Smart Home Appliances Market Size, Share & Trend Analysis Report By Product (Smart Washing Machines, Smart Air Purifiers, Smart TV, Others), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Smart Home Appliances Market Size, Share & Trend Analysis Report By Product (Smart Washing Machines, Smart Air Purifiers, Smart TV, Others), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Smart Home Appliances Market Growth & Trends

The global smart home appliances market size is expected to reach USD 58.51 billion by 2030 and will expand further at a CAGR of 9.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is largely driven by factors such as growing penetration of smart homes, both in developing and developed regions, rapid developments and advancements in the IT infrastructure, shifting demographic preferences, and the need to safeguard the global environment from polluting effluents, such as greenhouse gases and toxic wastes.

Brands are offering a wide range of products keeping in mind the millennial and Gen-Z generations, resulting in a plethora of opportunities in the smart home appliances market. From using premium smart lights to advanced AI-faucets, the trend bodes well for the future of the market.

Technological innovations incorporated into homes have been key demand driving factor for this industry. Home appliance brands are making it easier to recreate a customized experience at home by offering luxury tech-driven home appliances that are designed to multi-task with automation and are AI-driven. For instance, Electrolux AB has an extensive modularization program that lowers product development and production costs. Nearly 65% of the company’s home appliances are manufactured at a low cost.

Smart washing machines emerged as the largest segment and accounted for a market share of 35.29% in 2022, and this segment is expected to be dominant during the forecast period. The smart air purifiers segment is expected to expand at the fastest CAGR of 10.2% from 2023 to 2030. Increased attention to the hygiene factor across the globe, especially because of the COVID-19 pandemic, is fueling the growth of the smart air purifiers segment.

According to the World Health Organization (WHO), 9 out of 10 people breathe contaminated air containing a high level of pollutants. It states that outdoor and indoor air pollution lead to around 7 million premature deaths every year, out of which 3.8 million people die because of exposure to indoor air pollution.

The smart home appliances market is characterized by the presence of several well-established players, such as Whirlpool Corporation; LG Electronics; BSH Hausgeräte GmbH; and Samsung Electronics Co. Ltd. These players account for considerable shares in the smart home appliances market and have a strong presence across the globe. The smart home appliances market also consists of small to mid-sized players who offer a selected range of smart home appliances and mostly serve regional customers.

Smart Home Appliances Market Report Highlights

• The smart home appliances market is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2030. The growing penetration of smart homes, both in developing and developed regions, across the globe is driving the demand for various smart home appliances.
• The offline distribution segment held the largest share of 63.9% in 2022.The growing popularity of online shopping and smart and connected devices among millennials as well as the young population will boost the online sale of smart home appliances worldwide.
• Smart air purifiers product category is expected to grow at the fastest rate of 10.2% between 2023 and 2030. The increasing consciousness about health and increasing adoption of advanced technologies will fuel the demand for air purifiers in the coming years.
• Asia Pacific was the largest smart home appliances market globally with a share of 44.1%. The growth of the region can be attributed to the growing implementation of cloud-based services, increasing internet penetration, rising per capita income of the regional population, escalating adoption of smartphones and changing lifestyles.

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