Smart Kitchen Appliance Market Size, Trends and Growth Analysis by 2027

The global market for smart kitchen appliances is projected to experience a compound annual growth rate (CAGR) of 17.3% throughout the forecast period. In terms of revenue, this market was valued at approximately US$ 12.6 billion in 2018 and is anticipated to grow at a CAGR of 14.9% from 2019 to 2027, reaching an estimated US$ 40.5 billion by the end of the forecast period.

The industry surrounding connected home devices has seen remarkable expansion worldwide, and this trend is expected to continue with increased adoption in the near future. Numerous manufacturers of electronic and electrical products are focusing on the innovation of smart kitchen appliances, aiming to provide their customers with cutting-edge technology. Additionally, the rising disposable income among middle-class populations in both developed and emerging markets is encouraging residential consumers to embrace modern technologies, including smart kitchen appliances, thereby driving the growth of this market.

The rise of startups and tier-2 companies is becoming increasingly significant as they collaborate with leading kitchen appliance manufacturers globally. These partnerships are contributing to the current growth of the smart kitchen appliance market. The trend of increasing startups and collaborations is likely to continue, resulting in reduced barriers to entry for new players in the market.

Regionally, the Asia Pacific is expected to exhibit the highest CAGR during the forecast period in the global smart kitchen appliance market, primarily due to the region's industrial advancements. Alongside the rapid growth of smart kitchen appliances in Asia Pacific, factors such as swift urbanization, the emergence of economies, the trend of smaller living spaces, and a growing middle-class demographic are further bolstering the overall smart kitchen appliance market. Europe maintains a substantial share of the market, followed by North America and Asia Pacific.

In terms of volume, the smart kitchen appliance market is categorized by connectivity technology, specifically Wi-Fi and Bluetooth. The widespread adoption of Wi-Fi-enabled smart kitchen appliances among both residential and commercial users is driving the growth of this segment. Improvements in internet infrastructure are also enhancing the appeal of Wi-Fi technology within the smart kitchen appliance market. Geographically, the market is segmented into five regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

The overall size of the smart kitchen appliance market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative insights related to the smart kitchen appliance market. Furthermore, numerous primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically involved in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the smart kitchen appliance sector.