Smart Connected Cooking Appliances Market to grow at a CAGR of 26.58% during 2024-2028
The Smart Connected Cooking Appliances Market is expected to grow at a CAGR of 26.58% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19.62 billion. The shift towards modular kitchens, driven by increasing living standards and consumer expenditure on household infrastructure, is a notable trend in the residential sector. Modern, design-conscious customers seek compact, visually appealing solutions for their kitchens, leading to a surge in demand for built-in cooking appliances such as refrigerators, wall ovens, ranges, and cooktops. Vendors have responded by expanding their product portfolios to cater to these preferences, offering features and functionality that enhance the user experience and simplify daily life. This market trend is expected to continue as consumers prioritize convenience, aesthetics, and efficiency in their kitchens.
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Technavio analysts predict that the Offline subsegment will lead the Distribution Channel segment during 2024 and 2028 In the Smart Connected Cooking Appliances Market, traditional distribution channels, such as hypermarkets, convenience stores, clubhouse stores, specialty stores, and department stores, have experienced a decline in sales due to the increasing trend of online shopping. To counteract this shift, vendors are forging partnerships with local retail entities and household appliance retail chains. For instance, Haier Group has collaborated with prominent retailers in China, including GOME Retail and Suning, to expand their market reach. Additionally, marketing strategies, such as the establishment of clubs like Haier Smart Home Co. Ltd.'s V58 and V140 clubs, are being employed to maintain relationships with major distributors and enterprise clients.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising innovation in product and technology
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The Smart Connected Cooking Appliances Market is experiencing significant growth due to the increasing demand for tiny, energy-efficient appliances among tech-savvy homeowners and the urban population. This market includes a range of devices such as smart coffee makers, weighing scales, blenders, and even smart refrigerators. These appliances are not only compact in size but also offer advanced features like voice control, energy efficiency, and compatibility with smart home languages. The trend towards a healthy lifestyle and sustainability is also driving the demand for smart kitchen appliances. Conventional appliances like fridges and conventional kitchen tools are being replaced with their smart counterparts. The hospitality sector is also adopting these technologies to enhance customer experience. E-commerce platforms are making it easier for consumers to purchase these appliances, contributing to the rising demand. Single person households are a significant consumer base for these appliances due to their compact size and convenience. The increasing disposable income and the desire for a modern, smart home are other factors fueling the growth of the Smart Connected Cooking Appliances Market.
According to Technavio, the global smart connected cooking appliances market is a segment of the broader household appliances market, which falls under the household durables industry. The household appliances market encompasses the revenue generated by manufacturers of electric appliances and related products, excluding televisions and personal computers. This market is segmented into major household appliances, small household appliances, hand tools, power tools, and garden improvement tools. Major household appliances consist of large appliances such as refrigerators, washing machines, and cooktops, while small household appliances include items like blenders, toasters, and air conditioners. Hand tools and power tools are used for various DIY projects and construction sites, while garden improvement tools are designed for outdoor landscaping tasks. The global household appliances market's growth is driven by factors such as increasing urbanization, rising disposable income, and technological advancements.
The Smart Connected Cooking Appliances Market is experiencing significant growth, fueled by the rising innovation in product and technology. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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