The global smart kitchen appliances market size was estimated at USD 18.75 billion in 2023 and is projected to grow at a CAGR of 17.9% from 2024 to 2030. The market growth 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 (AI) and the IoT are driving market growth. 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 market. A survey published by Xiaomi suggests that more 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 a 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.
Product Insights
The smart refrigerators segment held a market share of 36.06% of the overall product revenues in 2023. 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. Hence, various companies are improving existing offerings or introducing new ones to meet the growing needs of tech-savvy customers.
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Application Insights
The residential application segment of the smart kitchen appliances industry dominated in 2023 with a revenue share of 57.90%. Technology is significantly changing the way consumers work in home kitchens. Manufacturers are offering kitchen appliances integrated with the 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.
Regional Insights
The smart kitchen appliances market inNorth America accounted for a revenue share of about 32.9% in 2023. The popularity of smart home devices is continuously rising in the U.S. A blog by RubyHome published in August 2023 suggests that about 63.43 million homes use smart devices actively in the U.S. With the booming real estate industry of the region, the majority of home buyers seek a smart home and are willing to pay more for it. With rising demand for smart homes, the popularity of smart kitchen appliances is set to surge.
Key Smart Kitchen Appliances Companies:
The following are the leading companies in the smart kitchen appliances market. These companies collectively hold the largest market share and dictate industry trends.
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