The smart home appliances market is expanding rapidly, with an increase from $39.93 billion in 2023 to $45.36 billion in 2024 at a CAGR of 13.6%. Factors include rising energy costs, the proliferation of connected devices, growing disposable income, emphasis on home security, and demand for convenience and automation.
The smart home appliances market is expected to grow to $75.47 billion by 2028 at a CAGR of 13.9%. Growth is supported by the demand for eco-friendly appliances, 5G expansion, internet penetration in emerging markets, smart home benefits awareness, and real-time monitoring. Trends include machine learning integration, home automation systems, smart home entertainment connections, blockchain for data security, and solar-powered appliances.
Major Driver In The Smart Home Appliances Market
Improving connectivity infrastructure is expected to boost the smart home appliances market. Connectivity infrastructure encompasses systems that facilitate communication between devices. The rise of IoT has increased the demand for faster networks for seamless operation. Smart home devices rely on connectivity infrastructure for data sharing and remote control, enhancing convenience and energy efficiency. In 2023, Ericsson reported that total IoT connections reached 15.7 billion, projected to rise by 16% to 38.8 billion by 2029. Thus, improved connectivity infrastructure is propelling the smart home appliances market.
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Smart Home Appliances Market Competitive Landscape
Apple Inc., Google LLC (Alphabet Inc.), Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., Sony Corporation, LG Electronics, Panasonic Corporation, Midea Group, Xiaomi Corporation, Haier Group, ABB Group, Whirlpool Corporation, Sharp Corp., Koninklijke Philips N.V., Emerson Electric Co., Electrolux Group, Hisense Electrical Co Ltd., Miele & Cie. KG, Ecovacs Robotics Co Ltd., iRobot Corporation, Neato Robotics Inc.
Key Smart Home Appliances Market Trend
In the smart home appliances market, companies are developing advanced solutions like AI-driven smart connected appliances to enhance home convenience. These devices use AI to analyze data, learn from user interactions, and communicate with other devices to automate home functions. In April 2024, Samsung Electronics Co. Ltd., a South Korea-based company, launched new Bespoke AI-Powered Home Appliances, including the Bespoke French Door Refrigerator with AI Family Hub+, Bespoke Infinite Induction Line, and others. These appliances feature AI-driven cycle adjustments, food management with internal cameras, and smart connectivity, significantly improving home efficiency.
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Global Smart Home Appliances Market Segmentation
The smart home appliances market covered in this report is segmented –
1) By Product: Washing Machine, Dishwasher, Refrigerator, Air Conditioner, Security Devices, Lighting Devices, Other Products
2) By Technology: Wi-Fi, Radio Frequency Identification, ZigBee, Cellular Technology, Bluetooth, Other Technologies
3) By Distribution Channel: Online, Offline
4) By Application: Personal, Commercial, Other Applications
By Geography:The regions covered in the smart home appliances market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the smart home appliances market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Smart Home Appliances Global Market Report 2024 furnishes information about the global smart home appliances market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
