A new analysis by Verify Markets shows the Global Smart Kitchen Appliances Market was valued at $371 million in 2016 and is expected to reach over $2 billion by 2023, growing at a double-digit CAGR during the forecast period. Currently, smart refrigerators dominate the market with more than 50 percent of the market share. Refrigerators were among the first appliances to be enabled with remote connectivity and have been improved upon over the last five years, giving them an edge over other appliances that have been introduced to the market recently.
North America is among the biggest markets with more than 35 percent of the market share. With a large number of early adopters, it is expected to be the fastest growing region for smart kitchen appliances. North America is followed by Europe, where consumer behavior varies across the continent, with Southern Europe being sensitive to price, while the West and the North focus more on design and added services of a product.
Asia Pacific is still an emerging market, but has the fastest growth among all regions towards the end of the forecast period. Consumers in the region are generally more price-sensitive and are weary to purchase premium products that are new to the market. This trend is expected to change over the next few years with an increase in purchasing power and reliance on technology.
Smart kitchen appliances are still a market in its infancy, but this is expected to change in the coming years with an increase in technological integration into everyday consumer lives. The current trend of adopting smart kitchen appliances is only expected to expand to include a wider range of appliances.
Connectivity is not just limited to appliances; cookware, such as pans, is also Wi-Fi enabled. These smart pans can record the different ingredients and its quantity of a personal recipe and then track the cooking style, enabling consumers to store their recipes digitally down to the last ingredient.
Major regions include North America, Europe and Asia Pacific. Major appliances include refrigerators, ovens/ranges, microwaves, coffeemakers and cookers. Some of the key companies covered in this report include Whirlpool Corporation, GE Appliances, BSH Hausgeräte GmbH and Midea Corporation.