Report : Asia Pacific Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Smart Ovens, Smart Refrigerator, Smart Juicers and Blenders, Smart Cookers and Cooking Robots, Smart Cooktops, Smart Integrated Cooktops and Ovens, Smart Sous Vide, and Others), Connectivity (Wi-Fi, and Bluetooth), and End User (Residential, and Commercial)
The smart refrigerator segment by product is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product, Application, Connectivity and Country.” The Asia Pacific smart kitchen appliance market is expected to reach US$ 15,358.9 million by 2028 from US$ 4,955.1 million in 2021; it is estimated to grow at a CAGR of 17.5% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific smart kitchen appliance market and the factors driving market along with those that act as hindrances.
In recent years, several developing countries in Asia Pacific have witnessed the growth in the adoption of smart kitchen appliances, which is majorly attributed to continuous evolution on the internet of things (IoT). The availability of better internet infrastructure in the countries in this region encourages end users to procure smart kitchen appliances. According to the Cisco Annual Internet Report, APAC is projected to have 3.1 billion internet users (72% of APAC population) and 13.5 billion networked devices/connections by 2023. Further, networked devices/connections will be wired or connected over Wi-Fi by 2030. As the operations of smart kitchen appliances are primarily based on internet infrastructure, the stimulating internet infrastructure is boosting the adoption of smart kitchen appliances in Asia Pacific. Japan and South Korea account for the most significant count of internet users; these countries are home to several electronics, home appliances, and sensors manufacturers. This factor is catalyzing the demand for smart kitchen appliances in these countries. Additionally, the ability of these appliances to reduce operational costs and risks is further supporting the growth of the smart kitchen appliances market in several Asia-Pacific countries.
Due to COVID-19, many manufacturing plants were operating with a partial workforce or were closed in 2020. They also faced challenges in terms of disrupted raw material and component supply chains. Manufacturers in Asia Pacific faced these critical challenges till the Q4 of 2020. Since the region is characterized by high GDP per capita and a high standard of living, the demand for advanced consumer electronics is always high. Although the supply side in the smart kitchen appliances market faced hindrance, the demand side is generating high demand for these products due to remote working and learning practices.
According to Electronic Components Industry Association, the COVID-19 has resulted in delays and disruptions in supply chains, product releases, events, and other related industrial activities. China, Japan, South Korea, and India are among the countries that have a large number of electronics manufacturers as well as end users. Several electronics manufacturers had to temporarily cease their manufacturing processes due to containment measures, and available raw material and other resource exhaustion. Haier had to completely shut down its manufacturing in China till February 2020. In India, manufacturing facilities were shut till the Q2 of 2020. Further, despite the exponential rise in infections, the containment measures were eased and manufacturing facilities were operational in the region in 2021. For instance, though there was the emergence of the second wave of infection in India, manufacturing facilities continued their operations. Similarly, with the ongoing rise in cases in China, factories are still operational.
Based on product, the Asia Pacific smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers and blenders, smart cookers and cooking robots, smart cooktops, smart integrated ovens and cooktops, and others. By end user, the Asia Pacific smart kitchen appliance market is segmented into commercials and residential. Geographically, the Asia Pacific smart kitchen appliance market is sub-segmented into China, Japan, India, Australia, South Korea and Rest of Asia-Pacific.
Electrolux AB, BSH Hausgeräte GmbH, GE Appliances, LG Electronics, Koninklijke Philips N.V., Panasonic Corporation, Samsung Electronics Co., Ltd., Whirlpool Corporation, and Breville Group Limited are among the leading companies operating in the Asia Pacific smart kitchen appliance market.
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