Smart Kitchen Appliances Market Demand Analysis, Type, Statistics, Regions, and Forecast 2019-2024

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.

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.

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The global smart kitchen appliances market comprises major companies providing smart appliances that have a variety of specifications which include voice assistance, AI/Internet of Things integration, and app controlling features, among others. These are traditional appliances which are been combined with technologies, to aid and provide guidance for kitchen management and cooking in order to make the environment safer for the consumer. The kitchen appliance manufacturers offer a range of smart products to suit the customers’ needs. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry.