Smart Home Appliances Market

According to Stratistics MRC, the Global Smart Home Appliances Market is accounted for $46.07 billion in 2023 and is expected to reach $139.10 billion by 2030 growing at a CAGR of 17.1% during the forecast period. The class of next-generation connected appliances known as "smart home appliances" is designed to be managed with the help of orders from a central system or interact with other appliances in a network and make particular decisions on behalf of the owner. The idea of interconnected gadgets that allow users to control common household equipment like refrigerators, ovens, air conditioners, stoves, washing machines, hoover cleaners and so on.

According to models from the Organization for Economic Cooperation and Development (OECD), by 2060, China and India's per-person incomes might have climbed by a factor of seven. One of the top nations investing in smart home appliance products is Japan.



Market Dynamics:

Driver:

Expansion of wireless connectivity options

Wireless solutions provide end users flexibility by reducing the need for cables while also preventing the need to rebuild existing residences. To enhance the functionality of smart appliances, several new wireless protocols have been created. Wireless solutions enable customers to monitor and operate smart home appliances from any location at any time, saving both money and time while reducing energy use.

Restraint:

High cost associated with installation of smart home appliances

When compared to traditional appliances, smart appliances are more costly. All of the home's equipment must be linked together via a single communication interface. Even if it will be advantageous in the long term, it might be difficult for businesses to draw in customers at these prices. Currently, the majority of houses in America and Europe have smart appliances installed. However, a sizable portion of the populace in these areas still believes that high-end smart home gadgets with cutting-edge technology are beyond of reach.

Opportunity:

Increasing consumer focus on home security and energy-efficient appliances

The industry is being driven primarily by rising customer interest in energy-efficient appliances and home security, including smart speakers, smart security cameras, and smart locks. These sophisticated security tools detect and monitor activity and, in an emergency, further activate the security system. With the deployment of smart security systems, these figures showed a sharp decrease of 12–13% from projections from 2015. It is anticipated that the demand for high-end items, such as smart speakers, washers/dryers, air conditioners, refrigerators, etc., would drive the worldwide market for smart home appliances.

Threat:

Lack of awareness among consumers

Lack of knowledge about the smart technology appliances and items is limiting the market for smart home appliances. The primary issue impeding market expansion is a lack of understanding regarding the utilisation of advanced technologies and appliances. To sell these items, however, industry participants have evolved techniques including advertising campaigns and promotional activities. Future market expansion for smart home appliances would be aided by these factors.

Covid-19 Impact

The COVID-19 outbreak briefly restricted the production capacity of the Chinese home appliance sector, but the market regained its vigour in the second half. Online retail channels had a significant surge in demand as a result of individuals remaining at home because of quarantine, and they contributed more than 70% of total sales in the first quarter. A focused period of renewal for the Chinese home appliance industry was also forecasted by the Research Institute of the Ministry of Commerce of China, with benefits for both smart and healthy home appliances.

The smart microwave ovens segment is expected to be the largest during the forecast period

The smart microwave ovens segment is estimated to have a lucrative growth, due to the term smart oven refers to an electric oven that uses Wi-Fi or Bluetooth to connect to a companion app for remote access. The software is designed to offer several automated oven functions. It is believed that the fundamental operation of smart ovens is the same as that of traditional ovens. Presently, the majority of oven manufacturers, including AEG, Bosch, and Samsung, offer a variety of smart ovens with matching applications to handle particular aspects of cooking. The idea behind it is to keep up with home automation market trends, which, as with other household items, encourage home-cooked food with minimum time and effort.

The online retail segment is expected to have the highest CAGR during the forecast period

The online retail segment is anticipated to witness the highest CAGR growth during the forecast period, due to the rapid rise of e-commerce and emerging digitalization, particularly in developing nations like China and India, the online category is predicted to increase at the quickest rate throughout the projection period. Additionally, the global online sales of smart home appliances are increasing due to the increased popularity of online shopping and smart, connected gadgets among millennials and the younger population. The selling of smart home equipment online is also being driven by elements like the convenience of online transactions, a busy lifestyle, and the freedom to purchase whenever and whenever.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to Chinese customers now have access to AI-based smart home devices like robotic vacuum cleaners and smart refrigerators because of reasons including rising disposable income, dual-income households, and changing lifestyles. China is a favourable destination for smart home appliances since it is one of the largest markets for home appliance products. In China, the household appliance business has grown to become a multibillion dollar sector. China has increased its per capita spending on high-tech consumer goods during the previous 10 years, thus propelling the growth of the market in this region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, due to rising internet usage and technological improvements in emerging economies like the U.S. and Canada, North America is anticipated to have the most sophisticated smart home market worldwide. The industry-wide use of wireless connection technology and new product advancements are enabling a greater uptake of smart appliances. The number of smart gadgets in the U.S. market has consistently increased year over year, and this trend is expected to continue in the years to come.



Key players in the market

Some of the key players profiled in the Smart Home Appliances Market include LG Electronics, Haier Group, Whirlpool Corporation, Samsung Electronics Co. Ltd, Electrolux AB, GE Appliances, Koninklijke Philips N.V, Xiaomi Corporation, BSH Hausgeräte GmbH, Panasonic Corporation, Breville Group Limited, IRobot India, Legrand, Siemens, Emerson Electric Co, Robert Bosch GmbH, ABB, ECOVACS, Neato Robotics, Inc and Midea Group

Key Developments:

In October 2021, Whirlpool Corp. unveiled its new W line of premium 4-door smart refrigerators in India. The Quattro (4-Door) arrangement is made for simplicity and offers enough room for chilled demands, coupled with the sizeable 665L storage area.

In October 2021, Panasonic Corp. announced the release of 24 new washing machine models and 43 new refrigerator models, further increasing its home appliance market. The most recent models give customers more comfort and convenience in their daily lives due to their high-tech features.

Products Covered:
• Smart Washing Machines
• Smart Refrigerators
• Smart Air Purifiers
• Smart Air Conditioners
• Smart Vacuum Cleaners
• Smart Lighting Systems
• Smart Microwave Ovens
• Smart Sound Systems
• Smart Garage Doors
• Smart Coffee Makers
• Smart TV
• Smart Dish Washers
• Other Products

Technologies Covered:
• Bluetooth
• Wi-Fi
• Cellular technology
• Radio Frequency Identification (RFID)
• Near-Field Communication (NFC)
• Zigbee
• Other Technologies

Distribution Channels Covered:
• Online Retail
• Offline
• Other Distribution Channels

End Users Covered:
• Residential
• Commercial
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances