Smart Home Appliances Market

Global Smart Home Appliances Market Research Report: By Product Type (Smart Washing machine, Smart TV, Refrigerator, Dishwasher, Air conditioner, Others), By Technology (Wi-Fi, Radio Frequency Identification, Cellular technology, ZigBee, Bluetooth, Others), By Distribution Channel (Online, Offline), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Electronics & Semiconductor | January 2024 | Report ID: EMR00519 | Pages: 301

The global smart home appliances market was valued at USD 29.13 billion in 2023 and is estimated to reach approximately USD 55.21 billion by 2032, at a CAGR of 9.51% from 2024 to 2032.

The smart device is any electronic device that can be connected to smart home system, that can interact with other devices, and that can make some decisions on its own. Televisions, stoves, alarm systems, doorbells, garage doors and stereos are examples of smart devices. Furthermore, smart home appliances are next generation conventional home appliances, equipped with advanced features for receiving, processing, and transmitting information using smartphones, tablets, and laptops. Increasing use of appliances in homes has led to higher energy consumption, thereby, posing challenges for power companies to produce more electricity.

 

 

 

SMART HOME APPLIANCES MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

USD 29.13 Billion

Projected Market Value (2032)

USD 55.21 Billion

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product Type, By Technology, By Distribution Channel & Region

Segments Covered

By Product Type, By Technology, By Distribution Channel & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Smart Home Appliances Market Drivers:

  • Technological advancements in smart home appliances

Wireless communication technology developments would allow for remote operation of residential equipment. For example, smartphones and tablets are used to monitor and manage these appliances over Wi-Fi. Furthermore, Bluetooth technology enables data sharing between two devices. As a result, Bluetooth-enabled appliances can be controlled and monitored using smartphones. New technologies, such ZigBee, have emerged as viable options for monitoring smart home equipment.

 

Opportunities:

  • Improving lifestyle of people

The industry is predicted to develop due to rising income levels and changing consumer lifestyles. Consumers' improving lifestyles, particularly in metropolitan areas, along with rising disposable money, have boosted sales of smart home products. Smart home appliances are becoming increasingly popular due to their simplicity of management and operation. This trend is projected to continue during the forecast period, boosting the growth of the smart home appliances market.

 

Restraints:

  • Lack of awareness among consumers

The smart home appliances market is limited by a lack of consumer knowledge of these items.  Lack of awareness about the use of technology and advanced appliances is a major impediment to industry expansion. However, industry participants have used promotional efforts and advertising initiatives to promote these products. Furthermore, growing cost of electricity bills is a major concern for household consumers. For instance, according to a recent study by Hawaiian Electric, appliances, such as air conditioners, water heaters, refrigerators, lighting fixtures, and home entertainment systems consume enormous amount of electricity.

 

Segment Overview

  • By Product Type

Based on product type, the global smart home appliances market is divided into smart washing machine, smart tv, refrigerator, dishwasher, air conditioner, others. The smart washing machine segment dominated the market in 2023 and is expected to dominating during the smart home appliances market in forecast period, due to the people are becoming more conscious of new technology, and the usage of smart devices in the home has expanded dramatically. Furthermore, changing lifestyles, increased per capita income, and a growing need to reduce overall energy consumption costs are expected to enhance product demand.

  • By Technology

Based on technology, the global smart home appliances market is fragmented into Wi-Fi, radio frequency identification, cellular technology, zigbee, bluetooth, others. The bluetooth segment dominated the global smart home appliances market in 2023. This is attributed to bluetooth are the most widely used technologies. In addition, the electric oven that includes bluetooth technology to link the appliance to a companion app for remote access is referred to as a smart oven. The users may use the device's built-in Bluetooth speaker to play music to set the mood in the kitchen, whether they are hosting a party or cooking for themselves.

  • By Distribution Channel

Based on distribution channel, the global smart home appliances market is segmented into online, offline. The offline segment dominated the smart home appliances market with the largest revenue share in 2023. This is owing to some of the elements driving the popularity of smart home appliance sales through the retail channel include the availability of an in-store associate/expert, assistance with product specs, and the chance for the consumer to physically examine the device. However, the online segment is expected to grow the fastest throughout the forecast period, because to the rapid expansion of e-commerce and emerging digitization, particularly in developing nations such as India and China. Furthermore, the growing popularity of online shopping and smart and connected gadgets among millennial and the younger population is driving up global online sales of smart home equipment.

 

Global Smart Home Appliances Market Overview by Region

Asia Pacific dominated the smart home appliances market in 2023. This is attributed to growing use of cloud-based services, increasing internet penetration, rising regional per capita income, increasing smartphone adoption, changing lifestyles, rising personal health awareness, and the ongoing implementation of government policies encouraging digitalization. Furthermore, expanding investments from global companies in the region, as well as increasing demand for innovative technologies from developing economies like as China and India, are important factors driving the Asia Pacific market's growth.

 

 

Global Smart Home Appliances Market Competitive Landscape

In the global smart home appliances market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global smart home appliances market include

  • Whirlpool Corporation
  • LG Electronics
  • Haier Group
  • Samsung Electronics Co. Ltd
  • Panasonic Corporation
  • BSH Hausgeräte GmbH
  • Electrolux AB
  • Koninklijke Philips N.V
  • GE Appliances
  • Xiaomi Corporation and others

 

Global Smart Home Appliances Market Recent Developments

  • In April 2022, Xiaomi Corporation introduced the Redmi Smart TV A58. The device features a 4K display with over 1 billion colors, and a 95.4% screen-to-bezel ratio is made possible by the ultra-thin bezel. The device has MIUI TV, allowing users to operate other smart home devices from the TV.
  • In September 2022, LG Electronics introduced its ground-breaking refrigerator with MoodUP technology, which includes color-changing LED door panels. The new refrigerator skillfully bridges the borders between design and technology to serve younger consumers' changing needs better. With the help of LG's MoodUP technology, customers can design a unique lighting system for the refrigerator using a variety of brilliant colors to match their mood or the surroundings.
  • In August 2022, Enphase Energy, Inc has declared a new partnership with Home Connect. This open digital platform enables the management of multiple brands of home appliances through a single app. Enphase will connect its home energy systems with the Home Connect platform as part of the partnership, providing a smart, eco-friendly, and highly effective solution to power home appliances that support Home Connect.
  • In February 2022, Godrej Group, specifically Godrej & Boyce, has introduced a new range of high-end air conditioners through its subsidiary, Godrej Appliances. These air conditioners boast advanced cooling capabilities, air purification technology, Internet of Things (IoT) controls, unique aesthetics, and various other features. Incorporating IoT functionality, UVCool technology, Nano Coated Anti-Viral filtering, reduced derating, and other cutting-edge technologies, these air conditioners cater to tech-savvy consumers, providing not only comfort but also smart controls for enhanced safety and convenience.

 

Scope of the Global Smart Home Appliances Market Report

Smart Home Appliances Market Report Segmentation

ATTRIBUTE

DETAILS

By Product Type

  • Smart Washing machine
  • Smart TV
  • Refrigerator
  • Dishwasher
  • Air conditioner
  • Others

By Technology

  • Wi-Fi
  • Radio Frequency Identification
  • Cellular technology
  • ZigBee
  • Bluetooth
  • Others

By Distribution Channel

  • Online
  • Offline

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Smart Home Appliances Market Size and Forecast:
  • To identify and estimate the market size for the global smart home appliances market segmented by product type, by technology, by distribution channel & region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of smart home appliances between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global smart home appliances market
  • Market Influencing Factors: To find out the factors which are affecting the sales of smart home appliances among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global smart home appliances market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global smart home appliances market forecast period is 2024 - 2032.
According to smart home appliances market research, the market is expected to grow at a CAGR of 9.51% over the coming years.
North America is expected to register the highest CAGR during 2024 - 2032.
Asia-Pacific held the largest share in 2023.
The major players operating in the global smart home appliances market include Whirlpool Corporation, LG Electronics, Haier Group, Samsung Electronics Co. Ltd, Panasonic Corporation, BSH Hausgerate GmbH, Electrolux AB, Koninklijke Philips N.V, GE Appliances, Xiaomi Corporation and others.