The global AI-enabled kitchen appliances market is anticipated to reach revenues of more than USD 600 million by 2024, growing at a CAGR of more than 49 percent during 2018-to-2024. Leading vendors are investing in AI-enabled smart appliances, such as smart refrigerators, ovens, and dishwashers to attract the maximum number of consumers in the global market. The expansion, growth, and popularity of smart home devices and use of AI assistants such as Alexa, Siri, and Ok Google will propel the transformation of the market.
The market is driven by technological advancements such as voice control and Artificial Intelligence (AI), making the intelligent assistant a control center for connected homes. The next generation homeowners are utilizing new technology in the home such as a preheating an oven using Alexa or activating the dishwashers from the mobile app in the global market.
Some of the major factors that are driving the demand for smart homes globally include higher internet penetration, increased supply of mobile entities, improvements in wireless communications, the emergence of cloud services, higher demand for low energy high-performance technologies, and other advancements in IoT technology.
Oven and cooktop ranges segment dominated the market in 2018, growing at a CAGR of more than 53 percent. The introduction of portable cooktop that consists of an induction cooktop, multi-sensor probe, and a mobile app is fueling the growth of this segment in the global market. The use of voice-controlled dishwashers for actions, such as starting a program remotely or receiving wash cycle alerts or asking for advice will result in the evolution of the market. The distribution channel segment in the global AI-enabled kitchen appliances market is divided into specialty stores, hypermarkets and supermarkets, and online channels.
Specialty stores occupied more than one-third of the total market share in 2018. The easy availability of various kitchen and household appliances across specialty stores is driving the growth of this segment in the global market. The growing awareness about technological innovations related to cooking technologies, modular kitchens, and home and kitchen decor is driving the demand for innovative kitchen appliances in the global AI-enabled kitchen appliances market.
The leading vendors are focusing on technological innovations and price differentiation to sustain the intense competition in the market. The top companies are competing on the basis of features such as quality, quantity, technology, services, and price.―TV Veopar Journal Bureau