Smart Home Appliances Market Size & Growth Analysis to 2030

The global smart home appliances market size was valued at over USD 33 billion in 2021 and is anticipated to witness a significant CAGR of around 17% during the forecast period 2021 to 2027. The increasing penetration of IoT (Internet of Things) and the growing penetration of smart homes across the world are some of the major factors to drive the market growth. Furthermore, the improving living standard, growing disposable income, and the rising purchasing power of consumers in developing economies are further expected to boost the market over the forecast period. Moreover, the growing demand for innovative products among consumers and the innovation in smart technologies are expected to fuel the market.

Market Drivers:

Increasing Consumer Demand for Convenience and Connectivity: Consumers are increasingly seeking convenience and connectivity in their homes. Smart home appliances offer features such as remote control, automation, and integration with voice assistants and mobile applications, allowing users to control and monitor their appliances from anywhere. The desire for a connected and convenient lifestyle is a major driving factor for the adoption of smart home appliances.

Growing Awareness of Energy Efficiency and Sustainability: Energy efficiency and sustainability are important considerations for many consumers. Smart home appliances often come with energy-saving features and capabilities, such as programmable settings, energy monitoring, and intelligent scheduling. These appliances enable users to optimize energy consumption, reduce utility bills, and minimize their environmental impact. The increasing awareness of energy efficiency and sustainability is driving the demand for smart home appliances.

Technological Advancements and Internet of Things (IoT): Technological advancements, particularly in IoT, have significantly contributed to the growth of the smart home appliances market. IoT connectivity allows appliances to communicate with each other and with users, creating a seamless and integrated smart home ecosystem. Advancements in sensors, connectivity, and data analytics have made it possible to create intelligent and responsive appliances that enhance user experience and efficiency.

Rise of Home Automation and Smart Home Ecosystems: The concept of home automation and smart home ecosystems is gaining popularity. Smart home appliances form an integral part of these ecosystems, allowing users to automate routine tasks, create customized scenarios, and create a connected and cohesive living environment. The desire for a more automated and streamlined home experience is driving the adoption of smart home appliances.

Increasing Affordability and Availability of Smart Home Appliances: Over time, the cost of smart home appliances has decreased, making them more affordable and accessible to a wider range of consumers. Additionally, smart home appliances are now available from a variety of brands and in various price ranges, catering to different consumer preferences and budgets. The affordability and availability of smart home appliances have contributed to their market growth.

Integration with Voice Assistants and Smart Speakers: The integration of smart home appliances with voice assistants and smart speakers, such as Amazon Alexa and Google Assistant, has accelerated their adoption. Users can control their appliances through voice commands, further enhancing the convenience and ease of use. Voice control capabilities have become a popular feature among consumers, driving the demand for smart home appliances.

Supportive Government Initiatives and Incentives: Governments in many countries are implementing initiatives and providing incentives to promote energy efficiency and the adoption of smart home technologies. These initiatives include tax benefits, rebates, and energy efficiency programs that encourage consumers to invest in smart home appliances. Supportive government policies and incentives have positively influenced the growth of the smart home appliances market.

Market Snapshot:

Market Insights:

The global smart home appliances market is bifurcated into the product, technology, distribution channel, and geography. On the basis of product, the market is further segmented into smart refrigerators, smart washing machines, smart air purifiers, smart TVs, and others. The smart washing machines segment held the largest market share of around one-third percent of the market in 2020. The segment growth is attributed to the increasing penetration of smartphones coupled with wireless internet connections. On the flip side, the smart air purifier segment is estimated to grow at the highest growth rate due to the rising awareness regarding hygiene and the growing air pollution across the world.

On the basis of distribution channels, the market is segmented into online and offline channels. The offline channel dominated the global smart home appliances market in 2020 and is estimated to hold the largest revenue share of around two-third of the market by the end of the analysis period. On the flip side, the online distribution channel is expected to register the fastest growth rate over the forecast period. The rapidly growing e-commerce industry and the availability of branded products are some of the major factors to drive the segment growth. Furthermore, the busy lifestyle, on-door delivery, and the availability of a wide range of products are further expected to fuel the segment growth.

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The smart home appliances comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The smart home appliances market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Smart Refrigerators
• Smart Washing Machines
• Smart Air Purifiers
• Smart TVs
• Others

By Technology:

• Wi-Fi
• Bluetooth
• Others

By Distribution Channel:

• Offline
• Online

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, the smart home appliances market report comprises dedicated sections centering on the regional market revenue and trends. The smart home appliances market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The smart home appliances market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Smart home appliances market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment

Some of the leading market players operating in the global smart home appliances market are Electrolux AB, BSH Hausgerate GmbH, LG Corporation, GE Appliances, and Miele & Cie. Companies are exploring markets by expansion, new investments, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Electrolux AB
• BSH Hausgerate GmbH
• LG Corporation
• GE Appliances
• Miele & Cie
• Samsung Electronics Co., Ltd.
• Panasonic Corporation
• Sony Group Corporation
• Whirlpool Corporation
• Xiaomi Corporation

Key Questions Answered by Smart Home Appliances Market Report

• Global smart home appliances market forecasts from 2021-2027
• Regional smart home appliances market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Smart home appliances submarket forecasts from 2021-2027 covering the market by product, by technology, by distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about smart home appliances market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level smart home appliances markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the smart home appliances market