NEW YORK—Global sales of smart kitchen appliances are expected to reach $43 billion in 2027, growing at a compound annual rate of 19 percent over the next four years, according to a new report from market research firm Business Research Co.
Sales grew from $17.79 billion in 2022 to $21.47 billion in 2023.
Smart kitchen appliances refer to appliances connected through internet of things technology, Bluetooth or Wi-Fi. For enhanced functionality and a more interactive experience, these appliances are integrated with sensors, computing power, one or more actuators, communication capabilities, and even artificial intelligence.
North America was the largest market for such devices in 2022, but the Asia-Pacific region is expected to be the fastest-growing region in the forecast period.
Smart kitchen appliances include refrigerators, cookware, dishwashers and ovens. Smart refrigerators, for example, are equipped with features such as a touch screen interface, the option to connect to the internet through Wi-Fi, internal cameras, flexible user-controlled cooling options, and the ability to connect to a smartphone or tablet.
Increased demand for intelligent cooking appliances is contributing to the growth of the smart appliances market. The COVID-19 pandemic, along with increased access to smartphones and wireless services, has spurred growth in demand for smart kitchen appliances.
For instance, 32 percent of U.S. households have access to smart home technology, and that percentage is expected to grow to 57 percent by 2025.
Manufacturers of smart kitchen appliances are focusing on developing innovative products with advanced technology, such as machine learning. For instance, Bosch recently launched the Series 8 Accent Line oven, a smart oven equipped with AI software. Through machine learning, the oven makes intelligent predictions about the time required for a baking or cooking process.
