Rapid technological innovations in home appliances in the last decade have immensely transformed the global kitchen appliances industry. The innovations are largely characterized by modernization of kitchen appliances by integrating Internet of Things (IoT) and making them standalone appliances that can be operated with minimal human effort. The ease of access and comfort in modern living that smart kitchen appliances bring about are among the key factors that drive consumers to invest in such options. Driven by this change, numerous private players have customized their product offerings to keep up with the industry, thereby providing the customers with a wide range of both large and small kitchen appliances. These appliances are being upgraded to perform efficiently and effectively through connected technologies such as Wi-Fi or Bluetooth. As a result, the adoption of smart kitchen appliances is anticipated to progress due to the ever-growing demand for more convenience from the kitchen appliances.
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.
Although products offered under smart kitchen appliances render efficiency and ease in operations for the consumers, the adoption of these products also faces a few restraints. The smart kitchen appliances are offered at prices much higher than traditional kitchen appliances, which makes it difficult for an ordinary consumer to invest huge amounts for upgrading their kitchen. The adoption of these appliances may be high in the developed nations, but it is at a fairly nascent stage in developing countries, especially in Asia-Pacific Japan and Middle East Africa.
With the rapid market penetration of the IoT technology and the integration of the same in households, there have been significant enhancements of product offerings in the kitchen appliances segment. The most attractive product in smart kitchen appliances is the smart coffee machine, which is adopted highly in the commercial segment and is gradually gaining traction in the residential sector as a symbol of modernization of kitchens for consumers in the high-income bracket.
The integration or connectivity of smart kitchen appliances with Wi-Fi is currently the most common platform, and this trend is expected to maintain dominance in the market during the forecast period. The ability to connect kitchen appliances with smart home appliances, such as voice-enabled products, requires Bluetooth integration, which many global smart kitchen appliance manufacturers are now implementing. The commercial sector, comprising of eateries, high-end restaurants and cafes, is gradually catching up in the adoption of small smart kitchen appliances, especially smart coffee machines. Global smart kitchen appliances manufacturers are partnering with commercial establishments to increase their footprint and popularity of smart kitchen appliances.
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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.
Various government bodies and companies, along with an increase in the exposure to technology, such as smart homes and IoT integration in appliances, are expected to augment the global kitchen appliances market. The increase in the adoption of sophisticated kitchen appliances is necessary to bridge the demand and supply gap along with attaining sustainability in the homes.
UPCOMING INDUSTRY TRENDS 