The global smart kitchen appliances industry is projected to grow significantly in the coming years, reaching a substantial $8.20 billion in 2024 as compared to $2.40 billion generated in 2018, registering a CAGR of 23.08% from 2019 to 2024. Growth in this market is expected to be high in developed countries, which have a capacity to purchase such premium products. The need to elevate from traditional appliances to smart and connected appliances has resulted in awareness among consumers across different countries, which is expected to drive the market. This is also aimed at solving the extensive manual inputs required by traditional kitchen appliances, resulting in intensive product development by the global kitchen and home appliance manufacturers and technology providers that have collaborated with appliance manufacturers to enhance product offerings.
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With the rapid market penetration of the IoT technology and the integration of the same in households, there have been significant enhancements of product offerings in the kitchen appliances segment. The most attractive product in smart kitchen appliances is the smart coffee machine, which is adopted highly in the commercial segment and is gradually gaining traction in the residential sector as a symbol of modernization of kitchens for consumers in the high-income bracket.
The replacement of traditional refrigerators and trust on renowned brands that offer such sophisticated kitchen appliances contribute to the high adoption of smart refrigerators in the market. The integration of additional technological features that attract consumers to invest high capital in these appliances is expected to drive the market growth during the forecast period.
The integration or connectivity of smart kitchen appliances with Wi-Fi is currently the most common platform, and this trend is expected to maintain dominance in the market during the forecast period. The ability to connect kitchen appliances with smart home appliances, such as voice-enabled products, requires Bluetooth integration, which many global smart kitchen appliance manufacturers are now implementing.
The commercial sector, comprising of eateries, high-end restaurants and cafes, is gradually catching up in the adoption of small smart kitchen appliances, especially smart coffee machines. Global smart kitchen appliances manufacturers are partnering with commercial establishments to increase their footprint and popularity of smart kitchen appliances.
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The governing trends of the smart kitchen appliances market vary across different regions. The smart kitchen appliances market holds a prominent share in various countries of North America and Europe, while opportunities for this market increase day by day for developing regions, such as Asia-Pacific Japan, Middle East Africa, and South America.
North America generated the highest revenue of $871.2 million in 2018. The high revenue generation was majorly credited to a favorable growth rate of smart refrigerators. Increasing urbanization, consumer awareness, development of smart homes, and technological innovation for offering high-end smart kitchen appliances are expected to impact the growth of the market during the forecast period. The smart kitchen appliances market in North America is expected to grow at a CAGR of 22.68% during 2019-2024.
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