Smart kitchen appliance market size to grow by USD 13,293.08 million from 2022 to 2027; A descriptive analysis of customer landscape, vendor assessment, and market dynamics

NEW YORK, Jan. 10, 2023 /PRNewswire/ -- Technavio categorizes the global smart kitchen appliance market as a part of the household appliances market, which covers revenue generated by manufacturers of electric household appliances and related products. The global smart kitchen appliance market size is estimated to increase by USD 13,293.08 million between 2022 and 2027. The market's growth momentum will progress at a CAGR of 13.4%.

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Global smart kitchen appliance market – Vendor analysisVendor Landscape - The global smart kitchen appliance market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer smart kitchen appliance in the market are AB Electrolux., Beko Plc, BSH Hausgerate GmbH, Coway Co. Ltd., General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Kappliancese Philips NV, LG Electronics Inc., Liebherr International AG, MIDEA Group, Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp. and others.

The global smart kitchen appliance market is subject to rapidly changing consumer demands and preferences. The changing consumer preference pattern may affect vendor performance in the market. It may also be affected by consumer preference, global and regional economic conditions, and various other demographic trends, which will increase the market growth during the forecast period.

Vendor offerings -

AB Electrolux.: The company offers smart kitchen appliances such as refrigerators, freezers, cookers, dryers, washing machines, dishwashers, microwave ovens, vacuum cleaners, and other small appliances.

Beko Plc: The company offers smart kitchen appliances such as refrigerators, ovens, and cooktops.

BSH Hausgerate GmbH: The company offers smart kitchen appliances under its brand Solitaire.

Gourmia Inc.: The company offers smart kitchen appliances such as SmartPot pressure cookers.

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Global smart kitchen appliance market - Customer landscapeTo help companies evaluate and develop growth strategies, the report outlines –

Key purchase criteria

Adoption rates

Adoptiothe n lifecycle

Drivers of price sensitivity

Global smart kitchen appliance market - Segmentation assessmentSegment overviewTechnavio has segmented the market based on the product (smart large cooking appliances, smart refrigerators, smart small cooking appliances, and smart dishwashers) and distribution channel (offline and online).

The smart large cooking appliance segment will contribute significantly to market growth during the forecast period. The smart large cooking appliance segment is expected to grow with the rise in consumer demand for energy-efficient appliances with user-friendly interfaces. Connectivity technologies like wi-fi, and features, such as a voice-controlled personal assistant, are contributing to the growth of the smart large cooking appliance segment. Hence, the above-mentioned factors are expected to fuel the growth of the smart large cooking appliance segment in the global market during the forecast period.

Geography overviewBy geography, the global smart kitchen appliance market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global smart kitchen appliance market.

North America is estimated to account for 32% of the growth of the global market during the forecast period. The demand for these kitchen appliances in North America is expected to grow at a notable rate, driven by an expected rise in the popularity and adoption of smart home technologies, particularly in the US and Canada, during the forecast period. The US market exhibits a high demand for such kitchen appliances owing to technological advancements and increased product offerings by vendors across the globe. In addition, the demand for energy-efficient smart appliances is expected to grow owing to the implementation of stringent government regulations and standards related to energy usage in the US. Therefore, vendors are continuously innovating and introducing new products in the market., which will increase the market growth during the forecast period.

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Global smart kitchen appliance market– Market dynamicsLeading drivers - The ease of use and convenience offered by smart kitchen appliances are notably driving the market growth. Modern kitchen appliances are easy and convenient to use. They can be controlled from anywhere with just a click on a smartphone through a mobile application, which includes different recipes, user guidance, shopping assistance, and controls. Through the featured mobile application connected to appliances, users can remain updated about the activity status of their appliances. Another major factor driving the demand for these appliances is remote access, which allows users to perform different tasks at a time and also helps in saving energy. Hence, the above-mentioned factors are expected to drive the growth of the global market during the forecast period.

Key trends - Integration with voice-controlled personal assistants is a major trend in the focused market. A voice-controlled personal assistant is a smart hub that links various Internet-connected services and devices together. Voice-controlled personal assistant allows users to control their smart appliances and devices with their voice commands. Several other features can be performed with voice-controlled personal assistants, such as playing music, streaming videos, and receiving live news updates. These features make the kitchen experience more dynamic, expected to drive the adoption of these appliances during the forecast period.

Major challenges - The lack of product and technology awareness, especially in developing regions, is a major challenge impeding the market. Due to the lack of knowledge related to smart products and technology among the population, vendors find it difficult to penetrate developing markets. APAC, China, and Japan are prominent markets for such kitchen appliances, as customers have the necessary knowledge about the product and are aware of advanced technologies. However, in some developing nations, the lack of well-established internet infrastructure restricts the use of smart appliances and poses a challenge to the vendors operating in the market. A large base of customers in countries such as India do not have the requisite knowledge about the product and are not familiar with advanced technologies. Thus, low technology awareness results in low-volume sales of these appliances. Thus, such factors may hamper the growth of the global market during the forecast period.

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What are the key data covered in this Smart Kitchen Appliance Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the smart kitchen appliance market between 2023 and 2027

Precise estimation of the size of the smart kitchen appliance market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the smart kitchen appliance market industry across North America, Europe, APAC, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of smart kitchen appliance market vendors

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Smart Kitchen Appliance Market Scope

Report Coverage

Details

Page number

174

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 13.4%

Market growth 2023-2027

USD 13,293.08 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.81

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 32%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AB Electrolux., Beko Plc, BSH Hausgerate GmbH, Coway Co. Ltd., 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 AG, MIDEA Group, Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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Customization purview

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Table of contents

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global smart kitchen appliance market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Distribution channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Smart large cooking appliance - Market size and forecast 2022-2027

6.4 Smart refrigerator - Market size and forecast 2022-2027

6.5 Smart small cooking appliance - Market size and forecast 2022-2027

6.6 Smart dishwasher - Market size and forecast 2022-2027

6.7 Market opportunity by Product

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

7.4 Online - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 AB Electrolux.

12.4 Beko Plc

12.5 BSH Hausgerate GmbH

12.6 General Electric Co.

12.7 Gourmia Inc.

12.8 Haier Smart Home Co. Ltd.

12.9 Havells India Ltd.

12.10 June Life Inc.

12.11 Koninklijke Philips NV

12.12 LG Electronics Inc.

12.13 Liebherr International AG

12.14 Miele and Cie. KG

12.15 Robert Bosch GmbH

12.16 Samsung Electronics Co. Ltd.

12.17 Whirlpool Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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