Europe Smart Cooker Market Analysis
The Europe Smart Cooker Market is expected to register a CAGR of greater than 7% during the forecast period.
Sales prospects of smart cookers were largely unaffected by COVID-19. Despite the rigorous implementation of prohibitions on industrial and logistical operations, growth was observed in the market in 2019. At the peak of the pandemic, consumers' growing concerns for the environment encouraged them to spend money on efficient and intelligent equipment, leading to the purchase of smart cookers.
IoT-enabled appliances known as "smart cookers" are largely used in household and hospitality kitchens. Users can now remotely operate and control smart appliances and devices using smartphones and tablets owing to the integration of Bluetooth and Wi-Fi. With a primary focus on increasing efficiency in the kitchen and minimizing the time spent cleaning and cooking, the adoption of smart homes has substantially altered the kitchen scene.
Cookers are frequently used by people to meet their daily food needs. The demand for such products is primarily influenced by pot capacity, design material, and cooking time. Modern hotel chefs and housekeepers are turning to multifunctional kitchen appliances to prepare meals quickly. As a result, well-known manufacturers are concentrating on providing multifunctional gadgets to fulfill these diverse client needs.
Europe Smart Cooker Market Trends
Boom in Smart Homes and Smart Kitchens are Driving the Market
In Europe, smart cookers and kitchen appliances are steadily increasing due to rapid urbanization and customers' busy schedules. Growing consumer awareness about a healthy diet and nutrition is another factor boosting the sector's revenue, particularly during the pandemic. Users can choose a recipe to be cooked at certain temperatures using smart modular kitchens and smart home technologies. In Europe, the household penetration rate increased from 3.8% in 2020 to 6.3% in 2022, which is a fairly significant increase.
Technological Advancement is Supporting the Growth of the Market
Technological advancements, such as near-field communication (NFC), Wi-Fi, and other technologies, are being incorporated into smart kitchen appliances. The Wi-Fi segment had a much higher revenue share in 2021. Remote accessibility enables control of many features, including preheating, temperature regulation, and settling timer. The main reason driving the growth of this market is the rising usage of smart devices, including smartphones, smart locks, smart watches, and smart bands, as well as their interconnection. Built-in ovens, microwaves, and free-standing cookers were all exchanged in 2020 for about USD 12.5 million, USD 6.6 million, and USD 4.9 million, respectively, in Europe.
Europe Smart Cooker Industry Overview
The report covers major players operating in the European smart cooker market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
Europe Smart Cooker Market Leaders
Samsung Electronics Co. Ltd
Whirlpool Corporation
Panasonic Corporation
Electrolux AB
Prestige
- *Disclaimer: Major Players sorted in no particular order
Europe Smart Cooker Market News
- In October 2022, Prestige introduced the Prestige PMC 3.0 (Plus Multi Cooker) with a 1.5 L capacity with a concealed element for easy cleaning, temperature control, and power indicator.
- In October 2022, the portable, lightweight, automatic SR-3NA(T) cooker from Panasonic was designed to be used when traveling.
