market across the globe. Smart kitchen appliances are key components of the smart grid ecosystem since it enables two-way communication and improves consumer experience. Additionally, introduction of various payment scheme by both offline and online retailers is attracting consumers to buy smart kitchen appliances. For instance, in India, Flipkart Ltd has started offering customers an option to pay via monthly instalments without charging them interest as it seeks to boost the sales of various electronics appliances including smart kitchen appliances.

Smart Refrigerator to Witness Significant Market Growth during Forecast Period

Smart refrigerators can provide convenience to consumers as smart refrigerators are capable of connecting to the internet, and it is use to order groceries by simply using smartphone and audio instruction which is influencing consumers to buy more smart refrigerators. For instance, one Samsung model uses the Groceries by Mastercard mobile app to order and pay. Compared to traditional kitchen appliances, smart kitchen appliances are expensive which are restraining the market growth at some extent. However, there are several benefits associated with smart kitchen appliances, such as efficient cooking operations, waste reduction, enhanced safety, and the user can receive timely alerts as well as gain remote access to achieve cost and energy savings is supporting the smart kitchen appliances market growth.

Increasing Penetration of Broadband Devices to Drive Smart Kitchen Appliances Market Growth in Asia-Pacific Region

In North America region, growing application of The Internet of Things (IoT) also called the Cloud of Things (CoT) is driving the sales of smart home appliances as IoT helps smart kitchen appliances to connect with the Internet and be able to identify themselves to other devices. In North America, commercial application of smart kitchen appliances is witnessing significant growth from last few years as it reduce the operational cost and saves lot of time and man power. In Asia-pacific region, increasing penetration of broadband devices and home automation, consumers are increasingly opting for connectivity-enabled devices and appliances that can be controlled and monitored with the use of smartphones which is supporting the smart kitchen appliances market growth in the region.

Key Developments in the Smart Kitchen Appliances Market

Jun 2018: BSH Home Appliances (BSH Hausgeräte GmbH) announced that it is teaming up with Techstars to create the “BSH Future Home Accelerator Powered by Techstars.
Jul 2018: Electrolux announced a new partnership with guided cooking company SideChef to create a smart kitchen platform for their Asian Pacific market.

Smart Kitchen Appliances Market Competitive Landscape

Smart Kitchen Appliances Market Major Key Players are- AB Electrolux, Samsung Electronics Co., Ltd., Whirlpool Corporation, LG Electronics, Inc., BSH Home Appliances Corporation, Panasonic Corporation, Haier Group, Miele & Cie KG, Sub-Zero, Inc., Dongbu Daewoo Electronics Corporation, Breville Group Ltd, and Hestan Cue, Inc.

Reasons to Purchase Smart Kitchen Appliances Market Report

Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
3-month analyst supports, along with the Market Estimates sheet in excel

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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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