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.
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.
Fig. 1 Market forecast on smart homes
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.
Fig. 2 Mapping the smart home appliances to the 60 companies in the world
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.
Fig. 3 To predict the market size on global kitchen appliances till year 2023
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.