The global smart kitchen appliance market revenue accounted to US$ 12.6 Billion in 2018 and is expected to grow at a CAGR of 14.9% during the forecast period 2019 – 2027
The rise in the integration of technologies and other smart solutions across various home appliances and products has gained significant momentum, especially across the developed economies. As a result, the smart device through Wi-Fi connectivity, sensors, and web or mobile-based applications facilitate the enhanced consumer experience. For instance, the mobile app-enabled refrigerators, air conditioning, and washing machines enable the individuals to remotely control the product settings and subsequently aid in energy efficiencies and flexible device operation. Among these, the smart kitchen appliance constitutes the technology-driven enhanced kitchen appliances such as refrigerators, ovens, cooktops, blenders & juicers, and smart sous vide among other kitchen appliances. The devices through the availability of sensors, connectivity, and automatic features facilitate the smart kitchen solutions for the consumers. The increase in disposable income coupled with a rise in awareness towards improved health and fitness lifestyle among the individuals has a decisive influence over their propensity to spend towards smart as well as an efficient kitchen appliance. Furthermore, the growing popularity of technology-enabled smart solutions has witnessed unprecedented traction across various end-user segment has also facilitated in a lucrative market across the kitchen for residential and commercial end-users. Thus, the smart kitchen appliance market is poised to provide numerous attractive, profitable opportunities during the coming years.
Factors such as the rising disposable income of the individuals especially the growing upper middle-income segment across the developed as well as developing economies is expected to have a profound positive impact over the smart kitchen appliance market growth during the coming years. Moreover, the manufacturers growing inclination towards enhanced consumer experience through product innovation which has attributed in numerous launch of new smart refrigerators, ovens, cooktops, blenders, and sous vide among other smart kitchen appliances has gained traction especially in the past few years among leading kitchen appliances such as Electrolux, Bosch, Breville Group and Samsung to name a few manufacturers. However, the high prices of the various products continue to have a negative impact across its penetration across the leading consumer segment across emerging economies and the availability of non-connected kitchen appliances.
Currently, some of the leading global players operating in the smart kitchen appliance market include Electrolux, General Electric, Samsung, Robert Bosch GmbH, Breville Group Limited, Whirlpool and LG Electronics to name a few companies. The companies continue to focus heavily on product development of innovative and exclusive consumer experience driven smart kitchen appliances and solutions for their customer. Subsequently, strategies such as product launch, product development, acquisition, and strategic partnerships as well as alliances towards successful development of new innovative smart kitchen appliances. The table below depicts the selected strategies adopted by some of the leading manufacturers during the past few years.
|2019||Whirlpool Corporation showcased its latest smart home appliance innovations at the 2019 NAHB International Builders’ Show® (IBS), Las Vegas. The company showcased KitchenAid® Smart Oven+ with Powered Attachments, Whirlpool® Smart Front Control Range, and KitchenAid® Limited Edition 36″ 6-Burner Dual Fuel Freestanding, Commercial-Style Range||North America|
|2019||In February 2019, LG Electronic USA partnered with Tovala, intending to integrate Tovala IQ technology in its smart ovens. With the integration of Tovala IQ technology on LG smart ovens, the owners need to scan the barcode of the meal packet and then place the meal in the oven. Then LG smart oven will cook the meal according to the parameters required to cook the meal properly||North America|
|2018||Electrolux expanded its collaboration with Google by integrating connected kitchen products in Europe with the Google Assistant, enabling consumers to control products using voice commands.||Europe|
|2018||Electrolux and Cirrent announced a strategic partnership today to enable Electrolux appliances to connect their smart appliances more easily and securely over Wi-Fi through automatic provisioning. The companies have partnered to integrate Cirrent’s ZipKey technology into Electrolux appliances.||APAC|
|2018||Royal Philips announced world’s first personalized smart blender named Philips High Speed Connected Blender. This connected blender combined with the Philips NutriU app to help consumers achieve their health goals. NutriU app also offers personalized advice to its users based on their personal characteristics such as weight, preferred ingredients and size of beverage.||Europe|
|2018||In December 2018, LG Electronics and Drop, a startup in the smart kitchen ecosystem. This partnership is aimed at offering customers with attractive kitchen technologies and appliances||North America|