Smart Kitchens Business Analysis Report 2024: Global Market to Reach $14.4 Billion by 2030 from $5.3 Billion in 2023, Driven by Advancements in IoT, AI, ML, Energy Efficiency, Safety, and Convenience - ResearchAndMarkets.com

The "Smart Kitchens - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Smart Kitchens was estimated at US$5.3 Billion in 2023 and is projected to reach US$14.4 Billion by 2030, growing at a CAGR of 15.4% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth in the smart kitchen market is driven by several factors, including the rising demand for connected and energy-efficient kitchen appliances, advancements in IoT and AI technologies, and increasing consumer preference for convenience and automation. The expansion of e-commerce channels, the development of voice-activated smart kitchen assistants, and the growing trend of smart home adoption are also propelling market growth. Furthermore, strategic partnerships between appliance manufacturers and tech companies, the availability of DIY smart kitchen solutions, and the focus on reducing energy consumption and enhancing kitchen safety are contributing to the rapid expansion of this market.

How Are Smart Kitchens Transforming Cooking and Home Management?

Smart kitchens are revolutionizing how people cook, eat, and manage their homes by integrating connected appliances and devices that enhance convenience, safety, and efficiency. From smart refrigerators that monitor food inventory and suggest recipes to voice-controlled ovens and cooktops, these kitchens offer a seamless, interconnected environment where users can manage cooking, cleaning, and food storage more effectively. Smart kitchens also incorporate energy-efficient appliances that help reduce utility bills and are often integrated with broader smart home systems, enabling automated responses such as adjusting lighting and climate based on kitchen activities.

What Innovations Are Driving the Smart Kitchen Market Forward?

The smart kitchen market is driven by continuous innovations in IoT, AI, and machine learning, which are enhancing the functionality and appeal of smart kitchen appliances. IoT-enabled devices allow remote monitoring and control, while AI-powered voice assistants like Alexa, Google Assistant, and Siri offer hands-free operation and personalized user experiences. Advanced sensors and AI algorithms are also being used to optimize cooking times, detect potential hazards like gas leaks, and provide maintenance alerts. Moreover, integration with smart home hubs and energy management systems ensures comprehensive control over household functions, making smart kitchens more appealing to modern consumers.

Which Segments Are Leading the Smart Kitchen Market?

Product types include smart refrigerators, ovens, dishwashers, cooktops, and faucets, with smart refrigerators holding the largest market share due to their multifunctionality and integration with other smart home devices. Applications range from residential to commercial kitchens, with residential applications leading due to the growing consumer interest in home automation.

Distribution channels include online platforms, which dominate due to the variety of products and convenience, and offline channels such as specialty home appliance stores. Geographically, North America and Europe are the largest markets, driven by high disposable incomes and technology adoption rates, while Asia-Pacific is expected to witness rapid growth due to increasing urbanization and middle-class expansion.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Residential Application segment, which is expected to reach US$9.4 Billion by 2030 with a CAGR of a 15.8%. The Commercial Application segment is also set to grow at 14.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $1.5 Billion in 2023, and China, forecasted to grow at an impressive 14.5% CAGR to reach $2.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Smart Kitchens market such as Dacor, Inc., Electrolux AB, GE Appliances, Haier Group, LG Electronics Inc. and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Attributes:

Key Topics Covered:

MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Global Economic Update
• Smart Kitchen - Global Key Competitors Percentage Market Share in 2024 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

MARKET TRENDS & DRIVERS

• Rising Consumer Interest in Connected and Automated Kitchen Appliances Spurs Market Growth
• Advancements in IoT, AI, and Machine Learning Technologies Strengthen Product Innovation
• Integration with Smart Home Ecosystems Expands Addressable Market Opportunity
• Focus on Energy Efficiency, Safety, and Convenience Drives Adoption of Smart Kitchen Solutions
• Development of Voice-Controlled and AI-Driven Smart Kitchen Assistants Accelerates Market Expansion
• Increasing Adoption of Smart Cooking Devices and Connected Appliances Propels Market Demand
• Emergence of Subscription-Based Recipe and Meal Planning Services Generates New Revenue Streams
• Focus on Enhancing User Experience and Personalization Supports Market Competitiveness
• Expansion of Smart Cities and Urban Development Projects Supports Smart Kitchen Market Growth
• Increasing Use of Smart Sensors for Real-Time Monitoring and Maintenance Spurs Market Expansion
• Need for Integration with Broader Smart Home Automation Systems Drives Product Development

FOCUS ON SELECT PLAYERS: Some of the 46 companies featured in this Smart Kitchens market report include:

• Dacor, Inc.
• Electrolux AB
• GE Appliances
• Haier Group
• LG Electronics Inc.
• MIRC Electronics Ltd. (Onida)
• Samsung Electronics Co., Ltd.
• Sectorqube Inc.
• Whirlpool Corporation

For more information about this report visit https://www.researchandmarkets.com/r/u5x0bo

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241105783242/en/