How Has the Smart Home Appliances Market Size Evolved in Recent Years?
The smart home appliances market has seen considerable growth due to a variety of factors.
• Over the past years, the market size for smart home appliances has surged extensively. With a 14.2% Compound Annual Growth Rate (CAGR), the market is projected to expand from $45.36 billion in 2024 to $51.81 billion in 2025. The spike during the historical period can be linked to factors such as escalating energy costs, the increase in connected devices, growth in disposable income, heightened priority on home security and the escalating demand for ease and automation.
What Is The Forecast For The Smart Home Appliances Market Size?
The smart home appliances market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are set for the smart home appliances market to witness significant expansion in the coming years, reaching a size of $86.98 billion in 2029, with a compound annual growth rate (CAGR) of 13.8%.
Factors contributing to this predicted growth during the forecast period include an increasing preference for environmentally-sound products, the spread of 5G networks, improved internet access in developing markets, growing understanding of smart home advantages, and the need for real-time monitoring. Noteworthy trends projected for the period include greater application of machine learning in appliances, expansion of home automation systems, integration of smart appliances into home entertainment systems, adoption of blockchain for data protection, and increase in the use of solar-powered smart appliances.
What Are The Essential Drivers Behind The Growth Of The Smart Home Appliances Market?
The betterment of connectivity infrastructure is poised to propel the smart home appliances market. Connectivity infrastructure encompasses the network frameworks and hardware that make the smooth and unbroken communication and data sharing between devices, systems, and users possible. The ascendancy of the Internet of Things (IoT) amplifies the expansion of connectivity infrastructure, owing to an increasing demand for fast and reliable networks catered towards connected devices. This infrastructure enhances the interaction of smart home devices, data sharing, and remote control capability, raising comfort and energy efficiency for users. For example, as per a study by Ericsson, a telecommunications company based in Sweden, the total amount of IoT connections stood at 15.7 billion in 2023 and projected an increase of 16% to 38.8 billion connections by 2029. Hence, the fortification of connectivity infrastructure is propelling the smart home appliances market.
How Is The Global Smart Home Appliances Market Divided Into Key Segments?
The smart home appliancesmarket 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
Subsegments:
1) By Washing Machine: Front-Load Washing Machines, Top-Load Washing Machines, Washer-Dryer Combos
2) By Dishwasher: Built-In Dishwashers, Portable Dishwashers, Countertop Dishwashers
3) By Refrigerator: French Door Refrigerators, Side-by-Side Refrigerators, Top Freezer Refrigerators, Bottom Freezer Refrigerators
4) By Air Conditioner: Window Air Conditioners, Portable Air Conditioners, Split Air Conditioners, Central Air Conditioners
5) By Security Devices: Smart Locks, Surveillance Cameras, Motion Sensors, Alarm Systems
6) By Lighting Devices: Smart Bulbs, Smart Switches, Smart Light Strips, Smart Fixtures
7) By Other Products: Smart Thermostats, Smart Plugs, Smart Speakers, Smart Home Hubs
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What Trends Are Reshaping The Future Of The Smart Home Appliances Market?
Leading corporations in the smart home appliances market are concentrating their efforts on the creation of innovative solutions such as AI-controlled smart connected appliances to improve home convenience and productivity through smart, networked appliances that conform to user behaviour and requirements. AI-controlled smart connected appliances are tools that utilize AI technology for data analysis, learning from user activities, and interaction with other smart devices to improve and automate household functionalities. For example, Samsung Electronics Co. Ltd., a leading semiconductors and electronics production company based in South Korea, introduced a new set of connected Bespoke AI-Powered Home Appliances in April 2024. The product line includes the Bespoke French Door Refrigerator with AI Family Hub+, Bespoke Infinite Induction Line, Bespoke AI Laundry Combo, Bespoke Jet Bot Combo AI, Bespoke Jet AI, and Bespoke Cube Air Infinite Line. Their relevant characteristics include AI-driven cycle adjustments, food supervision through internal cameras and smart integration via SmartThings, which substantially augment home convenience, efficiency, and synchronization with daily chores.
Who Are the Key Players In The Smart Home Appliances Market?
Major companies operating in the smart home appliances market are:
• 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.
What Are The Regional Insights Into The Smart Home Appliances Market?
Asia-Pacific was the largest region in the smart home appliances market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
