The kitchen appliance market reached a market size of USD 110.56 Billion in 2020 and is expected to register a double-digit CAGR over the forecast period, according to recent analysis by Emergen Research. kitchen appliance market revenue growth is driven significantly by rapid advancements in the fields of AI and IoT. The report provides detailed insights into kitchen appliance market trends, industry trends, consumer trends, market size, market share, market revenue growth, and forecast, along with ranging impact of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in kitchen appliance market size over the forecast period, 2020–2028. The Smart Kitchen Appliances report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials.
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Varying market trends can be attributed to inclining revenue growth of the global kitchen appliance market going ahead. kitchen appliance market trends include rising focus by major players on product/service expansion into new and untapped domestic markets and rising competition. Other positive kitchen appliance market trends include rising demand and deployment in respective sectors/industries in major and developing countries. In addition, implementation of favorable government policies, advancements in technology, and steady economic growth across various regions and countries are factors expected to continue to result in further kitchen appliance market trend evolution and changes going ahead. Major advancements in AI technologies and machine learning have resulted in development and launch of a range of smart products that enable consumers to save time and effort in food preparation, tracking contents and products in the kitchen, refrigerators, and others. In addition, rapidly rising demand and deployment in respective sectors/industries in major and developing countries is supporting growth in terms of kitchen appliance market share contribution of these countries. In addition, kitchen appliance market share contribution is expected to continue to incline steadily over the forecast period due to favorable government policies, advancements in technology, and steady economic growth across various regions and countries.
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In terms of kitchen appliance market share and revenue contribution to the global kitchen appliance market, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in kitchen appliance market share.
The market intelligence report on the Smart Kitchen Appliances Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.
Key Highlights of Report
- In February 2017, Whirlpool acquired Yummly, which is one of the largest foods and recipe sites on the Internet to bolster its smart kitchen strategy. The guided cooking feature will enable users of Whirlpool Smart Kitchen to send a recipe directly to Wi-Fi-connected kitchen appliances such as an oven.
- In 2018, LG launched ThinQ app on smartphone, which allows users to control their devices with Google Assistant or Amazon Alexa. Similarly, Samsung has introduced its wide range of smart kitchen appliances, including the AI-enhanced refrigerator which provides meal planning and recipe suggestions according to the needs of the user.
- Incorporation and use of IoT and Wi-Fi in a growing number of kitchen appliances and devices has changed the overall aspect of cooking. Connected devices, typically worn on the body such as fitness trackers and smart watches, ease manual tasks by notifying users about details of products kept in the refrigerator, for instance, how long the items have been kept in the fridge, expiration date etc.
- The residential application segment accounted major market share in 2020 and the trend is expected to continue going ahead.
- The kitchen appliance market is mostly fragmented, with a large number of companies as well as some medium-sized and start-up companies accounting for a major share of the global market revenue. Some major players in this market are Whirlpool Corporation, Samsung Electronics, Haier Group, and Panasonic to name a few.
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Region wise performance of the Smart Kitchen Appliances industry
North America kitchen appliance market trend scenario has significant impact on other regional market trends. North America kitchen appliance market accounted for largest revenue share in 2020 and is expected to continue to maintain its dominance over other regional markets over the forecast period. Presence of major players in countries in the region is a key factor driving steady change in overall kitchen appliance market trends.
Asia Pacific kitchen appliance market is expected to register comparatively faster revenue growth than other regional markets over the forecast period. This can be attributed to varying kitchen appliance market trend scenarios in countries such as China, India, South Korea, and others. These scenarios with regard to domestic market trends and international market trends and varying impacts play a major role in growth of the Asia Pacific market.
Asia Pacific market share contribution to the global kitchen appliance market is expected to continue to register comparatively faster growth rate than other regional markets between 2020 and 2028. Increasing population, favorable government policies and initiatives, rising disposable income among consumers in countries in the region, influence of kitchen appliance market trends in other countries and regions, and steady economic growth are some key factors driving market revenue growth of the Asia Pacific kitchen appliance market.
Europe kitchen appliance market size and revenue growth is primarily supported by kitchen appliance market trends such as continuous developments in major countries in the region, robust focus on research and development initiatives by major firms, and changing market trends in countries in other major regions.
Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
- United States
- Southeast Asia
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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The research provides answers to the following key questions:
- What will be the growth rate and the market size of the Smart Kitchen Appliances industry for the forecast period 2020-2027?
- What are the major driving forces expected to impact the development of the kitchen appliance market across different regions?
- Who are the major driving forces expected to decide the fate of the Smart Kitchen Appliances industry worldwide?
- Who are the prominent market players making a mark in the kitchen appliance market with their winning strategies?
- Which Smart Kitchen Appliances industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
- What are the key barriers and threats believed to hinder the development of the industry?
- What are the future opportunities in the kitchen appliance market?
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