The global smart home appliances market was valued at USD 128.94 Billion in 2032: MRFR

Market Research Future published a half cooked research report on Smart Home Appliances Market.

Smart Appliances Market Overview

The global smart appliances market is expected to register a CAGR of 18.40% during the forecast period 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.

The key factors driving the growth of the global smart appliances market are the availability of wireless solutions and the growing adoption of energy-saving products in smart homes. However, security and privacy concerns among end users are expected to restrict the growth of the market during the forecast period. Furthermore, the integration of advancements in the Internet of things (IoT) and artificial intelligence (AI) is anticipated to create growth opportunities for the market.

Smart Appliances Market Segmental Analysis

The global smart appliances market has been segmented based on the component, technology, end-user, and region.

Based on the component, the global smart appliances market is bifurcated into devices and services. The devices segment accounted for larger market share and is expected to dominate during the forecast period. This is mainly attributed to the increasing use of smart appliances in smart homes and commercial spaces in the recent past. However, the services segment is expected to register the highest CAGR of over 17.1% during the study period owing to the growth of smart home appliances has resulted in a surge in demand for its after-sales services, including regular maintenance and device breakdown repairing.

Based on the technology, the global smart appliances market has been segmented into Wi-Fi, Bluetooth, Near Field Communication (NFC), Zigbee, and others. The Wi-Fi segment accounted for the largest market share of 60.2% in 2020, with a market value of USD 22,568.0 million; it is expected to register a CAGR of 16.4% during the forecast period. This is attributed to the popularity of Wi-Fi technology since it can be used to connect multiple smart devices in a home which can be controlled through a centralized command center such as smartphone or voice assistance devices, including Google assistance and Amazon Alexa. The Near Field Communication (NFC) is expected to register the highest CAGR of 16.9% due to rising attractiveness in day-to-day short-range applications such as for accessing doors or wardrobes in a smart home.

On the basis of end-user, the smart appliances market is bifurcated into commercial and residential. Among these, the residential segment reported the larger market share of over 65.1% in 2020. The demand for smart home appliances has grown tremendously over the past decade for residential use, the primary reason being the rise in disposable income of people. The growth and advancement of smart devices technology and the growth of smart home concepts across a major part of the world have also escalated the demand for smart appliances.

Competitive Analysis

The prominent players operating in the smart appliances market include Acuity Brands Lighting, Inc., BSH Hausgerate GmbH, AB Electrolux, Haier Smart Home Co., Ltd., Koninklijke Philips N.V. (Philips), LG Electronics, Inc., Miele, Mirc Electronics Limited, Panasonic Corporation, Samsung Electronics Co. Ltd., Schneider Electric SE, Siemens AG, Vivint, Inc., Whirlpool Corporation, and Xiaomi.

The regional analysis for the global smart appliances market has been conducted for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Asia-Pacific is the most populated region in the world, consisting of some of the major economies, including China, India, Japan, and South Korea. India and China are growing rapidly at a CAGRs of 18.0% and 17.7% respectively during the study period 2018 to 2030 owing to the manufacturing and IT industry growth. The growth of these sectors has also resulted in rapid urbanization in cities, thus creating a lucrative marketplace for smart appliances.

The North American region includes major markets such as the US, Canada, and Mexico. The standard of living in North America is high and is considered a major contributor to creating demand for smart appliances. The region is home to several leading market players including Acuity Brands Lighting, Inc. (US), Vivint, Inc., Whirlpool Corporation, and Colgate-Palmolive.

Meanwhile, the European Smart Appliances Market stood third globally. The major countries contributing to this market growth comprise of the UK, Germany, France, Italy, and the rest of Europe. These countries are experiencing increased demand for smart appliances owing to the rising populations as well as rapid urbanization. Additionally, the countries are also witnessing growth in the concept of the smart home, which is another driving factor in the region. Also, the increasing income level and rise in disposable income have helped create a lucrative Smart Appliances Market in the region. Further, the tourism sector and office and co-working space are in great demand in the region, further escalating the demand for smart appliances.