The concept of ‘smart’ world is being realized at all levels, right from the giant industries to our very own houses. Kitchen, which is the most important part of a home, has also been significantly influenced by the revolutionary trend of the internet of things. This can be well justified by the growing market of kitchen appliances, which is already a billion-dollar industry and is all set to achieve new heights over the coming years. As per a report by Global Market Insights, Inc. “the kitchen appliances market share worth USD 179 billion in 2015, is forecast to surpass a revenue of USD 250 billion by 2023.”The technology has embarked its prominent presence in this market. The manufacturers dealing with the kitchen appliances business space are investing heavily in blending technology with these appliances. Not only the big-ticket products such as refrigerators, but also the smaller devices are being worked on to stay in parallel with the hi-tech advancements and the rising demand for convenient and smart products from the consumers.
Europe kitchen appliances market size, by application, 2012 – 2023 (USD Billion)
The race to win this technology embarked era has already been well started by some of the key manufacturers in this industry. For instance, a recent announcement by LG regarding its HomeChat Service gained a lot of traction by the media worldwide. This concept is based on linking the indispensable kitchen appliances such as refrigerators and ovens to the smartphones, wherein the latter can be used by the users to send messages to these appliances.
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Moreover, another announcement by Samsung on 4th May 2016, made to a big headline and shook the market with a sense of tough competition lying ahead. This was about its new product- ‘Family Hub smart fridge’ which is equipped with all the latest technologies such as camera which enables the fridge to check within itself, touchscreen, games, Wi-Fi, etc. to enhance the user experience. Various other leading players are also participating in this race such as Haier, Electrolux, Philips, Panasonic, etc. Moreover, the increasing market will also hold a wide set of opportunities for the hardware vendors as well as for the startups in this space, provided they are well advanced in terms of technological aspects.
The rising fuel prices is also building high growth opportunities for the kitchen appliances market, owing to the growing demand for induction devices. Both the residential and the commercial sectors contribute significantly towards this market growth. The increasing number of restaurants globally is boosting the commercial applications of the kitchen devices market, which is estimated to witness a CAGR of 4.6% over 2016-2023. Also, the rising demand for automation and replacement of old devices will drive the residential application market share. The kitchen appliances application in residential sector is forecast to surpass USD 150 billion by 2023.
The rising concerns pertaining to the environment and optimum energy utilization has boosted the demand for gas appliances, which holds a major share in the kitchen appliances market. Refrigerators, which are the most common yet vital part of the kitchen also contribute towards a noticeable share of this market. The global refrigerator market is forecast to surpass a revenue of USD 105 billion by 2023.
The improvement in the economy is also boosting the global kitchen appliances market size. The Asia Pacific market is estimated to cross USD 75 billion by 2023, owing to the rise in disposable income and growing population base across this region. India & China are likely to lead the APAC market.
The manufacturers are expanding their reach by tying up with various distributing channels such as retail stores, third party suppliers, etc. In this respect, e-commerce has also come up as a significant distributing channel due to the competitive pricing of these products as well as the convenience offered by these portals like home delivery, easy return policy, etc. The industry though is not yet completely transformed by the IoT revolution, but is surely to see some smart developments in the near future.
Author Name : Shikha Sinha