The global growth of smart home appliances is driven by an
increase in urbanization in emerging markets, where rise in
middle-class incomes and expansion of digital infrastructure propel
demand for connected living solutions. In addition, advancements in
artificial intelligence and IoT technologies have enabled
appliances to offer personalized experiences and energy-efficient
operations, appealing to environmentally conscious consumers. These
factors combine to drive a dynamic market landscape characterized
by innovation and integration of smart technologies into everyday
home environments.
PORTLAND, Ore., Aug. 26, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Smart Home
Appliances Market by Product Type (Washing Machine,
Refrigerator, Dishwasher, Air Conditioner and Others), and
Technology (Wi-Fi, Radio Frequency Identification, Cellular
Technology, ZigBee, Bluetooth and Others): Global Opportunity
Analysis and Industry Forecast, 2024-2034". According to the
report, the smart home appliances market was valued at $33.8 billion in 2023, and is estimated to reach
$62.8 billion by 2034, growing at a
CAGR of 5.9% from 2024 to 2034.
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Prime determinants of growth
The global growth of smart home appliances is driven by several
key factors tailored to modern consumer needs. The increase in
trend toward sustainable living and energy efficiency prompts
consumers to opt for appliances that offer smart energy-saving
features, such as adaptive temperature control and intelligent
power management systems. The rise in urbanization and smaller
living spaces in urban areas has boosted demand for compact yet
multifunctional smart appliances that maximize utility without
compromising on performance. Moreover, advancements in artificial
intelligence and machine learning enable appliances to learn user
habits, personalize experiences, and autonomously optimize
functions, appealing to tech-savvy consumers seeking convenience
and efficiency. The integration of smart home ecosystems with voice
assistants and mobile applications enhances accessibility and
control, offering seamless connectivity and enhancing the overall
smart home experience. These factors collectively drive the global
smart home appliances market toward substantial growth and
innovation.
Report coverage & details:
Report Coverage
|
Details
|
Forecast
Period
|
2024–2034
|
Base Year
|
2023
|
Market Size in
2023
|
$33.8 billion
|
Market Size in
2034
|
$62.8 billion
|
CAGR
|
5.9 %
|
No. of Pages in
Report
|
298
|
Segments
Covered
|
Product Type,
Technology, And
Region.
|
Drivers
|
• Increase in
consumer demand for convenience and automation
• Growth in
adoption of IoT technology
• Rise in
awareness of energy efficiency and sustainability
• Enhanced
connectivity through advanced wireless technologies
• Integration
with voice assistants and smart home ecosystems
|
Opportunities
|
• Expansion in
developing markets
• Advancements in
AI and machine learning for smarter functionalities
• Development of
eco-friendly and energy-efficient smart appliances
|
Restraint
|
• High initial
cost of smart home appliances
• Privacy and
security concerns
• Compatibility
issues with existing home systems
|
The refrigerator segment held the highest market share in
2023
By product type, the refrigerator segment held the highest
market share in 2023 owing to its essential role in households and
continuous advancements in smart technology. Smart refrigerators
from brands such as Samsung's Family Hub series and LG's InstaView
ThinQ incorporate innovative features such as touchscreen displays,
cameras for interior monitoring, and Wi-Fi connectivity. These
appliances enable users to view their refrigerator's contents
remotely, receive expiry notifications, and even place grocery
orders directly from the fridge. Such functionalities not only
enhance convenience but also promote efficient food management and
reduce energy consumption. In addition, integration with voice
assistants such as Amazon Alexa and Google Assistant further
streamlines interaction and control, which has made smart
refrigerators a preferred choice for tech-savvy consumers seeking
modern kitchen solutions that optimize everyday tasks while
offering connectivity and sustainability benefits.
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The Wi-Fi segment held the highest market share in
2023
By technology, the Wi-Fi segment held the highest market share
in 2023. Wi-Fi technology is widely adopted in smart home
appliances primarily for its high data transfer rates and global
availability in homes and public spaces. Wi-Fi enables appliances
to connect seamlessly to home networks and the internet,
facilitating remote control, monitoring, and interaction through
smartphone apps or voice assistants. For instance, smart
refrigerators such as Samsung's Family Hub series use Wi-Fi to
allow users to view contents, track expiration dates, and manage
grocery lists from their smartphones. Similarly, smart thermostats
such as Ecobee SmartThermostat leverage Wi-Fi connectivity for
energy management and remote temperature control. Wi-Fi's
reliability and bandwidth effectively support the increase in
demand for interconnected smart devices in modern homes, offering
users convenience, efficiency, and enhanced control over their
appliances and overall home environment.
North America led the market
share in 2023
By region, North America held
the highest market share in terms of revenue in 2023. The dominance
is primarily driven by high consumer adoption of smart home
technologies, strong purchasing power, and robust infrastructure
supporting IoT connectivity. In North
America, countries such as the U.S. and Canada have a significant number of tech-savvy
consumers who value convenience, energy efficiency, and connected
living solutions offered by smart home appliances. Major tech
companies based in North America,
such as Amazon, Google, and Apple, play pivotal roles in driving
innovation and setting industry standards for smart home
ecosystems. These factors contribute to North America leading in both market size and
technological advancements within the global smart home appliances
market.
Players: -
- Koninklijke Philips N.V.
- General Electric Company
- Samsung Electronics Co., Ltd.
- BSH Hausgerate GmbH
- Haier Electronics Group Co., Ltd.
- Electrolux AB
- LG Electronics Inc.
- Miele & Cie. KG
- Whirlpool Corporation
- Apple Inc.
- Panasonic Corporation
The report provides a detailed analysis of these key players in
the smart home appliances market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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Recent Industry Dev
- In March 2024, Ecobee introduced
the SmartThermostat Premium, an upgraded version of its popular
smart thermostat to provide more precise climate control and energy
savings for smart homes. The new model features a sleek design with
a larger display, improved voice control with built-in Alexa, and
enhanced sensors for better temperature and occupancy
detection.
- In January 2024, Xiaomi launched
the Mi Smart Home Hub, a central control unit for its ecosystem of
smart home products to strengthen the product portfolio with smart
appliances products. The Mi Smart Home Hub supports Zigbee, Wi-Fi,
and Bluetooth connectivity, which allows it to connect with a wide
range of smart devices.
- In July 2023, Signify, the
company behind Philips Hue, launched Philips Hue Secure, a line of
smart home security products to expand the business into the home
security market. The product line includes security cameras, motion
sensors, and secure integration with the Philips Hue app.
- In June 2022, Amazon introduced
the Echo Show 15, a smart display designed for the kitchen, which
features a 15.6-inch screen that can be mounted on the wall or
placed on a counter. It supports Alexa voice assistant, that allows
users to control other smart home devices, display recipes, manage
calendars, and stream content. The device also includes a visual ID
feature that personalizes the experience based on the user.
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