Report Overview

Growing focus on purchasing convenient kitchen appliances, rising disposable income, rapid urbanization, growing adoption of home automation, ease of use, and technology advancements are projected to propel the expansion of Vietnam smart kitchen appliances market during the forecast period between 2023 and 2029.

Vietnam Smart Kitchen Appliances Market - Industry Trends & Forecast Report, 2029

Vietnam smart kitchen appliances market size is expected to expand at a CAGR of 13.27% during the forecast period 2023 and 2029. Major growth drivers for Vietnam smart kitchen appliances market include an increase in home remodeling and spending on smart kitchen appliances to ensure cooking efficiency in a short amount of time. The market is expanding as a result of rising consumer disposable income and technological developments like the Internet of Things (IoT) and artificial intelligence (AI) enabled kitchen appliance gadgets. The market is being boosted by changes in the living standards of a significant portion of Vietnam's population as well as rising demand for smart connected home appliances. Due to the widespread use of the internet and smartphones as well as the escalating sustainability concerns, there is an increasing demand for Wi-Fi-enabled energy-saving appliances.

Vietnam Smart Kitchen Appliances Market – Overview

Homes are becoming "smarter" owing to technological advancements which are changing how one uses the kitchen. The goal of "smart kitchen appliances," a category of high-end products and kitchen accessories, is to maximize comfort and effectiveness in virtually all culinary tasks. Although smart kitchen appliances are more expensive than traditional kitchen appliances, they are also more efficient and save time. Less waste, more efficient cooking, increased safety, quicker notifications, remote access, as well as energy and cost savings are just a few benefits of using smart kitchen equipment. Some of the smart kitchen appliances on the market include smart cookware and cooktops, smart ovens, smart scales, and smart thermometers.

Vietnam Smart Kitchen Appliances Market

Growth Drivers

Increasing demand for high-end, innovative smart kitchen appliances

Consumer preferences have changed as a result of growing innovation and technological advancements, which have increased demand for innovative goods. Customers favor energy-efficient appliances with a user-friendly interface that can complete tasks quickly. Vendors now have to concentrate on R&D and innovation. Product innovations in terms of features, technology, performance, and design have been seen on the market. Customers are spending more money on high-end kitchen appliances, which has prompted suppliers to make investments in cutting-edge raw materials and technologies. To increase their profit margins, they are concentrating on pricing strategies. During the forecast period, these factors will fuel the market's growth.

Restraints

Fluctuation in raw material prices

Raw material price fluctuations and operational costs are expected to impede the growth of the Vietnam kitchen appliances market. Labor costs, manufacturing costs, transportation costs, raw material costs, and marketing costs all influence the price of household appliances such as kitchen appliances. Raw material price fluctuations have an impact on product prices. During the forecast period, such factors are expected to limit the growth of the Vietnam kitchen appliances market.

Impact of COVID-19 on Vietnam Smart Kitchen Appliances Market

COVID 19 had a detrimental impact on smart kitchen appliances market. Numerous people were unable to buy smart home appliances due to their high cost. As a result of the disruption of the supply chain, it was difficult to produce the raw materials needed for smart home appliances. As a result, the market for smart home appliances experienced significant growth challenges. However, the industry is expected to rebound during the forecast period as a result of the growing popularity of online and e-commerce sales. Many consumers have begun to remodel or completely improve their homes. Several businesses have noticed an improvement in remodeling efforts during the pandemic. As the market expands, brands are paying close attention to their target demographic and have been changing their marketing strategies to entice consumers.

Vietnam Smart Kitchen Appliances Market

Segmental Coverage

Vietnam Smart Kitchen Appliances Market – By Product Type

By product type, Vietnam smart kitchen appliances market is segmented into Smart Refrigerators, Smart Ovens, Smart Dishwashers, Smart Cooktops & Cookware, Smart Scales & Thermometers, and Others. The smart refrigerators segment holds the highest market share, and is expected to continue its dominance during the forecast period. As smart infrastructure and smart cities are adopted more widely, smart refrigerators are becoming more prevalent. The IoT market has expanded significantly over the years, with smart homes becoming more intelligent due to gadgets like Google Nest, Ring, Alexa, and smart refrigerators. According to estimates, the market share of smart cookware and cooktops is expected to increase during the forecast period. Customers are choosing energy-efficient kitchen appliances to reduce their electricity costs. Because there are no open flames, induction cooktops are safer to use than LPG cylinders. They can cook at low temperatures and help to save time and energy.

Vietnam Smart Kitchen Appliances Market – By Technology

Based on technology, the Vietnam smart kitchen appliances market is bifurcated into Wi-Fi and Bluetooth. During the forecast period, the Wi-Fi technology segment is expected to account for a sizable share of the market. The growing trend of home automation, such as smart washers, refrigerators, dryers, and dishwashers that are linked to a Wi-Fi connection, is attributed to the segment's growth.

Vietnam Smart Kitchen Appliances Market – By Application

Based on application, the Vietnam smart kitchen appliances market is bifurcated into Residential and Commercial. The residential segment accounts to hold the largest market share. Customers are becoming more interested in buying high-end smart kitchen appliances as a result of their increased awareness of cooking due to popular culinary shows broadcast on television. Growing travel and tourism are increasing consumers' interest in various cooking styles and multi-cuisine meals, which is one of the main reasons why people are thinking about investing in smart kitchen appliances for their homes. During the forecast period, the commercial segment is expected to grow at a significant CAGR. The increased occurrence of Quick Service Restaurant (QSR) chains, as a result of the greater reliance of the younger population on fast food joints, is increasing the use of smart kitchen appliances such as grillers, fryers, ovens, and cooktops. The growing consumer preference for eating outside is encouraging restaurant owners and public eateries to build kitchens equipped with these smart appliances to provide high-quality, tasty food on time.

Vietnam Smart Kitchen Appliances Market – By Distribution Channel

Based on distribution channels, the Vietnam smart kitchen appliances market is bifurcated into Offline and Online. The offline segment holds the largest market. The ease of inspecting the product in person, the presence of an employee or expert on-site, and assistance with product specifications are just a few of the elements encouraging the sale of smart home appliances through offline retail channels.

Competitive Landscape

Major players operating in Vietnam smart kitchen appliances market include Whirlpool Corporation, LG Electronics, Samsung Electronics Co., Ltd., Electrolux AB, Haier Group, Panasonic Corporation, BSH Hausgeräte GmbH, Koninklijke Philips N.V., Miele & Cie. KG, and WINIA Electronics Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In April 2022: Samsung Electronics partnered with ABB Group, a leader in power and automation solutions. This partnership aimed to expedite the integration of SmartThings into more buildings and homes. Additionally, this partnership would allow users to lower costs and create a more positive environmental impact.

• In March 2022: LG formed a partnership with Amwell, a leading telehealth company, to integrate its wide innovation portfolio into the deep digital health care experience of Amwell to develop device-based service solutions to increase its customer’s access to care.

Scope of the Report

By Product Type

• • Smart Refrigerators

  • Smart Ovens

  • Smart Dishwashers

  • Smart Cooktops & Cookware

  • Smart Scales & Thermometers

By Technology

• • Wi-Fi

  • Bluetooth

By Application

• • Residential

  • Commercial

By Distribution Channel

• • Offline

  • Online