Global Smart Kitchen Appliances Market to be Dominated by Smart Refrigerators Segment, to Grow due to Environmental Awareness and Regulatory Support

The key factor differentiating smart kitchen appliances from conventional ones is the inclusion of devices sensing proximity, time, temperature, etc. These sensors control and fine-tune the operation of the appliances to make them radically more energy-efficient than conventional kitchen appliances. The advent of the Internet of Things (IoT) has also resulted in kitchen appliances that can be connected to and operated from mobile devices such as smartphones and tablets. This massively increases the convenience of smart kitchen appliances to the average consumer.

The relatively nascent global smart kitchen appliances market was valued at US$476.2 million in 2013. Due to the strong consumer support for technological innovation making household tasks easier to perform, the market is expected to exhibit a strong 29.1% CAGR from 2014 to 2022 to reach a total market value of more than US$2,730 million.

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North America the Global Leader, Asia Pacific to Follow

Unsurprisingly, given the strong presence of technology giants in the region and the relatively high affluence of the consumers, North America led the global smart kitchen appliances market in 2013, holding a dominant 39% of the market. The smart kitchen appliances market in North America shows no signs of slowing down, as the ongoing development of smart grids in the region is expected to radically increase the scope for installation of smart kitchen appliances.

Growing residential construction in Asia Pacific is expected to help the Asia Pacific smart kitchen appliances market post strong figures in the coming years. Constructors of new residential projects often include smart kitchen appliances as default, due to growing demand from APAC’s urban customers and their increasing financial ability to afford the same. The APAC market for smart kitchen appliances market is also expected to receive an impetus from the growing tourism industry in Southeast Asia, which will boost the commercial application of smart kitchen appliances. The strong agriculture sector in countries such as China and India will also boost demand for smart kitchen appliances used in agriculture and greenhouses.

Smart Refrigerators Segment to Lead Global Smart Kitchen Appliances Market

The smart kitchen appliances market is divided into the product categories of smart refrigerators, smart ovens, smart dishwashers, smart scales and thermometers, smart cookware and cooktops, and other smart products such as coffee makers and kettles. Of these, the smart refrigerators segment holds a dominant 28% share in the global smart kitchen appliances market and is expected to grow at a robust CAGR of 29.5% from 2014 to 2022.

The important role played by refrigerators in the total energy consumption and emissions of a residential or commercial complex is responsible for its dominant role in the global smart kitchen appliances market. Growing acknowledgement of the role of day-to-day human activities in climate change and environmental damage will boost demand for smart refrigerators and other products in the coming years. Regulatory support from governments all over the world on environmental grounds will also help the smart kitchen appliances market scale new heights.

Consolidated Global Smart Kitchen Appliances Market Marked by Acquisition of Regional Companies by Global Players

The global smart kitchen appliances market is dominated by companies such as the Haier Group, Samsung, Whirlpool, and AB Electrolux, which collectively took up about 60% of the market in 2013. The trend of acquisition of smaller regional manufacturers of smart kitchen appliances by multinational corporations is expected to shape the market in the forecast period, thanks to the importance of a competitive global presence in the market.

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