The surge in demand for smart kitchen appliances in the United Kingdom exemplifies a significant shift in home technology. In 2022, the UK represented 7.4% of the global smart kitchen appliances market share. This growing acceptance among consumers is a key driver of the market’s expansion. Additionally, the hospitality sector is increasingly adopting these innovative appliances, further boosting market growth.
The smart kitchen appliances market is experiencing a significant upward trajectory, with a projected valuation of USD 1,450.8 million in 2023, up from USD 1,326.1 million in 2022. This growth represents a robust compound annual growth rate (CAGR) of 8.5% through to 2033, positioning the market for a promising period ahead.
Market Dynamics
The smart kitchen appliances market is influenced by several key dynamics that drive its growth and evolution:
- Technological Reliance: As consumers increasingly integrate technology into their daily lives, the demand for smart kitchen appliances rises. These devices offer enhanced convenience and efficiency, allowing users to manage kitchen tasks with greater ease through mobile applications and smart home systems.
- Rising Disposable Income: Growing disposable income across various demographics allows consumers to invest in smart kitchen appliances that improve their quality of life. This trend is expected to expand the consumer base, making these products more accessible.
- Sustainability Focus: Heightened awareness of energy costs and environmental impact drives consumers toward eco-friendly appliances. Smart kitchen devices often feature energy-saving capabilities and automation that reduce electricity usage and minimize food waste, aligning with consumers’ sustainable living goals.
- Convenience Innovations: The desire for convenience in everyday life fuels the popularity of smart kitchen appliances. Features like remote monitoring, automated cooking, and inventory tracking cater to busy lifestyles, making kitchen tasks simpler and more efficient.
- Cost Considerations: While there is a strong demand for smart appliances, high initial costs can deter some consumers. Manufacturers are working to develop more affordable options, which could broaden market appeal and increase adoption rates.
Key Takeaways
- Market valuation is projected to grow to USD 3,280.1 million by 2033.
- The market will experience a robust CAGR of 8.5% from 2023 to 2033.
- Rising disposable income worldwide is driving consumer interest in smart kitchen appliances.
- Increased reliance on technology enhances the appeal of smart kitchen devices.
- Smart kitchen appliances offer automation that conserves energy and reduces waste.
- Smart refrigerators dominate the appliance segment, holding 25.70% of the market share in 2022.
- Wi-Fi connectivity is preferred, with smart appliances featuring this technology capturing 20.40% of the connectivity segment.
- North America, particularly the U.S., is the largest market, accounting for 23% of the global share in 2022.
- Innovations in AI and IoT are enhancing the functionality and user experience of smart kitchen appliances.
Competitive Landscape
With technology being crucial to smart kitchen appliances, manufacturers are making substantial investments to enhance it. A significant portion of funding is directed toward Research and Development (R&D) to drive innovation. By focusing on this strategy, smart kitchen appliance manufacturers aim to gain a competitive edge.
While the market is fragmented with several established players, there are ample opportunities for new entrants to compete and challenge these existing manufacturers.
Recent Developments in the Smart Kitchen Appliances Market
- In August 2023, giants Samsung Electronics Co. Ltd. launched the Samsung Food app. With the help of this app, users can scan a food item and receive recipes for it. Additionally, the recipe can be synced to a Samsung oven.
- In November 2022, Whirpool Corporation declared its support for Matter. Matter is a language that helps the connectivity between various home appliances.
- In July 2022, the Sharp Smart Dishwasher from Sharp Corporation was launched. It boasts features such as Wi-Fi connectivity and a voice assistant.
- In April 2022, LG Electronics looked to tap further into the Indian market. The established company launched several smart kitchen appliances such as the InstaView Door-in-Door and Frost Free Refrigerators, AI Direct Drive Washing Machines, and a range of Charcoal Microwaves.
Key Companies in the Smart Kitchen Appliances Market
- Whirlpool Corporation
- LG Electronics
- AB Electrolux
- Panasonic Corporation
- Haier Group
- Samsung Electronics Co. Ltd.
- Koninklijke Philips N.V.
- General Electric Co.
- Onida
- Sector Qube
- Dacor
- Sharp Corporation
Tap into Expertise: Discuss with Our Analyst on Email: sales@futuremarketinsights.com
Key Segments
By Appliances:
- Smart Refrigerator
- Smart Coffee Maker
- Smart Dishwasher
- Smart Cookware & Cooktop
- Smart Oven
- Other Appliances
By Connectivity Technology:
- Bluetooth
- Wi-Fi Market
- NFC
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube