Global Smart Appliances Market Analysis & Trends - Industry Forecast to 2030
Smart Appliances: Market Size
From $63.01 billion in 2024, the global Smart Appliances market is projected to reach $303.16 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 21.7% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include, emergence of internet of things (IoT), rise in disposable income and penetration of cleaning robots in smart homes.
Global Smart Appliances Market: Market Dynamics
Increasing demand for kitchen as well as home appliances in general has resulted in the rise in consumption of electricity, thereby, holding higher pressure on the electricity and power suppliers to scale up the supply. Advent of smart appliances have significantly brought down the consumption of electricity. In the coming years as the energy costs are projected to surge, the ability of the smart appliances to operate efficiently at relatively lesser electricity consumption is expected to increase its demand in the coming years.
Exponential pattern of development and innovation in the home electronics and communications devices are expected to significantly drive the market for smart appliances market. The smart appliance market in the future is expected to experience growth in interoperability of the appliances and devices. For instance, voice control technology can be used for altering the modes in a refrigerator.
On the other hand, the data privacy concerns among end users are likely to obstruct the profit boundaries. In addition, increasing availability of wireless connectivity solutions and intensifying consumer focus on convenience & cost reduction will further boost for the smart appliances market.
Impact of COVID-19 on Smart Appliances
The COVID-19 outbreak has led to a significant decline in the growth rate of the smart appliances market. The COVID-19 pandemic has affected the smart appliances market interestingly both in a negative and positive way. The demand for smart appliances such as washing machines, refrigerators, microwave ovens among others has increased due to the COVID-19 pandemic, as most of the population is working from their residence, thus spending more time at home requires many appliances that can complete tasks simply as compared to traditional methods. However, amid the coronavirus pandemic, people are primarily focusing on basic amenities owing to the concerns about their financial situation. They would prefer spending on essential amenities rather than the non-essentials. Thus, such a trend in behavior would negatively affect the retail industry. Additionally, due to the COVID-19 pandemic, the manufacturing capabilities of all the regions across the globe have been affected owing to halted production, and the supply of products from manufacturers to end users has declined drastically.
By Technology
Wi-Fi Segment Dominate the Market in 2024
The Wi-Fi segment made huge revenue in 2024 and growing its prominence during the forecast period. This is mainly attributed to the various appliance manufacturers such as Whirlpool, Samsung Electronics, LG Electronics, Electrolux among others, who are majorly developing Wi-Fi technology-based appliances. With the combining trend of home automation, appliances such as refrigerators, smart washers, air conditioners, dryers, and dishwashers are being designed with the feature of Wi-Fi connectivity.
By Geography
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period because it is home to major smart appliance manufacturers, namely LG Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China) and Samsung Electronics (South Korea) who majorly focus on technological innovations. Moreover, countries such as India, China, South Korea and Japan generate massive demand for smart appliances which is the reason for the region to witness tremendous growth in the coming years.
List of the Key Players Profiled in the Market Include: • BSH
• Ecovacs
• Electrolux
• GE
• Haier
• Hisense
• IRobot
• LG
• Midea
• Miele & Cie
• Neato
• Panasonic
• Philips
• Samsung
• Whirlpool
List of the Regions/Countries Profiled in the Market Include: North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others