Increase in Internet Penetration to Provide Growth Opportunities for Smart Kitchen Appliance Market During 2020–2028
According to our latest market study on “Smart Kitchen Appliance Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, End User, Connectivity, and Geography,” the market was valued at US$ 13,786.0 million in 2020 and is projected to reach US$ 47,071.2 million by 2028; it is expected to grow at a CAGR of 17.4% from 2020 to 2028.
Surge in Internet Penetration
In recent years, several developed countries in North America and Europe have witnessed the growth in the adoption of smart kitchen appliances, which is majorly attributed to the significant rise in the internet of things (IoT). The availability of better internet infrastructure in the regions mentioned above has enabled end users to procure smart kitchen appliances. Similarly, Asia Pacific is also witnessing staggering growth in internet penetration due to advancements in internet infrastructure.
According to the Cisco Annual Internet Report, APAC is projected to have 3.1 billion internet users (72% of APAC population) and 13.5 billion networked devices/connections by 2023. Further, networked devices/connections will be wired or connected over Wi-Fi by 2030. As the operations of these smart kitchen appliances are primarily based on internet infrastructure, the stimulating internet infrastructure in Asia Pacific is boosting the adoption of smart kitchen appliances in the region. Japan and South Korea account for the most significant internet users and are the home to several electronics, home appliances, and sensors manufacturers. Additionally, the benefits of operational costs and risks reduction are supporting the growth of smart kitchen appliances in several APAC countries.
The smart kitchen appliance market is segmented into product, end user, connectivity, and geography. Based on product, the smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers & blenders, smart cooker & cooking robots, smart cooktops, smart & integrated ovens & cooktops, and others. The smart refrigerator segment held the largest market share in 2020. Based on connectivity, the smart kitchen appliance market is bifurcated into Wi-Fi and Bluetooth. The Wi-Fi segment held a larger market share in 2020. Based on end user, the smart kitchen appliance market is divided into residential and commercial. In 2020, the residential segment led the market globally.
Geographically, the smart kitchen appliance market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The smart kitchen appliance market in APAC is projected to grow at the fastest rate from 2020 to 2028.
Impact of COVID-19 Pandemic on Smart Kitchen Appliance Market
According to the Electronic Components Industry Association, COVID-19 caused delay and disruption in the supply chain, product releases, events, and other industry-related activities. Several electronics manufacturers had to temporarily cease their manufacturing units due to containment measures and limited availability of components and raw materials. Further, the manufacturers of various electronic and semiconductor products, including smart kitchen appliances, experienced a delay in stipulated timelines, which negatively affected the supply chain of the smart kitchen appliances market in 2020. However, the supply chain of the smart kitchen appliances market started to stabilize in late Q4 of 2020, as economics reopened and the market gained positive momentum from 2021.
Electrolux AB; BSH Hausgeräte GmbH; GE Appliances; LG Electronics; Koninklijke Philips N.V.; Panasonic Corporation; Samsung Electronics Co., Ltd; Breville Group Limited; Whirlpool Corporation; and Vita-Mix Corporation are among the key players operating in the global smart kitchen appliance market.
Smart Kitchen Appliance Market – by Geography, 2020 and 2028 (%)
Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Smart Ovens, Smart Refrigerators, Smart Sous Vide, Smart Juicers & Blenders, Smart Cooker & Cooking Robots, Smart Cooktops, Smart & Integrated Ovens & Cooktops, and Others), by End User (Commercial and Residential), and Connectivity (Wi-Fi and Bluetooth)
Smart Kitchen Appliances market size, Share and analysis by 2027
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