Smart Kitchen Appliances Market Incremental Opportunity Assessment through 2019-2024
Posted: Oct 19, 2020
The era of technological modernization began with the advent of smart homes in nations, such as the U.S., the U.K., and developed European countries. The importance of home and household appliances in the lives of the population is a sign of the advancement of the living space. The configuration of modern homes with smart meters as an initiative to build smart cities has boosted the need for energy efficient appliances to be used in households. This has given a gradual rise in the replacement of traditional kitchen appliances with smart kitchen appliances in most developed nations.
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The increasing urbanization has also fueled the need for independently operating kitchen appliances, which can be accessed and operated by the consumers based on their convenience. This has been made possible with the extensive internet connectivity, which is present in most of the advanced economies, but is gradually picking pace in developing nations. As a result, the ease in operating and managing kitchens has made smart kitchen appliances an attractive option for consumers who lead a hectic lifestyle.
The smart kitchen appliances are expected to advance technologically, with an increase in the compatibility with smart home appliances, for further opportunities and emerging trend related to Machine-to-Machine (M2M) communication amongst smart appliances. This paves the way to home automation in future generations, which is currently a distant goal for consumers as well as governments.
The competitive landscape for the smart kitchen appliances market demonstrates an inclination toward companies adopting strategies such as product launches along with partnerships, collaborations, and joint ventures. The major established players in the market are focusing on product launches and developments to introduce new smart kitchen appliances and extending their traditional kitchen appliances portfolio to smart kitchen appliances. Midea Group Co., Ltd., LG Electronics Co., Ltd., Robert Bosch GmbH, Siemens AG, Whirlpool Corporation, and De’Longhi Appliances S.r.L are some of the prominent players in the smart kitchen appliances market. The market is moderately consolidated with the presence of many medium to large-sized companies that compete with each other and large enterprises.
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In order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio, key players operating in this market have ramped up their product launch activities over the recent years. This has been the most widely adopted strategy by the players in this market. In September 2019, Midea Group Co., Ltd. launched a new line-up of smart refrigerators under its brand COLMO. Similarly, in April 2019, Miele & cie. KG launched a range of smart kitchen appliances, including coffee systems, refrigerators, and dishwasher, among others.
The partnerships and collaborations strategy has also been significantly employed for the expansion in the smart kitchen appliances market. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in September 2019, Qingdao Haier Co., Ltd partnered with SideChef, a home cooking platform, to provide their users with step-by-step cooking instructions based on inventory available inside refrigerator.
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