Home and kitchen appliances have come a long way. The evolving consumer preferences and purchasing habits heavily influenced by technological advancements and the fast-paced environment are having profound effects on several markets and industries such as the home and kitchen appliance market.
Smart technology is a growing trend in the smart home and kitchen appliances market, which many manufacturers have started adopting. Also known as home automation, this technology integrates various appliances and security systems with smartphones, tablets, laptops or personal computers, allowing users to control their appliances remotely through their devices. The technology provides the convenience of managing smart appliances from one place, increases energy efficiency, improves appliance functionality and maximizes home security.
Consumers essentially purchase products to improve their standard of living. Technology, performance, unique features and design are some factors consumers are critical about when spending on appliances.
By 2022, the global smart home market is projected to grow to US$53.45 billion, while the overall smart kitchen appliances market is expected to reach more than US$8 billion by 2024 according to Statista.
Among the smart home categories, video entertainment is seen to have the largest share of shipments by 2023. Other popular products include smart speakers, smart bulbs, smart plugs, smart door locks, and home monitoring and security systems.
In the smart kitchen appliances market, most of today’s appliances make use of Wi-Fi and Bluetooth technologies, and motion sensors. The large cooking appliance segment is a major contributor to the market growth, while smart refrigerators are also growing in popularity. The latter’s global market size in 2019 was estimated at US$286.9 million and is expected to reach US$624.7 million by 2025, according to Grand View Research.