Smart Kitchen Gadgets Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Smart Kitchen Gadgets Industry Prospective:

The global smart kitchen gadgets market size was evaluated at $22 billion in 2023 and is slated to hit $63 billion by the end of 2032 with a CAGR of nearly 18% between 2024 and 2032.

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Smart Kitchen Gadgets Market: Overview

Smart kitchen gadgets are bringing a revolution in the home cooking activities through the integration of technology for improving convenience, culinary activities, and efficiency. Few of the best smart kitchen gadgets include the Anova Precision Oven, Tovala Smart Oven, Cosori Smart Air Fryer, GE Profile Opal 2.0 Nugget Ice Maker, Silicone Stretch Lids, Cordless Electric Kettle, Automatic Stirrer, and Smart Composters.

Key Insights

• As per the analysis shared by our research analyst, the global smart kitchen gadgets market is projected to expand annually at the annual growth rate of around 18% over the forecast timespan (2024-2032)
• In terms of revenue, the global smart kitchen gadgets market size was evaluated at nearly $22 billion in 2023 and is expected to reach $63 billion by 2032.
• The global smart kitchen gadgets market is anticipated to grow rapidly over the forecast time span owing to surging acceptance of IoT devices along with the escalating customer demand for convenience products.
• In terms of product, the smart refrigerators segment is slated to register the highest CAGR over the forecast period.
• Based on application, the residential segment is predicted to contribute majorly towards the global industry growth in the upcoming years.
• Region-wise, the MEA smart kitchen gadgets industry is projected to register the fastest CAGR during the projected timespan.

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Smart Kitchen Gadgets Market: Growth Factors

Huge demand for connected things to help the global market hit new horizons of growth

Surging acceptance of IoT devices along with escalating customer demand for convenience products will drive the growth of the smart kitchen gadgets market. Apart from this, an increase in the per capita income of the customers and synchronization of home automation tools is predicted to spur the expansion of the market globally. Moreover, the use of smart kitchen appliances with home automation tools will proliferate the size of the market across the globe. Furthermore, the need for eco-friendly products by various households is likely to account majorly toward the expansion of the business space in the upcoming years. With the product becoming more affordable, the global market is predicted to expand by leaps & bounds in the upcoming years.       

Smart Kitchen Gadgets Market: Restraints

Huge costs of setting up the devices can create obstacles in the growth of the global industry

Surging initial charges and interoperability issues can deter the expansion of the global smart kitchen gadgets industry in the years ahead. Furthermore, concerns related to data security and data breaches can retard the expansion of the industry in the near future. An increase in power usage leading to an increase in electricity costs can downsize the growth of the industry.

Smart Kitchen Gadgets Market: Opportunities

Necessity of reducing power bills will help the global market unravel new domains of growth

An increase in the personalization and customization of smart kitchen gadgets along with a focus on the health & wellness of customers will open new facets of growth for the global smart kitchen gadgets market. Furthermore, need for energy-efficient products can help the global market explore new panoramas of growth in the coming decade.

Smart Kitchen Gadgets Market: Challenges

Rise in the inflation rate globally can severely impact the sale of the product over forecast timeline

Requirement of routine maintenance, software updation, and troubleshooting activities is predicted to obstruct the growth of the smart kitchen gadgets industry. Apart from this, an increase in the inflation rates and recession has deeply impacted the growth of the industry globally.

Smart Kitchen Gadgets Market: Segmentation

The global smart kitchen gadgets market is divided into product, application, and region.                                          

In terms of product, the smart kitchen gadgets market across the globe is bifurcated into smart refrigerators and smart ovens segments. Additionally, the smart refrigerators segment, which accumulated nearly 39% of the global market share in 2023, is expected to record the highest CAGR during the coming years due to the ability of smart refrigerators to reduce power consumption, thereby decreasing the power bills of the customers.

Based on the application, the global smart kitchen gadgets industry is segmented into residential and commercial segments. Apparently, the residential segment, which cumulated a key part of the global industry proceeds in 2023, is predicted to account markedly towards the global industry growth in the coming few years. This can be a result of the use of smart appliances in the residential segment, with an increase in the millennial population preferring these appliances.

Smart Kitchen Gadgets Market: Report Scope

Smart Kitchen Gadgets Market: Regional Insights

North America is forecast to maintain leadership status in the global market over the stipulated period

North America, which contributed about 80% of the global smart kitchen gadgets market share in 2023, is expected to establish a number one position in the global market within the next couple of years. In addition to this, the regional market expansion in the coming few years can be credited to the surging use of smart home devices in countries such as the U.S. A surge in the number of consumers making use of smart kitchen gadgets is likely to drive the growth of the market in the region. The launch of smart city and smart home concepts will further drive regional market trends.

The Middle East & Africa smart kitchen gadgets industry is slated to register the highest gains annually in the coming eight years. The expansion of the industry in the MEA region can be a result of a rise in the demand for the product in the region with the large-scale establishment of manufacturers of the product in countries such as Kenya, UAE, Qatar, Egypt, and Saudi Arabia. Flourishing tourist activities leading to the establishment of kitchens and the need for kitchen appliances will augment the scope of the industry surge in the region.

Key Developments

• In January 2024, Xiaomi declared that it will launch a smart multifunctional rice cooker across the globe. Reportedly, the 8-in-1 kitchen appliances have the ability to be remotely controlled by any app for customizing the cooking of rice in the appliance.
• In March 2024, Haier introduced smart home appliances in India and expanded its manufacturing in the country.

Smart Kitchen Gadgets Market: Competitive Space

The global smart kitchen gadgets market profiles key players such as:

• Robert Bosch GmbH
• AB Electrolux
• June Life Inc.
• Whirlpool Corporation
• Arcelik A.S.
• Siemens AG
• Koninklijke Philips N.V.
• Toshiba Corporation
• Samsung Electronics
• Sharp Corporation
• LG Electronics
• Haier Group Corporation
• Hitachi Ltd.
• General Electric Company
• Panasonic Corporation
• Midea Group Co. Ltd.
• Smarter Applications Ltd.
• Vestel Elektronik Sanayi ve Ticaret AS
• BSH Hausgeräte GmbH
• Hestan Commercial Corporation.

The global smart kitchen gadgets market is segmented as follows:

By Product

• Smart Refrigerators
• Smart Ovens

By Application

• Commercial
• Residential

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa