Smart Kitchen Appliances Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product Type (Smart Ovens, Dishwashers, Refrigerators, Cookware & Cooktops, Kettle, Others); Technology (Wi-Fi, Bluetooth); Distribution Channel (Multi-Brand Stores, Exclusive Stores, Online Platforms, Others); End-Users (Residential, Commercial), and Region & Country.
Published: May-2021
Pages:198
Table:46
Figure:84
Report ID:UMCG21226
Smart Kitchen Appliances market is set to grow with a CAGR of 14% during the forecast period. Smart kitchen appliances offer intelligence and communications to enable automatic or remote control based on user preferences or external signals from a utility or third party energy service provider. 65% of Americans have at least one smart home device, and many purchased the smart technology because it’s better for the environment. The most popular smart home devices among our respondents included speakers (31%), thermostats (24%) and lighting (20%). Of the people who own a smart device, 49% have a smart home device that could be considered environmentally friendly. These include a smart thermostat/AC, lighting, kitchen appliances, plugs/outlets, vacuums and sprinklers.
As per the survey conducted by Scripps Network Interactive it was found that respondents considered technology in the kitchen as “nice-to-have.” Furthermore, 40% of respondents said they “aren’t interested in connected appliances and expressed skepticism of the utility of kitchen-related tech beyond the ‘gee-whiz’ factor.” Smaller kitchen gadgets fared a bit better in the survey with “small kitchen appliances” leading the respondents’ wish lists, followed by automatic cleaning devices and voice-controlled devices. Increasing penetration of smart home, consumer inclination towards smart kitchen appliances, and rising disposable income are driving the market. In addition, increasing spending on home improvement projects and home remodeling is also driving the demand for smart kitchen appliances in the developed regions.
Increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices are spurring the market growth. The federal government is promoting the adoption of energy efficient appliances. Recently, Whirlpool integrated technological innovations in a selection of kitchen appliances, calling it the Smart Home Line. Digital assistance applications in voice-controlled devices such as Amazon Echo and Google Home are gaining popularity due to their ability to control home. According to a recent study by NPR, around 39 million people in America owned a smart speaker for a connected home environment in 2018. As per the Hamerville Media Group, the penetration of smart dishwashers in the U.K. and Germany stood at 43.1% and 54.9% respectively in 2018.
List of Top Smart Kitchen Appliances Startups
Insights Presented in the Report
“Smart Refrigerator segment is anticipated to dominate the market during the analyzed period”
The smart kitchen appliances market is mainly bifurcated into the smart ovens, dishwashers, refrigerators, cookware and cooktops, kettle, and others. In 2020, smart refrigerator segment accounted for a maximum share in terms of revenue, accounting for more than 25% share. The segment is expected to remain dominant during the analyzed period owing to the increasing penetration of smart household, consumers’ inclinations towards smart kitchen appliances, and rising disposable income.
“Amongst technology, Wi-Fi segment is anticipated to dominate the market”
Based on technology, the global smart kitchen appliances market is fragmented into Wi-Fi and Bluetooth. In 2020, the Wi-Fi technology segment accounted market share in terms of revenue and is expected to remain dominant during the analyzed period.
“Multi-brand Stores, Exclusive Stores and Online platform were the major distribution channel for Smart Kitchen appliances”
Based on distribution channel, the global smart kitchen appliances market is bifurcated into Multi-brand Stores, Exclusive Stores, Online platform and other. ?
“Amongst End-Users, resident segment dominated the market during the forecast period”
Based on end user, the global smart kitchen appliances market is fragmented into residential and commercial. In 2020, the resident segment accounted for more than 85% share.
“North America represents largest market for Smart kitchen appliances”
For a better understanding of the market dynamics of the smart kitchen appliancess market, a detailed analysis was conducted for different regions across the globe including North America (U.S., Canada, Mexico, and Rest of North America), Europe (United Kingdom, Germany, Spain, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia Pacific) and Rest of World. North America dominated the market in 2020.
Competitive Scenario
The smart kitchen appliances market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are AB Electrolux, Samsung Electronics Co. Ltd, Whirlpool Corporation, LG Electronics Inc., BSH Home Appliances Corporation, Panasonic Corporation, Haier Group, Breville Group Limited. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Smart Kitchen Appliances Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analyzing the historical market, estimation of the current market, and forecasting the future market of Smart Kitchen Appliances were the three major steps undertaken to create and analyze the demand of smart kitchen appliances among residential and commercial end-users across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the smart kitchen appliances or smart home industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size to 2027. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the smart kitchen appliances through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the smart kitchen appliances, we conducted a detailed secondary analysis to gather current and future market insights and share for different segments & sub-segments for major regions. Major segments included in the report includes type, technology, distribution channel end-user, and region. Further country-level analyses were conducted to evaluate the overall demand of smart kitchen appliances in the specified country/region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of smart kitchen appliances. Further, we conducted factor analysis using dependent and independent variables such as the rising consumer disposable income, increasing adoption and penetration of smartphones paired with increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the smart kitchen appliances industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the smart kitchen appliances market, and market shares of each segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up approach was applied to arrive at the market forecast by 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the growth rate of smart kitchen appliances market across major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the smart kitchen appliances market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment the smart kitchen appliances market pertains to. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, technology, distribution channel, end-user, and region.
Main Objective of the Smart Kitchen Appliances Market Study
The current & future market trends of smart kitchen appliances were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of smart kitchen appliances in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, technology, distribution channel, and end-user
- Define and analysis of the regulatory framework for the smart kitchen appliances industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the smart kitchen appliances market for the major regions including North America (U.S., Canada, Mexico, and Rest of North America), Europe (United Kingdom, Germany, Spain, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia Pacific) and Rest of World
- Company profiles of the smart kitchen appliances market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Analyzing the historical market, estimation of the current market, and forecasting the future market of Smart Kitchen Appliances were the three major steps undertaken to create and analyze the demand of smart kitchen appliances among residential and commercial end-users across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the smart kitchen appliances or smart home industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size to 2027. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the smart kitchen appliances through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the smart kitchen appliances, we conducted a detailed secondary analysis to gather current and future market insights and share for different segments & sub-segments for major regions. Major segments included in the report includes type, technology, distribution channel end-user, and region. Further country-level analyses were conducted to evaluate the overall demand of smart kitchen appliances in the specified country/region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of smart kitchen appliances. Further, we conducted factor analysis using dependent and independent variables such as the rising consumer disposable income, increasing adoption and penetration of smartphones paired with increasing technological trends such as Internet of Things (IoT) and Artificial Intelligence (AI) enabled devices. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the smart kitchen appliances industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the smart kitchen appliances market, and market shares of each segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up approach was applied to arrive at the market forecast by 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the growth rate of smart kitchen appliances market across major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the smart kitchen appliances market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment the smart kitchen appliances market pertains to. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, technology, distribution channel, end-user, and region.
Main Objective of the Smart Kitchen Appliances Market Study
The current & future market trends of smart kitchen appliances were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of smart kitchen appliances in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, technology, distribution channel, and end-user
- Define and analysis of the regulatory framework for the smart kitchen appliances industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the smart kitchen appliances market for the major regions including North America (U.S., Canada, Mexico, and Rest of North America), Europe (United Kingdom, Germany, Spain, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia Pacific) and Rest of World
- Company profiles of the smart kitchen appliances market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry