Smart Appliances Industry in India

The market for smart appliances in India consists of internet or local network-enabled household devices, including both big (refrigerators, washing machines, and ovens) and small (microwaves, coffee machines, and robots) devices.

In 2023, the smart appliances industry in India was valued at INR 222.99 Bn and is expected to reach INR 353.40 Bn by FY 2029, expanding at a compound annual growth rate (CAGR) of 8.27% during the 2024 - 2029 period. The Indian smart appliances market incorporates manufacturing, IoT technology integration, and research and development in devices such as ACs, refrigerators, washing machines, TVs, and others.

Advancements in technology, including fast charging, improved connectivity, and easy integration with voice assistants, have made smart appliances more affordable and widely available in India, in turn fueling market expansion.

Market drivers:

Technological progress, especially in IoT, allows smart devices to provide improved user experiences with functions such as remote operation, automation, and voice interaction, increasing their attractiveness to tech-savvy users. The incorporation of IoT in smart devices facilitates effortless connectivity among devices, permitting users to manage and oversee their appliances from any location, enhancing convenience and productivity.

Market Trends:

As environmental awareness rises, Indian consumers are progressively opting for energy-efficient and eco-friendly smart gadgets to minimize their carbon footprint and energy use. The Indian government's promotion of energy-saving products, featuring subsidies and tax incentives for Energy Star-certified appliances, is motivating consumers to purchase environmentally friendly smart devices.