SMART KITCHEN APPLIANCES MARKET ANALYSIS

Smart kitchen appliances uses technology that have the capability to perform functions faster and cheaper. Smart kitchen appliances are energy efficient appliances relative to traditional kitchen appliances. It consist of feature that automatically switches off the appliances as per requirement by informing the owner, one of the major factors driving the smart kitchen appliances market growth. In addition, the increasing adoption of IoT technology also plays a major role for the growth of the smart kitchen appliances market. However, lack of awareness about the advantages and high maintenance cost of the smart kitchen appliances are some of the major factors which hinders growth of the smart kitchen appliances market.     

Global Smart Kitchen Appliances Market Taxonomy

On the basis of type, the global smart kitchen appliances market is segmented into:

• Smart Coffee Maker
• Smart Cooker
• Smart Cooktop
• Smart Dish Washer
• Smart Freezer
• Smart Kettle
• Smart Oven
• Smart Refrigerator
• Others

On the basis of technology, the global smart kitchen appliances market is segmented into:

• Bluetooth
• Near Field Communication
• Wi-Fi

On the basis of end users, the global smart kitchen appliances market is segmented into:

• Commercial
• Residential

On the basis of regions, the global smart kitchen appliances market is classified into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa

The smart refrigerator segment held a dominant position in smart kitchen market in 2016 and is projected to retain its dominance throughout the forecast period. The smart refrigerator keeps the record of products kept inside with the help of barcode and RFID. It reduce the power consumption by automatically switching off the power as required, which raised the demand for smart refrigerator in the market. The Wi-Fi technology segment held a dominant position in smart kitchen appliances market in 2018 and is projected to retain its dominance throughout the forecast period. By the end of the year 2018, it is projected that approximately 55.6% households will have an internet access worldwide compared to 53.5% in 2017. The increasing household’s internet access fuels the Wi-Fi technology segment in smart kitchen appliances market. The residential segment held a dominating position in smart kitchen market in 2018 and is projected to retain its dominance throughout the forecast period.

Smart Kitchen Appliances Market Outlook – North America holds significant market share

Regional segmentation of smart kitchen appliances market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America Holds the major share in the global smart kitchen appliances market and is projected to retain its dominance throughout the forecast period. This is owing to increasing number of smart grid power projects, changing lifestyle, and increasing per capita income. The U.S. and Canada are the major countries which drives the smart kitchen appliances market in North America region. Asia Pacific is projected to exhibit highest CAGR over the forecast period. India, china, Japan, and South Korea are some of the major countries that drives the market in Asia Pacific region.  However, China held the dominant position in 2018 and is projected to witness highest CAGR over the forecast period in the region. This is mainly owing to factors such as growing economy and high investments in smart grid projects.          

Global Smart Kitchen Appliances Market: Key Players

Key players operating in the global smart kitchen market include General Electric Co. (GE), LG Electronics Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation, Electrolux AB, Koninklijke Philips N.V., Electrolux, Qingdao Haier Co Ltd, and Dacor.

Global Smart Kitchen Appliances Market: Key Developments

• In September 2019, Bosch announced a launch of its photo finish fridges and ovens with built in AI Technology. Bosch unveiled new refrigerator models that expand the company's line of camera-connected food storage. The KAD92HBFP and KGN39HIEP models include a built-in camera. The BOSCH SERIES 8 OVEN HRG6769S6B is a smart oven with AI. These ovens can predict, and learn when your food will be done based on your specifications.
• In August 2019, Sharp, Japanese electronics company, announced a launch of its first full suite of built-in kitchen products. The kitchen suit offered by the Sharp will include supersteam ovens, induction cooktops, wall ovens, slide-in range, microwave drawers, and over-the-range microwave ovens. In addition to these products, the company will offer dishwashers and refrigerators. The Sharp 24-inch IoT SuperSteam Built-In Oven and the Sharp 24-inch IoT Microwave Drawer are IoT-enabled to integrate with smart home devices.
• In April 2019, Pocket Kitchen LLP announced a launch of its German kitchen robot called “Thermomix” in India. Thermomix is a unique all-in-one smart kitchen appliance that will enhance the way people cook by helping them unlock their full culinary potential while saving time and effort. Thermomix unites the functions of 12 appliances into one compact unit that includes features such Milling or grinding, cooking, emulsifying, whipping, steaming, mixing, precise heating, etc.
• In February 2019, LG announced a partnership with Tovala, a smart oven company based out of Chicago for automated cooking solution and meal services.
• In January 2019, GE Appliances announced to launch its Smart Kitchen Hub at a cost ranging from $1,200 to $1,400 MSRP. The smart kitchen hub is built on the company’s much-lauded GE Appliances U+ Connect platform and features a built-in Google Assistant as well as access to thousands of recipes through SideChef and access to entertainment options like Netflix and Spotify.