New York, April 20, 2023 (GLOBE NEWSWIRE) -- The global Smart Appliances Market was valued at USD 36.8 billion in 2022 and is expected to reach around 150 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 15.5%. Smart appliances are those connected to the internet or other networks, enabling remote control and automated operation. These home devices assist in decision-making, solving common problems, and keeping life healthy and secure. Furthermore, these smart appliances often result in significant cost savings. Examples of internet-connected appliances include refrigerators, ovens, washing machines, thermostats, and lighting systems. Smart appliances can be controlled using a smartphone, tablet, voice commands, or even artificial intelligence assistants like Alexa or Google Assistant. Smart appliances provide convenience, energy efficiency, and improved functionality that have become increasingly popular in modern homes due to the rise of digitalization and the use of smartphones and tablets. Smart appliances give users access to everyday home appliance controls conveniently at their fingertips.
To get additional highlights on major revenue-generating segments, Request a Smart Appliances Market sample report at https://market.us/report/smart-appliance-market/request-sample/
Key Takeaway:
- By product, in 2022, the smart appliances market was dominated by the smart washing machine segment due to its increased popularity.
- By technology, the Wi-Fi segment dominated the largest market share in technology analysis and accounted for the largest revenue share in the smart appliances market in 2022.
- By distribution channel, the offline segment dominated the largest market share in distribution channel analysis
- By end-user type, the residential segment dominated the largest market share in end-user type analysis
- In 2022, North America dominated the market with the highest revenue share of 40%.
- APAC is anticipated to have the highest CAGR among all the regions.
- Europe is expected to grow at a greater pace owing to the increasing need for security monitoring solutions.
Factors affecting the growth of the Smart Appliances Market
There are several factors that are affecting the growth of the Smart Appliances Market. These include:
- Advancements in Technology: The rapid advancements of technology, particularly the Internet of Things (IoT), have been a major driving force behind growth within the smart appliances industry. By connecting appliances to both the internet and each other, manufacturers can achieve greater functionality and control over their operations - making for simpler maintenance tasks as well as increased convenience for end users.
- Increased Consumer Demand: As more people become aware of the advantages of smart appliances, demand is expected to continue rising.
- Rising energy costs: Smart appliances tend to be more energy-efficient than traditional models, which can translate into significant cost savings in the long run. With energy prices continuing to climb, many consumers are seeking ways to reduce their bills - leading to an uptick in demand for smart appliances.
- Environmental Concerns: As more people become conscious of their impact on the environment, there has been an uptick in demand for products that are sustainable and eco-friendly. Smart appliances can help reduce energy consumption and minimize waste production, making them attractive options for eco-conscious consumers.
- Government Regulations: Governments around the world have put in place regulations to promote energy efficiency and reduce carbon emissions. To meet these demands, manufacturers are often required to create more eco-friendly appliances; this has led to the development of a range of smart appliances that meet these specifications.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/smart-appliance-market/#inquiry
Market Growth
Smart appliances provide convenience and ease of use with their ability to connect to the internet and be controlled wirelessly. Smart appliances are energy-saving and can be programmed to set a timer or shut off automatically. Many consumers are interested in cutting back on energy consumption and lower utility bills by using smart appliances. Technology has enabled smart appliances to become more dependable, efficient, and user-friendly. Due to these advances, these smart appliances are now more accessible and affordable for everyone. Thanks to the Internet of Things (IoT), connected smart appliances can now be controlled together with other home devices and systems via one app - making managing our homes simpler than ever before.
Regional Analysis
North America is anticipated to be the leading region in the global smart appliances market, holding a market share of 40% and projecting a CAGR of 17.2% during the forecast period. Due to increasing internet penetration and technological developments in emerging economies such as Canada and the U.S. smart appliances have become increasingly in demand due to product developments and advances in wireless communication technology. The U.S. market has seen an annualized surge in smart devices suggesting this trend will continue to expand. Europe is witnessing an incredible surge of small startups and higher investments from countries such as France, the U.K., and Germany due to the growing need for security monitoring solutions. These factors will continue to shape the regional market ultimately driving global smart home appliance demand and size upwards.
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 36.8 Billion |
| Market Size (2032) | USD 150 Billion |
| CAGR (from 2023 to 2032) | 15.5% |
| North America Revenue Share | 40% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Smart appliances provide convenience and ease of use with their ability to connect to the internet and be controlled wirelessly. Not only does this reduce wire clutter, but it also offers flexibility. Smart appliances are energy efficient and can be programmed to set a timer or shut off automatically. Many consumers are interested in cutting back on energy usage and decreasing utility bills by using smart appliances. Technology has enabled smart appliances to become more dependable, efficient, and user-friendly. Due to technological advances, these appliances are now more accessible and affordable for consumers. Furthermore, thanks to the Internet of Things (IoT), smart appliances can now be connected with other home devices and systems within your house; this enables users to control multiple appliances from a single app for easier home management.
Market Restraints
One major barrier in the smart appliances market is their cost. Smart appliances tend to be more costly than traditional options, making them unattainable for some consumers. Furthermore, compatibility with existing home systems and appliances may be an issue, as many require certain levels of connectivity or integration with other devices - something which may prove challenging if your house doesn't already possess this technology. Smart appliances can pose a cybersecurity risk if not properly protected. As more devices become connected to the internet, concerns over cyber-attacks and data breaches have grown exponentially. Furthermore, most smart appliance control is done through smartphone apps developed by companies; companies often capture consumer data through these applications which could raise privacy concerns among users. Thus, these concerns could potentially restrict growth within the smart appliance market.
Market Opportunities
The smart appliances market offers companies an exciting opportunity to benefit from the growing demand for connected devices and the Internet of Things (IoT). Smart appliances are home electronics that can be controlled remotely via a smartphone or other connected device enabling them to execute tasks automatically. Companies developing these products strive to incorporate artificial intelligence (AI) into them for enhanced customization and convenience for consumers. The global smart appliances market is expected to experience significant growth over the coming years due to factors such as rising demand for energy-saving appliances, growing adoption of connected homes, and rising usage of connected devices. Smart appliances offer several advantages, such as improved energy efficiency, greater convenience, and enhanced security. Furthermore, businesses can generate additional revenues through value-added services like remote monitoring, predictive maintenance, and personalized recommendations.
Grow your profit margin with Market.us - Purchase This Premium Report at https://market.us/purchase-report/?report_id=29347
Report Segmentation of the Smart Appliances Market
Product Insight
On the basis of product, the market for smart appliances is divided into smart washing machines, refrigerators, air purifiers, televisions, and other items. The smart washing machine segment is projected to be the most lucrative in the global smart appliances market, boasting a projected CAGR of 8.6% through 2022. In 2022, its total revenue share will reach 31%. Smart washing machines are technologically advanced appliances with features far beyond what traditional washers offer. Smart washing machines can be connected to the internet and controlled with a smartphone, tablet, or another compatible device; they may even be integrated with other smart home systems like thermostats or lighting controls for an entirely automated and connected environment. Overall, smart washers offer convenience, energy efficiency, and enhanced functionality - making them increasingly popular options in modern homes due to seamless internet access and the growing number of smartphone users worldwide.
Technology Insight
Technology further divides the market into Wi-Fi, Bluetooth, near-field communication (NFC), and other technologies. Wi-fi technology is expected to be the most lucrative segment in 2022, with a market share of 30% and a projected CAGR of 14.4% through 2022. Smart appliances typically use Wi-Fi to connect to the internet and communicate with other devices, allowing you to remotely control them using a smartphone app or other compatible device. Wireless communication is essential in monitoring home appliances from distant locations to conserve electricity usage. While Wi-Fi is the most common connectivity technology used in smart appliances, other technologies such as Bluetooth or Near Field Communication (NFC) may also be utilized.
Distribution Channel Insight
Distribution channels in the market can be divided into offline and online channels. Of these, offline distribution is estimated to be the most lucrative segment with a market share of 64.8% in 2022 and an expected CAGR of 14.6% in 2022. Customers purchasing smart appliances through offline outlets such as appliance stores, electronics stores or home improvement stores get closer access to products, helping ensure their quality and specifications. They may even get to touch and feel them before making their purchasing decision with knowledgeable sales personnel available on hand for assistance if needed.
End User Insight
On the basis of end-user, the market is divided into residential and commercial segments. Residential end-users are expected to be the most lucrative segment in the global smart appliances market accounting for 72% of revenue share, with an expected CAGR of 13.4% over the forecast period. Residential demand for smart appliances has seen a meteoric rise in recent years, as more consumers strive to make their homes more connected and efficient. Smart appliances provide homeowners with greater convenience as they can be controlled remotely from a smartphone or other device. Furthermore, these models are more energy-efficient compared to traditional models owing to rising internet penetration levels and easy accessibility of these smart products. As a result, the market for smart products is expected to expand significantly in the near future.
Recent Development of the Smart Appliances Market
- ABB Group, a leader in automation and power solutions, joined Samsung as an official partner in April-2022. This collaboration aimed to hasten the adoption of SmartThings into more homes and buildings while also helping users reduce costs and have a greater environmental impact.
- In December 2021, Panasonic and Swidget, a manufacturer of modular smart home devices, formed a partnership to create an end-to-end smart home ventilation system. With this solution, homeowners will have full control over their indoor air quality and be able to make adjustments in real-time.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/smart-appliance-market/request-sample/
Market Segmentation
Based on Product
- Smart Washing Machine
- Smart Refrigerators
- Smart Air Purifiers
- Smart TV
- Other Products
Based on the Technology
- Wi-Fi
- Bluetooth
- Near Field Communication (NFC)
- Other Technologies
Based On the Distribution Channel
- Offline
- Online
Based on the End User
- Residential
- Commercial
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Major key players are continuously investing in product innovation and the development of next-generation technologies that will expand their customer base. Furthermore, these firms are adopting merger and acquisition strategies to boost their global market revenue.
Some of the major players include:
- Samsung Electronics Co. Ltd.
- Whirlpool Corp.
- LG Electronics
- Haier Group
- Panasonic Corp.
- BSH Hausgerate GmbH
- Electrolux AB
- Koninklijke Philips N.V.
- GE Appliances
- Xiaomi Corp.
- Other Key Players
Browse More Related Reports:
- Commercial Kitchen Appliances Market was valued at USD 89,186 million in 2022 and is forecast to grow at a 6.6% CAGR.
- Electric Household Appliances Market size is expected to be worth around USD 566.54 Billion by 2032 from USD 288 Billion in 2023, growing at a CAGR of 7% during the forecast period from 2022 to 2032.
- Household Cooking Appliances Market size is expected to be worth around USD 490.35 Billion by 2032 from USD 261.22 Billion in 2023, growing at a CAGR of 6.5% during the forecast period from 2022 to 2032.
- Cooking Appliances Market size is expected to be worth around USD 229.07 Billion by 2032 from USD 159.29 Billion in 2023, growing at a CAGR of 3.7% during the forecast period from 2022 to 2032
- Smart Home Appliances Market is expected to grow at a CAGR 29.5% By 2028, and will reach at US$ 35,939.6 Mn in 2028, from US$ 2,701.3 Mn in 2018.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
