Smart Kitchen Appliances Market Size, Share & Trends Analysis Report By Product (Smart Refrigerators, Smart Cookware & Cooktops, Smart Dishwashers, Smart Oven, Others), By Application, By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global smart kitchen appliances market size was valued at USD 15.68 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 18.3% from 2023 to 2030.The market is driven by various factors such as the increasing number of single-person households, rising disposable income, increasing number of smart homes, increasing online purchases of small household appliances, and increasing penetration of Internet of Things (IoT) technology in house appliances. The launch of cutting-edge household appliances and the rising adoption of artificial intelligence and the IoT are driving the growth of the global household appliances market. For instance, Spring USA introduced its new LoPRO induction range series in October 2020. This series assures correct temperature for optimal performance and energy efficiency with over/under voltage protection.

The COVID-19 pandemic had a significant impact on consumer behavior as well as purchasing trends in the smart kitchen appliances market. A survey published by Xiaomi suggests thatmore than half (51%) of consumers reported buying at least one smart appliance between March 2020 and January 2021.The worldwide lockdown that made millions of people stay at home changed how people interact and live in their houses, causing them to rearrange their physical areas to accommodate the new functional requirements.

There is rising consumer demand for eco-friendly smart kitchen appliances and appliances that combine style and function. There is also a growing demand for smart kitchen appliances with a range of features and functions. With e-commerce platforms improving consumer access to foreign brands, the adoption of smart kitchen appliances has further increased. Moreover, new players entering the market are offering competitively priced products that become either affordable alternatives or viable options for consumers buying smart kitchen appliances for the first time.

From large to small appliances, smart gadgets are enabling device-to-device and cloud-to-cloud connectivity, providing a simpler and more seamless user experience by integrating all products from various manufacturers and unlocking certain functionalities. For instance, the base model of a modern smart fridge incorporates smartphone connectivity for remote temperature management and notifications in case of unexpected temperature fluctuations. Modern smart refrigerators offer feature that takes a photo every time the door is opened and closed. These images are then uploaded on an accompanying app. This function helps reduce waste and prevent repeated grocery purchases.

Furthermore, convenience will be a significant feature of a smart fridge as it offers straightforward, connected buying and storing processes. It is linked to various platforms along the value chain for food preparation, including online supermarkets, delivery services, and recipe websites. The time customers would have otherwise spent shopping for food or looking up recipes online is recovered.

Smart kitchen appliances can also act as personal nutritionists, assisting customers in achieving their complex health goals in the most effective manner possible. Fully personalized nutrition plans certified by qualified doctors are now available through smartphone apps that are connected to smart refrigerators. These technologies can even recognize foods, scan food goods for nutritional information, explore restaurant menus, and measure macronutrient and micronutrient intake throughout the day enabling a smart refrigerator to ensure daily nutrient intake.

Product Insights

The smart refrigerators dominated the market with a revenue share of over 33% in 2022.Smart refrigerators are becoming more common as smart cities and smart infrastructure become more widely adopted. The IoT market has grown noticeably over the years, with smart home appliances and devices such as Google Nest, Ring, and Alexa making homes more intelligent. As a result, various companies are improving existing offerings or introducing new ones to meet the growing needs of tech-savvy customers.

Smart cookware and cooktops are projected to register a CAGR of 19.4% from 2023 to 2030.The increased demand for modular kitchens and improving living standards has led to a rise in the popularity of smart cooktops and cookware in the residential and commercial sectors. To reduce electricity costs, consumers are choosing energy-efficient kitchen appliances.Rising prices of conventional cooking fuel, safety features, capabilities of cooking at lower temperatures, sensors, and Bluetooth connectivity are major attributes that will propel this segment in the forecasted period.

Application Insights

In terms of revenue, the residential segment dominated the market with a revenue share of around 58% in 2022.Technology is significantly changing the way consumers work in home kitchens. Manufacturers are offering kitchen appliances integrated with the Internet of Things (IoT), enabling people to perform more tasks and utilize their time more efficiently. As smart devices gradually replace traditional appliances in home kitchens, the millennial and younger population is also taking an interest in cooking.

The commercial segment is estimated to expand at a CAGR of about 17.8% over the forecast period.Increased consumer spending on eating out has greatly driven the growth of restaurants and other eateries. This has encouraged restaurant owners to invest in advanced and efficient kitchen appliances that can produce good quality and tasty food much faster, thereby boosting the uptake of smart kitchen appliances in the commercial sector.Appliances like grillers, fryers, ovens, and cooktops are being used more frequently as they improve preparation consistency, diminish human dependence, and reduce human error. As a result, food businesses worldwide are spending more on kitchen products and appliances.

Regional Insights 

North America dominated the market with a share of over 32.0% in 2022. As a result of the region's growing number of restaurants, bars, and hotels, North America is a promising market for smart kitchen appliances. With several high-end hotels offering world-class services and exquisite kitchen fittings, North America is a major region for the smart kitchen appliances industry. Increased investment in residential development projects is another notable trend in North America. According to Statistics Canada, multi-unit investment earnings were reported in nine Canadian provinces in August 2020, led by Alberta (+42.4%) and Quebec (+15.8%).

Middle East & Africa is expected to witness the fastest CAGR of 21.9% from 2023 to 2030. As a highly developed region in the Middle East & Africa, GCC offers numerous opportunities for high-end kitchen appliance manufacturers owing to high household spending and rising commercial activities. This has driven the demand for smart kitchen appliances. The region witnesses a significant tourist inflow, especially in Egypt, Dubai, Doha, Tel Aviv, Qatar, Istanbul, Kenya, and Abu Dhabi. The continuous expansion of the tourism sector has resulted in the construction of several hotels, public entertainment areas, and restaurants. This, in turn, translates to an increasing number of kitchens and the need for kitchen appliances.

Key Companies & Market Share Insights

The market is characterized by the presence of several established players and emerging ones. Many big players are increasing their focus on technological innovations, and participating in trade shows to compete effectively.

• For instance, in January 2023, Samsung Electronics Co. highlighted its innovations for sustainable, smart, and personalized living at the Kitchen & Bath Industry Show 2023 in the U.S. With its growing portfolio of smart appliances, the company wants to keep advancing technologies that will make energy conservation a natural part of daily life, improve SmartThings' connected services in new ways, and enable more individualized experiences.

• For instance, in November 2022, Whirlpool Corporation announced its support for Matter, a new smart home language led by Connectivity Standards Alliance. Products built on this system allow seamless connectivity along with robust security features, control, and convenience.

Some of the key players in the global smart kitchen appliances market include:

• Whirlpool Corporation

• LG Electronics

• Electrolux AB

• Samsung Electronics Co., Ltd.

• Haier Group

• Panasonic Corporation

• BSH Hausgerate GmbH

• Breville.

• Miele & Cie. KG

• Dongbu Daewoo Electronics

Smart Kitchen Appliances Market Report Scope

Global Smart Kitchen Appliances Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global smart kitchen appliances market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Smart Refrigerators

  • Smart Cookware & Cooktops

  • Smart Dishwashers

  • Smart Ovens

  • Other Appliances

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Residential

  • Commercial

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)

    • South Africa