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Smart Home Appliances Market Trends

ID: MRFR//2502-HCR | 100 Pages | Author: Shubham Munde| July 2024

Global Smart Home Appliances Market Overview:

Smart Home Appliances Market Size was valued at USD 33.38 Billion in 2023. The Smart Home Appliances market industry is projected to grow from USD 39.52 Billion in 2024 to USD 128.94 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.93% during the forecast period (2024 - 2032). Home remodelling projects are increasing, smart homes are becoming more common, and IT and wireless communication are rapidly evolving are the key market drivers enhancing the market growth.

Smart Home Appliances Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Home Appliances Market Trends

  • Growing technology advancement is driving the market growth

Market CAGR for smart home appliances is being driven by the rising technology advancement. Residential technical improvements are assisting in the growth of the sector. Smart homes and smart home gadgets have been popular fads for generations. Recent technological breakthroughs emphasize automation and fully integrated operating systems. For example, IKEA introduced its new IKEA smart home category, and its first smart cleaner, the STARKVIND, aimed for indoor usage in October 2021. This air purifier includes five different fan speeds and an automated mode that changes the fan speed according to the quantity of PM2.5 in the air, which is detected by a built-in air quality sensor. Tech-savvy enterprises and corporations have also developed smart automation and cutting-edge features for smart homes. Customers in their twenties will be enticed to digital smart dials and voice-activated lighting with adjustable capabilities and AI-driven features. Samsung, for example, introduced its 2020 line of front-load washing machines driven by AI, along with a 7kg washer dryer. The new smart washing machines include the company's brand-new Q-Raptor technology, which gives three intelligent functions to manage laundry: a manager, finish time planner, auto-recommendation for the optimum wash cycle, and a homecare wizard to check the machine's condition.

As the market expands, brands pay close attention to their target demographic and adjust their marketing methods to attract customers. Home technology developments are helpful with industry progress. Manufacturers are constantly developing and improving smart home equipment to fit the easy lives of tech-savvy customers. In addition, businesses have been developing high-tech features and smart automation for smart homes. Voice-activated lighting controls and digital smart dials are expected to appeal to millennial customers. However, growing consumer interest in smart home appliances in developing countries such as China and India and increased consumer buying power will be major demand drivers. There are several opportunities in the industry due to large corporations offering a diverse range of items while catering to millennial and Gen-Z audiences. LG, for example, introduced a top-mounted, 260-liter frost-free refrigerator with Auto Smart Connect, capable of various features such as Smart Diagnosis and Auto-Connect with Inverter. Rising digitalization and the use of smartphones and tablets have considerably benefited the market. Smart appliance users can control domestic equipment such as air conditioners, refrigerators, stoves, and ovens. They are connected, next-generation equipment that follows instructions from a central computer or communicates with other appliances in a network to make choices on the owner's behalf. Thus, driving the Smart Home Appliances market revenue.

Smart Home Appliances Market Segment Insights:

Smart Home Appliances Product Insights

Based on components, the Smart Home Appliances Market segmentation includes refrigerators, dishwashers, washing machines, and air conditioners. The washing machines segment dominated the market, accounting for 45% of market revenue. Smart washing machines employ Artificial Intelligence (AI) and smart features to give consumers a personalized experience. Using smart gadgets and AI control panels, these smart machines analyze washing cycles and automate drying operations. By memorizing user tendencies, the smart washing machine contains troubleshooting features, suggests washing cycles, and shows timely information. Furthermore, because of the IoT's expanding use and attractiveness, there is a burgeoning market for smart washing machines. To meet the expectations of tech-savvy clients, several industry participants are extending their present product offerings and releasing new things.

Smart Home Appliances Type Insights

The Smart Home Appliances Market segmentation, based on type, includes Wi-Fi, ZigBee, bluetooth, cellular technology, and radio frequency identification. The Wi-Fi segment dominated the market due to increased IoT penetration. Wireless connectivity is essential for remotely monitoring and operating residential appliances to reduce power consumption. Wi-Fi technology is widely used as an alternative to broadband and traditional LAN services in homes and businesses.

Smart Home Appliances Distribution Channel Insights

Based on distribution channels, the Smart Home Appliances Market segmentation includes offline and online. The offline category generated the most income. The offline distribution channel for smart home goods includes supermarkets, factory outlets, hypermarkets, specialty shops and other retail-based businesses. An offline distribution channel dominates the industry because clients can personally inspect the items. This enables a more accurate assessment of the features and quality of the items. Because of conventional brick-and-mortar locations, smart home appliance manufacturers may provide their customers with a distinctive experience. Additionally, if an expert or colleague is available in-store, businesses can provide live product demos to customers. This assists purchasers in learning more about the product and making an informed buying decision.

Figure 1: Smart Home Appliances Market, by Distribution channel, 2022 & 2032 (USD Billion)

Smart Home Appliances Market, by Distribution channel, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Home Appliances Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Smart Home Appliances market area will dominate this market due to its highly developed information and communication technology (ICT) infrastructure and the extensive usage of linked gadgets. The majority of key IoT market participants are headquartered in the United States.

Further, the major countries studied in the market report are The US, Canada, the UK, Italy, Spain, China, Japan, India, German, France, Australia, South Korea, and Brazil.

Figure 2: Smart Home Appliances Market SHARE BY REGION 2022 (USD Billion)

Smart Home Appliances Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe has the second-largest market share for Smart Home Appliances. The EU is one of the rare economic and political alliances between states inhabiting the bulk of the continent. IoT creates a smart environment by merging the physical and virtual worlds, increasing demand for smart home devices. Furthermore, the German Smart Home Appliances market dominated, while the UK Smart Home Appliances market grew fastest in Europe.

From 2024 to 2032, the Asia-Pacific Smart Home Appliances Market will develop at the quickest CAGR. This is due to the increasing adoption of cloud-based services, rising internet penetration, rising per capita income of the regional population, changing lifestyles, escalating smartphone adoption, rising personal health awareness, and the ongoing implementation of government policies encouraging digitalization. Furthermore, China's Smart Home Appliances market had the highest market share, while India's Smart Home Appliances market was the fastest expanding in the Asia-Pacific region.

Smart Home Appliances Key Market Players & Competitive Insights

Leading market companies are extensively spending R&D on increasing their product lines, which will help the Smart Home Appliances market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Smart Home Appliances industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.

Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Smart Home Appliances industry to serve clients and expand the market sector. The Smart Home Appliances industry has provided some of the most important benefits recently. Major players in the Smart Home Appliances market, including Whirlpool Corp, Haier Group and others, are attempting to increase market demand by investing in research and development operations.

Whirlpool is marketed with other brands such as Maytag, KitchenAid, JennAir, Amana, Inglis, Estate, Brastemp, Gladiator GarageWorks, Bauknecht, Ignis, Indesit, Consul, and, in Europe, Hotpoint. Their home appliances are built with the latest technology and innovations to help families receive the required care. Whirlpool Appliances suit family life at every turn, whether using the Whirlpool App to start supper from another room1 or having the Load & Go Dispenser dispense the correct amount of detergent to every laundry load. In October 2021, Whirlpool Corp. debuted its new W series of premium 4-door smart refrigerators in India. The Quattro (4-Door) configuration is designed for convenience and provides ample space for chilled demands and a large 665L storage area.

Haier Group, founded in 1984, is a global leader in providing solutions for a better life. With a focus on user experience, Haier has been named one of BrandZ's Top 100 Most Valuable Global Brands for three years as the world's first and only IoT ecosystem brand. For 13 years in a row, Haier has led Euromonitor International's Global Major Appliances Brand Rankings. In May 2022, Haier announced the launch of two new AI-enabled revolutionary washing machine series, the Haier 959 Front Load Washing Machines with its advanced super silent Direct Motion Motor and 525 mm super drum, and the new Top Load Washing Machines with In-Built Heater technology that removes 106 types of toughest stains.

Key Companies in the Smart Home Appliances market include

Smart Home Appliances Industry Developments

March 2023: Arzooo has declared its intention to enter the consumer durables market, emphasizing developing a smart line of household appliances. According to the corporation, these next-generation goods will have cutting-edge technolsogy and improved quality and design. It has formed alliances with industry leaders such as Dixon, Amber Group, and others.

Deember 2022: Andes Technology Corporation has announced the AndesCore D23, a new 3-stage 32-bit RISC-V CPU core designed for embedded processing and IoT applications requiring low power and high-efficiency in a small footprint.

April 2022: The Redmi Smart TV A58 was unveiled by Xiaomi Corporation. The smartphone has a 4K display with over 1 billion colours, and the ultra-thin bezel allows for a 95.4% screen-to-bezel ratio. The gadget has MIUI TV, which allows users to control other smart home devices from the TV.

Smart Home Appliances Market Segmentation:

Smart Home Appliances Product Outlook

  • Refrigerator

  • Dishwasher

  • Washing Machine

  • Air Conditioner

Smart Home Appliances Technology Outlook

  • Wi-Fi

  • ZigBee

  • Bluetooth

  • Cellular Technology

  • Radio Frequency Identification

Smart Home Appliances Distribution Channel Outlook

  • Offline

  • Online

Smart Home Appliances Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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