AI-ENABLED KITCHEN APPLIANCES MARKET SIZE TO REACH USD 600 MILLION BY 2024, GROWING AT CAGR OF 49% DURING THE FORECAST PERIOD

AI-enabled Kitchen Appliances Market Size, Share, Trends Report Analysis by Product Type (refrigerator, ovens, cooktops, & ranges, dishwasher, and others), Distribution (specialty stores, hypermarkets & supermarkets, and online channels), Geography (APAC, North America, Europe, Latin America, and MEA), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024

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165 Pages

37 Tables

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5 Regions

12 Countries

9 Companies

3 Market Segment

AI-ENABLED KITCHEN APPLIANCES MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 600 MILLION (2024)
CAGR 49% (2019-2024)
BASE YEAR 2018
FORECAST YEAR 2019-2024
MARKET SEGMENTS Product type (refrigerator, ovens, cooktops, & ranges, dishwasher, and others), by distribution (specialty stores, hypermarkets & supermarkets, and online channels)
GEOGRAPHIC ANALYSIS APAC, North America, Europe, Latin America, and MEA
COUNTRIES COVERED US, Canada, Germany, UK, France, China, Japan, South Korea, Saudi Arabia, UAE, Brazil, and Mexico

INDUSTRY INSIGHTS

The emergence of home automation technology is revolutionizing and fueling the demand for innovative solutions in the global AI-enabled kitchen appliances market. The integration of home automation solutions will enable the control, management, and coordination of home appliances in a comfortable, effective, and secure manner in the global market. Implementing AI can provide a better solution to home automation as it can perceive and learn from the environment making decisions on case-based reasoning in the market. The launch of various AI-enabled devices such as smart speakers, TV, smart security, air conditioner, microwaves, refrigerators, and several other appliances is transforming the global market. Various countries such as US, Germany, the UK, Japan, South Korea, and Japan are the leading adopters of AI appliances in the global market. The rapid advancements of AI, IoT, machine learning, and technologies will enable manufacturers to launch innovative appliances in the market. The increasing awareness and changes in consumer preferences will lead to the growing demand for these AI-based solutions in the global market. The innovations in technology are leading to smarter and more intelligent kitchen appliances, which are capable of handling tasks such as recommending recipe and reordering groceries which the users want in the market. The remodeling of the home kitchen is expected to increase between 70% to 120%, thereby resulting in higher sales in the global AI-enabled kitchen appliances market.

Leading vendors such as Samsung, LG, KitchenAid are investing in AI enabled smart appliances such as smart refrigerators, ovens, and dishwashers to attract the maximum number of consumers in the global market. The expansion, growth, and popularity of smart home devices and use of AI assistants such as Alexa, Siri, and Ok Google to start or stop kitchen appliances will augment the transformation of the market. The global AI-enabled kitchen appliances market is anticipated to reach revenues of more than $600 million by 2024, growing at a CAGR of more than 49% during 2018-2024.

AI-ENABLED KITCHEN APPLIANCES MARKET TRENDS & DRIVERS

The growing sales voice-enabled smart speakers is driving the exponential demand for smart appliances and other products in the global AI-enabled kitchen appliances market. Voice assistant technology is one of the most fast-emerging technology in the worldwide market. The voice control technology is also expanding to other platforms such as connected microwaves, dishwashers, refrigerators, TV, and other household appliances in the global market. The exponential increase sales of smart speakers will drive the sales of smart appliances in the market. The US, the UK, Spain, Germany, Australia, India, Japan, and South Korea are adopting the use of voice control appliances in the market. The use of voice-enabled devices has almost become the mainstream appliance in some of the Asian countries such as China, Japan, and Korea in the market. Moreover, Samsung recently introduced voice assistant Bixby on its TV as well as its refrigerator. Such innovations will fuel the development of the global AI-enabled kitchen appliances market over the next few years.

AI-ENABLED KITCHEN APPLIANCES MARKET SEGMENTATION

This market research report includes a detailed segmentation of the market by

  • Product type
  • Distribution
  • Geography

 AI-ENABLED KITCHEN APPLIANCES MARKET – BY PRODUCT TYPE

 Sensor, food-recognition camera and automatic cooking facility in cooktops, oven, & ranges will drive the global AI-enabled kitchen appliances market

The global AI-enabled kitchen appliances market by product type is segmented into refrigerator, ovens, cooktops, & ranges, dishwasher, and others. Oven, cooktops, & ranges segment dominated the largest market share in 2018, growing at a CAGR of more than 53% during the forecast period. The introduction of portable cooktop that consists of an induction cooktop, multi-sensor probe, and a mobile app is fueling the growth of this segment in the global market. These intelligent cooktops can measure, weight, size, structure, and also the composition of fat, protein, and carbohydrate content in the food using sensors and artificial intelligence. The vendors are leveraging innovative technologies to launch smart appliances such as cooktops, microwaves, and other kitchen appliances in the global market. A connected oven recommends recipes, change temperature, and other settings to reduce the discrepancies and provide a perfect meal every time. The launch of cooktops, ovens, and ranges with the sensor, food-recognition camera, and the automatic cooking facility will revolutionize the global AI-enabled kitchen appliances market over the next few years.

The AI refrigerators use barcode or RFID scanning to keep track of the stock, and it can notify the user remotely on how old the product is and maintains a list of items which the user might want to purchase as soon as it turns old. The use of voice-controlled dishwashers for actions such as starting a program remotely or receiving wash cycle alerts or asking for advice will result in the evolution of the global AI-enabled kitchen appliances market.

AI-ENABLED KITCHEN APPLIANCES MARKET – BY DISTRIBUTION 

Specialty stores offer trust and product authenticity to end-users in the global AI-enabled kitchen appliances market

The distribution channel segment in the global AI-enabled kitchen appliances market is divided into specialty stores, hypermarkets & supermarkets, and online channels. Specialty stores occupied more than 1/3rd of the total market share in 2018. The easy availability of various kitchen and household appliances across specialty stores is driving the growth of this segment in the global market. These stores are a one-stop destination for all kinds of home appliances.

Additionally, buying goods from specialty stores give consumers a sense of trust and product authenticity that encourages vendors to use this as their primary distribution network in the market. In North America, Walmart, Costco, and Kroger are the major retailers for kitchen appliances. Large retail companies are expanding their product portfolios to boost their global AI-enabled kitchen appliances market share.

The increasing focus on enhancing digital economies by increasing internet penetration and deploying LTE networks is driving the demand for online stores in the global market. The growing awareness about technological innovations related to cooking technologies, modular kitchens, and home and kitchen decor is driving the demand for innovative kitchen appliances in the global AI-enabled kitchen appliances market.

AI-ENABLED KITCHEN APPLIANCES MARKET – BY GEOGRAPHY 

China, Japan, and South Korea are the major revenue contributors across the APAC region in the global AI-enabled kitchen appliances market

The global AI-enabled kitchen appliances market by geography is classified into APAC, North America, Europe, Latin America, and MEA. APAC is the fastest growing region in the global market, at a CAGR of more than 58% during the forecast period. The rising investments in AI R&D, government initiatives, and high consumer adoption are some of the primary factors attributing to the growth of the APAC region in the global market. China, Japan, and South Korea are major revenue contributors in the APAC market. India, Singapore, and Australia are also rapidly adapting AI technologies owing to changing consumer preferences, rising disposable income, and increasing purchasing power. The increasing focus on reducing energy costs and the launch of technologically advanced products will contribute to the development of the APAC region over the next few years. The implementation of stringent energy norms and regulations will boost the demand for energy efficient smart appliances across the APAC region and propel sales in the global AI-enabled kitchen appliances market.

The adoption of technological advancement, the presence of a large number of major players, and increasing disposable income is driving the growth of the North American region in the global market. Germany forms the largest region for these appliances, followed by the UK and France in the market. High per capita income, high living standards, construction of luxurious villas and residential spaces, and adoption of innovative technologies will boost the demand across the Middle East in the global AI-enabled kitchen appliances market.

AI-enabled kitchen appliances market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

 Product Type 

  • Refrigerator
  • Ovens, Cooktops, & Ranges
  • Dishwasher
  • Others

Distribution

  • Specialty Stores
  • Hypermarkets & Supermarkets
  • Online Channels

Geography 

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • Japan
    • South Korea
  • MEA
    • Saudi Arabia
    • UAE
  • Latin America
    • Brazil
    • Mexico

Frequently Asked Questions

AI-enabled kitchen appliances market size is expected to reach revenues of over USD 600 million by 2024 and will grow at an impressive CAGR of more than 49% 2018–2024.
Voice assistant technology is one of the most fast-emerging technology in the worldwide market.
The key players are GE Appliances, Whirlpool, LG Electronics, Robert Bosch GmbH, Kenmore, Samsung, Electrolux, June Oven, and Smarter
APAC is the fastest growing region in the global market, at a CAGR of more than 58% during the forecast period.
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