Market survey

A newest innovation on "Fully Automatic Rice Cooker with Water Dispenser"

1. Market survey and analysis

The analysis of cooking appliance market is classified as sections of smart house, household cooking appliances, smart cooking appliances, and WDIRC. The evaluation of market value and growth of cooking appliances is based on the report of market survey on webs or literatures, but for the estimation of WDIRCs, we evaluated them by a specific equation with some conditions and assumptions.

2. Market forecast of smart home

Figure 1 shows the estimation of market value. The current global smart home market (year 2017) is worth approximately $25 billion excluding smart TVs and residential solar power systems, which are inherently connected. This number, while hardly negligible, represents just a small share of the segments where smart home devices and applications compete. To take just two examples, the global home appliance and furniture market value (including both smart and non-smart products) exceeds $1 trillion, and the global home security solutions market clocks in at approximately $30 billion. As smart home application prices drop and their availability increases, their penetration will increase too. We estimate the total smart home market will creep up to more than $300 billion in 2025 and then explode in five application categories to approximately $500 billion in 2030, when it will represent more than 40 percent of the total home appliance market. Currently, the smart home industry is in the exploration phase—many players are experimenting with new products or services while improving interoperability and advancing AI—so industry ambiguity will continue to linger. The turn of the decade in 2020 will usher in an integration phase: newly purchased home products will be smart by default, incorporating connectivity and certain intelligent functions as standard features. After this point, most electronics products will be widely connected to the hub, and products and services will be more integrated and personalized, especially in kitchen automation and intelligence.

Since 5G begining to operate around the world, the market size becomes more and more, especially for smart appliances or products, the forecast will be adjusted up to a new peak, however, the market size following the economic development has shown a positive increasement, and the using rate of smart appliances in kitchens that will be raised fastly.

However here we map 60 companies for producing most smart home appliances in the world; it is showed in Figure 2. In a smart home that includes the types of energy& utilities, smart locks, general smart home solutions, kitchen &home appliance, home robots, monitoring& security, Wifi & cybersecurity, health & wellness, alarm systems, audio &media, platforms, lighting, and miscellaneous. The market is competitive and pressured, so for most of them how to set and chose a best product to enter the market is the key of winner. As we think that WDIRC is the best one in smart appliances to sell into markets.

• Energy & Utilities: These are companies that utilize sensors, monitoring tech, and data to conserve water and energy. This includes companies such as Tado, which created a product that automatically detects a user’s proximity to the residence and adjusts the temperature accordingly, with added control from their smartphone app.

• Smart Locks: Startups such as August provide alternative solutions to traditional keys with virtual keys and other electronic locks. A number of these companies’ products also allow users to see and speak with visitors remotely.

• General Smart Home Solutions: Instead of producing a single smart gadget, these companies build or distribute multi-device systems that automate several parts of your home, such as Netatmo‘s security, weather, air care, and energy solutions and monitoring or IOTAS‘s smart apartments.

• Kitchen & Home Appliance: These include household products that function as a conventional appliance or device, yet offer advantages through connectivity, such as Innit, which is currently developing a cooking system built on machine learning and high tech sensors that can detect what is being made and adjust heating and cooking time appropriately throughout the process.

• Home Robots: This category is home to companies that produce robots specifically for maintenance and assistance in a home environment. These include social robotic assistant Jibo, and Rokid, a smart home device that use AI and deep learning to deliver information and perform tasks via voice and visual interactions.

• Monitoring & Security: These are companies that offer indoor or outdoor security and monitoring through installed cameras to keep an eye on homes, kids, the elderly, and pets. Companies in the space include Smartfrog and Ring.

• Wi-Fi & Cybersecurity: These startups provide Wi-Fi and cybersecurity solutions to connect and protect smart devices within the home. CUJO, a smart firewall that protects a user’s connected home from criminal hackers, just raised $8.5M in funding this past month, and Eero and Starry, two more companies offering home Wi-Fi systems, raised $50M and $30M, respectively, in Series B in the past year.

• Health & Wellness: These are products that assist home occupants in maintaining their health and lifestyle, such as Sleepace, a non-wearable smart device that can monitor and help improve sleep quality, or Awair, which detects airborne and environmental irritants.

• Alarm Systems: These companies provide traditional alarm systems equipped with advanced monitors and sensors to detect fire, floods, or other property damage and help protect your home. One company, Cocoon Labs, has developed a smart home security device that utilizes low level sound waves to detect and alert the homeowner of any disturbances within the home.

• Audio & Media: These companies provide media solutions that range from a hanging computer to display decorative art (Electric Objects) to whole-home wireless music systems (Sonos).

• Platforms: Companies in this category do not produce their own consumer products but help others integrated AI and connectivity into their own smart home products. One example here would be Arrayent, which helps major consumer brands transform traditional products into connected devices.

• Lighting: These companies provide home lighting solutions such as smart switches (Deako) and smart bulbs (LIFX).

• Miscellaneous: Startups in this category have particularly unique offerings, such as Uzer, a company that developed a smart home bar code scanner that makes recycling more fun and efficient, or Nucleus, an internet-connected intercom system that helps people communicate with others on the same system.

3. Market forecast of household cooking appliances

Kitchen appliances market is a rapidly growing market due to rapid change in the lifestyle of consumers and information communication technology, globally. Higher disposable income among people, especially in the emerging economies and growing awareness about health are some the major factors driving the growth of global kitchen appliances market. Based on the development of IOT, the changes of kitchen appliances are more rapid than ever. Smart kitchen appliances market tremendous well in the years to come as we think. Smart paired with rising disposable income has allowed consumers to spend on advanced items, in turn positively affecting the smart appliances market. Better and easy lifestyle has given rise to the demand for smart kitchen, and as a result, paving way to the development of advanced and innovative kitchen appliances. Rapidly increasing food establishments also have significantly contributed to the demand for commercial kitchen appliances. Fig. 3 is the prediction of kitchen appliance market till the end year 2025.

The global household cooking appliances market size is anticipated to reach USD 116.82 billion by 2023. A blend of numerous aspects such as increasing preference toward nuclear family set-ups, a high proportion of employed women, and induction technology being characterized by a higher degree of intelligent operation as compared to conventional devices, is expected to drive growth over the forecast period. Moreover every cooking appliance has a lifespan beyond which its efficiency deterioration; they need to be typically replaced after approximately 13-15 years. The constant need for newer replacements and increased demand from the youth for technologically advanced home appliances are anticipated to play a pivotal role in market growth. The household cooking appliances market is expected to undergo various developments due to the changing consumer lifestyles, socio-economic factors, macroeconomic factors, and IOT development factors. Macroeconomic indicators, such as the rising population, consequent increase in disposable income, and rising consumer awareness, are the key factors expected to influence the cooking appliances business.