The global smart kitchen appliances market size was US$ 13.2 billion in 2021. The global smart kitchen appliances market is forecast to grow to US$ 59.1 billion by 2030, registering a compound annual growth rate (CAGR) of 18.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market Growth
The smart kitchen appliance industry is driven by the benefits offered by the products. In addition, an increasing number of innovations is another important factor driving the market growth. Smart Kitchen appliances save time and offer enhanced productivity. Thus, it is fueling the market growth.
Increasing urbanization and changing living standards are forecast to accelerate the growth of the global smart kitchen appliances market. In addition, the growing employment rate is forecast to benefit the global smart kitchen appliances market.
The integration of IoT has gained rapid popularity. Smart systems are preferred over traditional systems as they perform automatic functions. Smart refrigerators are more useful than ever before. They not only keep food fresh, but they also assist users with their shopping lists and online purchases of kitchen goods. Thus, such innovations are forecast to fuel the growth of the global smart kitchen appliances market.
In addition, some appliances can read out the entire recipe to the user, notify the user when food supplies are due to expire. Thus, the growing awareness about smart kitchen appliances is forecast to escalate the market growth during the study period.
Concerns over data security may hamper the growth of the global smart kitchen appliance market during the study period.
COVID-19 Impact Analysis
During the COVID-19 pandemic, the global smart kitchen appliances market witnessed significant challenges. The choice for luxury products declined drastically. In addition, challenges in the supply chain further affected the market growth during the COVID-19 pandemic period. However, the global smart kitchen appliances market will recover steadily during the study period as the economies begin to recover from the effect of the pandemic.
Regional Analysis
North America holds the largest share in the global smart kitchen appliances market. The region is expected to hold dominance in terms of revenue during the study period due to the increasing penetration of smart devices. Moreover, the high disposable income of the population is forecast to contribute to the market growth. In addition, the rising number of smart grid projects and changing client preferences are forecast to fuel the market growth during the study period. Furthermore, growing government subsidies for the use of energy-efficient devices is forecast to benefit the region's smart kitchen appliances market.
Competitors in the Market
Market Segmentation
The global smart kitchen appliances market segmentation focuses on Product, Application, and Region.
Product Outlook
Application Outlook
By Region
