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The smart home appliances market was valued at USD 23.54 billion in 2019, and it is projected to be worth USD 57.64 billion by 2025, registering a CAGR of 17.3% during 2020-2025

ReportLinker
·6-min read

The Internet of Things has been growing across smart home applications, and it is expected to become more customizable to give more control to users and enhance the appliance operating functions. As per a 2019 survey by the National Kitchen & Bath Association, around 83% of consumers across North America demand for smart appliances.

New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Home Appliances Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05982356/?utm_source=GNW
As per a recent Dashbot survey, 75% of respondents said that they use voice assistants at least once a day.

- Companies in the market studied have been focusing on making food recognition better and extending the same into their kitchen applications, such as full-size ovens and fridges. Majority of the trade shows across mid-2019 to early 2020 observed the presence of Bosch, GE, Samsung, and other emerging players in the smart home segment, launching concepts, such as fridge that labels and tracks food, remote monitoring of a stovetop, ad integrating AI into appliances for recommendations.
- Similarly, from useful notifications, energy efficient appliances, to Wi-Fi-enabled features, smart home kitchen-based appliances are being upgraded with added functionality. For example, smart microwaves can now scan barcodes on food items and download cooking instructions with a seamless integration, with AI voice assistants, for a complete hands-free experience.
- This, in turn, has led the voice assistant providers to go one step further by including Cooking APIs on their platforms. This ensures control over selected appliances by giving voice functionality to critical functions, such as specifying temperature to the cook and cook food until it reaches a given internal temperature.
- With time, the role of a kitchen has been changing. By evolving from a mere space used for food preparation, it has grown to associate with activities, such as entertaining, socializing, dining, and working, among others. Similar changes in lifestyle have been aided by technology. For instance, appliances are being designed to have added functionality to make them easy to use. This is one of the significant drivers for the adoption and development of smart and connectable appliances. Additionally, increased interest in cooking over the years has been contributing toward the growing adoption.
- Due to the COVID-19 outbreak, the Chinese home appliance industry faced a temporary period of insufficient production capacity in the first half of 2020; however, the market is again regaining its strength in the second half. The online retail channels witnessed a massive surge in demand and contributed more than 70% to overall revenues in the first quarter, as people tend to stay at home to quarantine themselves. In addition, China’s Research Institute of the Ministry of Commerce reported that the home appliance market in China would enter a concentrated period of renewal, and both healthy home appliances and smart home appliances will benefit from this.

Key Market Trends
Smart Scale and Thermometers to Drive the Market Growth

- Shopping for groceries has been made easier than ever, via app integrations the quantity of different items remaining when making purchases. This is done by storing food in jars that have inbuilt scales. Knowing the weight of the food remaining in the jar has been enabling decisions on purchasing more and in how much quantities.
- Additionally, these scales have been developed to include additional insights/recommendations on type of meals to be made. For instance, the Drop Scale is a connected kitchen scale that has been developed to work with the Drop Recipes app.
- Tthen the advent of smart thermometer to connected kitchen situations has been catering to active/real-time notification on measuring temperatures of the cook to perfect the dish. As of January 2020, the Yummly Smart Thermometer was showcased at CES 2020, which offered a notification on smartphones to indicate if the dinner is ready. The device is subsequently launched at a USD 129 price point.
- Additional features, such as monitoring progress and adjusting cooking schedule, have been added. The device is further designed to work with raw, dense meats like poultry and roasts, to ensure the meat is cooked as per individualized preferences.

Asia-Pacific to Witness Highest Growth

- Factors, such as the increase in rising disposable income, dual-income households, and lifestyle changes, have enabled household customers in China to buy AI-based smart home appliances, like smart refrigerators, robotic cleaning products, etc. China is one of the largest markets for home appliances products, which is also making it an attractive region for smart home appliances.
- The Chinese household appliance sector has grown into a multi-billion dollar industry. Per capita expenditure of private households on advanced household appliances and consumer electronics in China had skyrocketed in the last decade. According to the Organization for Economic Cooperation and Development (OECD) models, India and China may witness a seven-fold increase in income per capita by 2060.
- After China, Japan is one of the major investors in smart home appliances products in the region. Increased investment in connected home products and high penetration of smart home appliances, owing to the high awareness, are fueling the studied market’s growth.
- Voice assistant and AI are causing major disruptions across all smart home products; the smart home appliances segment, too, has witnessed unprecedented growth in the trend in recent years. In Japan, household cleaning robots are steadily becoming a common reality. Moving on from AI-powered voice speakers, consumers have now started to welcome vacuum robots into their homes.
- Countries, like Singapore, Hong Kong, and Australia, have a high penetration rate but are comparatively small markets compared to South Korea and India. In 2019, Germany-based manufacturer of high-end domestic appliances, Miele, launched its new Generation 7000 built-in smart kitchen appliances with Wi-Fi connectivity with a mobile app interface in Hong Kong.

Competitive Landscape
The smart home appliances market is consolidated. With technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Some of the key developments in the market are:
- September 2020 - Samsung released a newly designed Front Control Slide-in Ranges. This lineup of beautifully designed, Wi-Fi connected Slide-in Ranges makes cooking simpler with its fingerprint resistant exterior, smart dial, and Air fry mode for healthy cooking. The Smart Dial learns behavior and creates shortcuts to cooking preferences.
- March 2020 - Whirlpool Corporation announced to open a new 800,000 sq ft distribution in Tulsa, Oklahoma. The factory distribution is also awarded with LEED Silver certification. It integrates various green building strategies and designs across several categories, including energy usage, water consumption, and indoor air quality.

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Read the full report: https://www.reportlinker.com/p05982356/?utm_source=GNW

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