Smart kitchen appliances are designed to provide more effectiveness and comfort than their traditional counterparts. High energy efficiency is one of the key advantages of smart kitchen appliances. Technological advancements in kitchen appliances, including high-level sensors is currently one of the major factors driving the demand for various smart kitchen appliances worldwide. The global smart kitchen appliances market was valued at US$ 476.2 Mn in 2013 and is forecasted to grow at a CAGR of 29.1% from 2014 to 2022, reaching a value of US$ 2,730.6 Mn in 2022.
Rising demand for luxury goods is recognized as the topmost reason for the tremendous growth of the smart kitchen appliances market globally. Also important for the market’s growth are the operational advantages of these appliances and increases in purchasing power worldwide. Most global players are stepping up their efforts for the development of connected smart kitchen appliances, which enables users to operate their kitchen appliances using handheld devices such as smartphones and tablets. This is a major factor promoting the strong growth of the kitchen appliances market.
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Smart kitchen appliances are premium appliances that are designed for comfortable and efficient operation as compared to the traditional appliances. The most significant advantage of smart kitchen appliances is the high energy efficiency over traditional kitchen appliances. Due to growing advancements in the kitchen appliances industry, the smart kitchen appliances market is expected to witness strong growth in the near future. Smart kitchen appliances are equipped with different sensors that facilitate easy operation for the users. In addition some of the smart kitchen appliances are designed with connectivity features that can connect to the other household appliances and also to handheld devices such as smartphones, tablets and others. Thus, users can operate their kitchen appliances remotely from their handheld devices thereby increasing the ease of usage of these appliances.
The smart kitchen appliances market is majorly driven by the rising discretionary income of the people globally. Due to growing purchasing power, people tend to adopt luxurious goods thereby boosting the demand for smart appliances. Another significant factor fuelling the growth of smart kitchen appliances is the high advantages of smart kitchen appliances over traditional appliances. However, major factor hindering the market growth is the high costs of these appliances over traditional kitchen appliances.
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In terms of product type, the smart refrigerators segment accounted for the largest share of revenue, in the global smart kitchen appliances market in 2013. The demand for smart refrigerators is driven by growing efforts to develop advanced refrigerator models from global players such as LG Electronics, Inc., Samsung Electronics Co. Ltd., and Whirlpool Corporation. Products such as smart dishwashers and smart ovens are also estimated to witness strong growth in the global market for smart kitchen appliances in the coming years.
Among different applications of smart kitchen appliances, the global smart kitchen appliances market was dominated by the residential applications segment. In 2013, the residential segment accounted for the largest share, in terms of revenue, of the global smart kitchen appliances market. Rising expenditure on household appliances globally is the prime factor bolstering the segment’s growth. Thus, the residential application segment is projected to hold its dominant position in the global smart kitchen appliances market with the highest growth rate. Furthermore, the commercial application segment is predicted to witness strong growth in regions with a strong hospitality sector.
North America led the smart kitchen appliances market in 2013, holding approximately 39% of the global market revenue, and the region is expected to remain dominant throughout the forecast period from 2014 to 2022. Asia Pacific is predicted to be the fastest-growing region throughout the forecast period owing to the growing presence of greenhouses and agriculture.