The connected home devices industry has witnessed significant growth across the globe in the current scenario, and the same is expected to be adopted in large quantities in the coming years. The global smart kitchen appliance market is anticipated to exhibit high growth in the near future. Some of the major driving factors contributing to the market growth include; benefits of cost-effectiveness on a long run, improved communication ability, an increasing number of smart grids in developed countries and developing nations in North America, Europe, Asia-Pacific and the Rest of World regions. Also, growth in internet penetration and awareness related to the smart kitchen appliances among the population in developing countries are helping customers in these regions to procure an increased number of smart kitchen appliances, thereby, benefiting the manufacturers operating in the smart kitchen appliances market. However, the initial cost of these intelligent devices is much higher as compared to the traditional kitchen appliances, which is a critical barrier to the growth of smart kitchen appliance market.
The smart kitchen appliance manufacturers are increasingly focusing on up gradation of existing smart kitchen appliances as well as development of newer smart appliances. In the recent times, these smart kitchen appliances have the capability to communicate with the owners via Wi-Fi connectivity and Bluetooth connectivity. Various smart kitchen appliance manufacturers offer their products with both the connectivity technologies, keeping in mind the consumer preferences. The demand for Wi-Fi enabled smart kitchen appliances are constantly growing among residential as well as commercial end users across geographies. This is due to the benefit of connecting the appliances from a remote location. On the other hand, Bluetooth enabled smart kitchen appliances offer their owners with the benefit of reduced risk of cybercrime. This factor has influenced a fair percentage of end users which has propelled the growth of this segment. Thus, the smart kitchen appliance market is categorized on basis of connectivity as Wi-Fi and Bluetooth. The figure below showcases the revenue generation trend in the smart kitchen appliance market.
Significant product developments have been taken by some of the leading companies by getting involved in R&D activities and by developing advanced products and solutions. For instance, in 2019, Royal Philips announced world’s first personalized smart blender named Philips High Speed Connected Blender. This connected blender combined with the Philips NutriU app to help consumers achieve their health goals. NutriU app also offers personalized advice to its users based on their personal characteristics such as weight, preferred ingredients and size of beverage. Further, AB Electrolux, recently announced the launch of a brand new kitchen range, including hobs, ovens, fridges, dishwashers, freezers, and hoods, to be rolled out across Europe. Combining technology with human-centric Scandinavian design, the company takes the cooking experience to a whole new level for the consumer.
The major players operating in the market for smart kitchen appliance market include Samsung Electronics Co. Ltd., BSH Hausgeräte GmbH, LG Electronics Inc., Breville Group Limited, General Electric (a Haier Company), KONINKLIJKE PHILIPS N.V., Vita-Mix Corporation, AB Electrolux, Whirlpool Corporation, and Panasonic Corporation among others.
The report segments the global Smart Kitchen Appliance Market as follows:
Global Smart Kitchen Appliance Market – By Product Type
Global Smart Kitchen Appliance Market – By Connectivity Technology
Global Smart Kitchen Appliance Market – By End-User
Global Smart Kitchen Appliance Market – By Geography
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