Smart appliances can be classified into smart home appliances and smart kitchen appliances. Smart home appliances are conventional home appliances that connect all the devices and appliances in your home so they can perform specific tasks automatically. They are facilitated with features for receiving, processing, and transferring information using smartphones, tablets, and laptops. Smart appliances allow users to run home appliances such as ovens, fridges, stoves, and air conditioning systems.
The global smart home appliances market was valued at USD 33.66 billion in 2021 and is expected to grow at a CAGR of 17.1% during the forecast period.
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Prominent Key Players – Covered in the report:
Apple Inc., BSH Hausgeräte GmbH, Ecovacs, Electrolux, Electrolux AB, GE Appliances, Haier, Hisense, IRobot, LG, Midea, Miele & Cie, Neato, Panasonic, Philips, Samsung, Sony Group Corporation, Whirlpool, and Xiaomi Corporation.
Smart home devices support decision-making and help solve day-to-day problems and make life stay healthy and secure. Smart home appliances comprise enhanced convenience, security, and efficiency. They can be controlled by commands from a centralized system. The increased availability of wireless solutions is expected to significantly expand the smart home appliances market during the forecast period. Due to the rising smartphone demand and increased internet penetration, the smart home appliances industry has seen substantial development in recent years.
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Smart Home Appliances Market: Driving Factors
The adoption of a modern lifestyle among the population surrounded by intelligent devices such as remote controls and smartphones is driving the growth of the smart home appliances market. The rising disposable income and the growing population’s market demand for comfort-oriented appliances are also fueling the market growth. The growing disposable personal income across different geographies further offers lucrative growth opportunities for the adoption of smart home appliances in the coming years. Thus this factor is expected to favor the market growth over the forecast period. Moreover, increasing technological developments in wireless communication are also boosting the market growth. In addition, the growing adoption of smart home appliances to minimize energy costs is further propelling the growth of the smart home appliances market.
Smart Home Appliances Market: Segmentation
Insight by Product
Based on product, the smart washing machines market held the largest market share in 2021 owing to a surge in the usage of smartphones, which led to the adoption of intelligent home-based equipment. Also, the increasing technology developments is fueling the market demand for connected appliances, including intelligent washers. Further, increased use of the automatic washing process in daily housekeeping activities in the European region has also propelled the market expansion in the area. Smart home air purifiers segment is expected to experience the fastest rate during the forecast period due to the rise of intelligent air purifiers.
Insight by Distribution Channel
Based on the distribution channel, the offline segment accounted for the largest market share in 2021. This growth can be attributed to the increased market demand for convenience, specialty, and branded retailers. In addition, the availability of a different variety of items offered by different companies is some of the factors that are anticipated to accelerate the segment growth over the forecast period.
Geographical Overview: Smart Home Appliances Market
Based on geography, Europe is anticipated to lead the market over the forecast period due to the rising adoption of intelligent appliances in the region. The growing customers’ preference across the EU for energy-efficient products is further driving the smart home appliances market in this region.
North America is experiencing growth due to the growing adoption of intelligent devices as well as strategic initiatives taken by private organizations to offer intelligent home cloud platforms. Moreover, Asia-Pacific accounts for the largest share in 2021, owing to technological advancements in developing economies such as China and India. As per China Internet Network Information Center (CNNIC), China has a 59.3% internet penetration rate. The usage of smart home appliances is anticipated to increase because of new product advancements across the sector.
Industry Developments
- In January 2021, LG Electronics launched the LG CordZeroThinQ A9 vacuum cleaner. This new model, equipped with an enhanced “Wet Mopping” mode and a comprehensive “Vacuum+Mop” mode, has the ability to clean all types of flooring.
- In January 2021, Samsung and Deutsche Telekom announced the successful completion of the first 5G SA trial in the Czech Republic. According to the firms, the spectrum efficiency was three times elevated in comparison to that of LTE under realistic conditions.
The market is primarily segmented based on product, distribution channel, and region.
Smart Home Appliances Market: By Product Outlook
- Washing Machines
- Refrigerators
- TVs
- Air Purifiers
- Smart TV
- Others
Smart Home Appliances Market: By Distribution Channel Outlook
- Online
- Offline
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