The trend of smart homes has gained wide acceptance across the world and consequently, the concept of smart kitchen is becoming increasingly popular. More and more kitchen appliance manufacturers are realizing the potential of IoT and are hence, investing huge sums in kitchen appliances. Smart kitchen appliances, unlike their traditional counterparts, are equipped with sensors and are designed with advanced connectivity features for comfortable operation.
They can be connected to handheld devices and household devices for easy operability. All these advantages are going to spur the adoption of smart kitchen appliances in the coming days. Another factor that will promote the development and adoption of smart kitchen appliances is their energy efficiency. The traditional appliances, on the other hand, are known to consume high energy for operating.
Driven by the various advantages and benefits offered by smart kitchen appliances, the global smart kitchen appliances market is expected to reach USD 37, 889.1 million by 2026, from USD 14, 287.9 million in 2018. The global market to register a CAGR of 13% during this period. The high growth to be exhibited by the market will be mainly driven by an increase in disposable income, changing lifestyles of consumers in developing economies, and the consequent increase in the adoption of luxury goods.
Another factor that will play a significant role in the growth of the market is the high energy-efficiency of smart kitchen appliances. Power conservation initiatives taken by regulatory bodies, as well as the growing inclination exhibited by consumers towards eco-friendly products and solutions, will give a major boost to the market. Apart from these, technological innovation and advancements in the home appliance sector will provide ample growth opportunities in the coming days.
However, high installation costs, as well as lack of awareness about these appliances and their benefits, will slow down the growth of the global smart kitchen appliances market to some extent. The maintenance cost of these devices is also expected to pose a challenge to the growth of the market, especially in developing countries. However, increasing digitization is likely to create new growth opportunities for market players.
Among the regional markets, North America is expected to hold a major share in the global market, owing to factors such as the growing number of smart grid projects, increasing purchasing power of consumers, and the trend towards adopting smart and energy-efficient devices. Government policies promoting the adoption of energy-efficient devices and rising consumer awareness regarding the benefits of smart kitchen appliances will also boost the growth of this regional market.
The Asia-Pacific region will also exhibit remarkable growth in the coming years. The region is projected to register the highest CAGR of about 15.2% in the global kitchen appliances market during 2019 to 2026. Growing population, strong economic growth, rapid urbanization, and rising living standards in the developing economies of the Asia-Pacific region will fuel the growth of this regional market.
The major players operating in the global smart kitchen appliances market include Whirlpool Corporation, LG Electronics, Electrolux AB, Smasung Electronics Co. Ltd., Panasonic Corporation, Haier Group corporation, Koninklijke Philips N.V., Siemens AG, Robert Bosch GmbH, Hestan Cue Inc., Breville Group Limited, Miele & Cie KG, among others.