The rising purchasing power of consumers and increasing advancements in the kitchen appliances industry are expected to drive the growth of the global smart kitchen appliances market. The global Smart Kitchen Appliances market was valued at USD 14,287.9 million in 2018 and is expected to reach USD 37,889.1 million by 2026, growing at a CAGR of 13.0% during the forecast period.
Smart kitchen appliances use advanced technology to make operations more efficient and comfortable as compared to traditional appliances. Smart kitchen appliances are integrated with sensors and are designed with advanced connectivity features. So, they can be connected to portable devices such as smartphones. One of the major factors to drive the growth of the market is increasing advancements in the kitchen appliances industry.
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Increasing innovation and technological advancements have encouraged consumers to shift towards the use of more sophisticated and premium innovative appliances. Further, changing lifestyles and factors such as time-saving, waste reduction, and energy-saving, which are some of the advantages offered by smart kitchen appliances, are expected to increase the market growth of smart kitchen appliances during the forecast period.
Apart from these, the advantages of smart kitchen appliances over traditional kitchen appliances are also a major driving factor for the market. The traditional appliances consume high energy, which is one of the significant factors in driving the shift towards smart kitchen appliances over the forecast period.
Additionally, increasing government initiatives for the development of energy-efficient kitchen appliances is a factor that is expected to boost the demand for smart kitchen appliances. Changing lifestyle of consumers, increase in per capita income, and growing adoption of luxurious goods will further increase the demand for these kitchen appliances.
However, lack of awareness about these kitchen appliances and high initial and maintenance costs of appliances are expected to impede the growth of the market. Major smart kitchen appliances manufacturers are investing in the development of smart kitchen appliances to integrate IoT and connected technologies to meet customers’ requirements and to increase the demand for smart appliances.