Fact.MR, a market research and competitive intelligence provider states that smart kitchen appliances sales reached nearly US$ 10 Bn by the end of 2020. Growing reliance on the Internet of Things and Artificial Intelligence are hugely driving demand for smart kitchen appliances. The market is projected to race ahead at a stupendous rate, surpassing a value of US$ 93 Bn by 2031, with demand for energy-efficient kitchen appliances rising exponentially.
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How are Smart Kitchen Appliances Being Made Possible by Accelerated Digitization?
Smart kitchen equipment, which can be operated remotely via tablets or smartphones, are becoming increasingly popular worldwide in both the commercial and household sectors. Intelligent sensors, security features, and convenience are boosting demand in smart kitchen appliances. The need for smart kitchen appliances is also being fueled by the growing trend of smart houses with modular kitchens.
Moreover, rising disposable income, particularly in North America, along with technology breakthroughs like IoT-enabled smart kitchen products like AI-enabled refrigerators have given the market the push it needed to grow. The need for smart kitchen appliances has increased due to changes in lifestyle, hectic schedules, and kitchen efficiency.
How are worries about energy efficiency driving demand?
The demand for smart kitchen appliances that are energy-efficient is expected to increase quickly due to growing concerns about energy conservation. For instance, in order to improve their market share, businesses like Whirlpool and Samsung are concentrating on energy-efficient appliances with high efficiency ratings.
Also, future expenditures are anticipated to increase in cutting-edge technologies like IoT (Internet of Things) devices for kitchens. The lives of people will be significantly changed by smart kitchen gadgets, which only require a minimal amount of embedded computer power.
Key players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
- For instance, Electrolux, in collaboration with Google, is expanding its kitchen products by integrating Google assistant that enables users to control kitchen appliances using voice commands.
- Additionally, in 2018, BSH Hausgeräte GmbH acquired nearly 65% of the global food platform Kitchen Stories to become an integrated software, hardware, and service provider.
- In August 2021, Samsung launched Smart Induction in Built in Cooktop with Wi-Fi that helps to cook meals faster and reducing energy and emissions.
Key Companies Profiled
- Samsung Electronics Co. Ltd.
- Haier Group
- LG Electronics Inc.
- AB Electrolux
- BSH Home Appliances Corporation (Robert Bosch GmbH)
- Panasonic Corporation
- Whirlpool Corporation