Global Connected Kitchen Appliances Market Size will Reach $56.53 Billion in 2023

Global Connected Kitchen Appliances Market Overview

According to Global Market Monitor, the globalconnected kitchen appliances market size will reach $56.53 billion in 2023 with a CAGR of 11.3% from 2023 to 2028.

Connected kitchen appliances are devices that can easily communicate with tablets or smartphones,further allowing the users to control all the appliances remotely. These devices can also hereby communicate with the smart grid by responding to the utility signals that are delivered to the consumers with reminders to use these appliances during off-peak periods. Smart homes and kitchen appliances play a very crucial role in the connected kitchen appliances ecosystem where the highly innovative and connected appliances are eco-friendly and energy-efficient with a highly user-friendly interface, which easily attracts customers to purchase. Moreover, the rising disposable income and the growing purchasing power make the customers proficient enough to increase their spending on premium connected kitchen appliances, which henceforth increases the demand and drives the market.

Market Trends

As technology has advanced, the kitchen concept has undergone radical changes, with the main focus being on improving the efficiency of the kitchen and reducing the time spent cleaning and cooking. IoT, an evolving network of daily items that connects industrial machines to consumer home appliances to share information and complete tasks, is also expected to drive market growth during the forecast period. Smart technology is a key feature of new appliances, offering customized features for users' various needs and preferences from dishwashers to refrigerators. In addition to being convenient and easy to operate, smart devices also have a sustainability purpose. For example, connected home appliances can not only store shopping lists, but it is also possible to check what is left in the refrigerator and what needs to be purchased through a view on a smartphone.

Due to changes in lifestyle, health, safety, and convenience, product innovation in the home appliance industry has become critical for consumers.Companies are largely focusing on introducing smart kitchen appliances to cater to consumers’ demand for technologically innovative home appliances.The rising online shopping trends are further boosting the global kitchen appliances market growth.

S	Economic development and per capita disposable income increase Improvement of people's quality of life Development of smart devices
W	Slowing economic growth High product prices
O	Product innovation and development Increasing product distributors Cooperation with smart device manufacturers
T	Increasing market competition Rising labor costs