Smart Home Appliances Market Report 2024

This Smart Home Appliances market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart home appliances market size has grown rapidly in recent years. It will grow from $39.93 billion in 2023 to $45.36 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth observed during the historic period can be attributed to several factors, including rising energy costs, an increase in connected devices, growing disposable incomes, an enhanced focus on home security, and a heightened demand for convenience and automation.

The smart home appliances market size is expected to see rapid growth in the next few years. It will grow to $75.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The anticipated growth during the forecast period can be attributed to several factors, including a rising demand for eco-friendly appliances, the expansion of 5G networks, increasing internet penetration in emerging markets, greater awareness of the benefits of smart homes, and a demand for real-time monitoring. Key trends expected in this period include the growing use of machine learning in appliances, an increase in home automation systems, the integration of smart appliances with home entertainment systems, the utilization of blockchain for data security, and a rise in solar-powered smart appliances.

The advancement of connectivity infrastructure is anticipated to propel the smart home appliances market in the coming years. Connectivity infrastructure encompasses the network systems and hardware that facilitate seamless communication and data transfer among devices, systems, and users. The expansion of the Internet of Things (IoT) plays a vital role in the growth of connectivity infrastructure, as an increasing number of connected devices require faster and more reliable networks for optimal functioning. This infrastructure enables smart home devices to communicate, share data, and be controlled remotely, thereby enhancing convenience and energy efficiency for users. For instance, a report published by Ericsson, a Sweden-based telecommunications company, noted that total IoT connections reached 15.7 billion in 2023 and are projected to grow by 16% to 38.8 billion connections by 2029. Hence, the improving connectivity infrastructure is driving the smart home appliances market.

Key players in the smart home appliances market are concentrating on creating advanced solutions, such as AI-driven smart connected appliances, to enhance convenience and efficiency in homes through intelligent devices that adapt to user behavior and needs. AI-driven smart connected appliances are devices equipped with artificial intelligence technology that can analyze data, learn from user interactions, and communicate with other smart devices to automate household functions. For example, in April 2024, Samsung Electronics Co. Ltd., a South Korea-based manufacturer of semiconductors and electronic products, introduced its new connected Bespoke AI-Powered Home Appliances. This range includes the Bespoke French Door Refrigerator with AI Family Hub+, Bespoke Infinite Induction Line, Bespoke AI Laundry Combo, Bespoke Jet Bot Combo AI, Bespoke Jet AI, and Bespoke Cube Air Infinite Line. These appliances feature AI-driven cycle adjustments, food management with internal cameras, and smart connectivity through SmartThings, significantly enhancing home convenience, efficiency, and integration with daily tasks.

In June 2023, ABB Group, a Switzerland-based engineering firm, acquired Eve Systems GmbH for an undisclosed amount. This acquisition aims to bolster ABB's smart home technology portfolio and position it as a leader in connectivity standards, particularly regarding matter and thread, thereby improving energy efficiency, security, and convenience in retrofitting existing homes and buildings. Eve Systems GmbH is a Germany-based company that specializes in smart home technology, including connected home devices.

Major companies operating in the smart home appliances market are Apple Inc., Google LLC (Alphabet Inc.), Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., Sony Corporation, LG Electronics, Panasonic Corporation, Midea Group, Xiaomi Corporation, Haier Group, ABB Group, Whirlpool Corporation, Sharp Corp., Koninklijke Philips N.V., Emerson Electric Co., Electrolux Group, Hisense Electrical Co Ltd, Miele & Cie. KG, Ecovacs Robotics Co Ltd, iRobot Corporation, Neato Robotics Inc.

Asia-Pacific was the largest region in the smart home appliances market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart home appliances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart home appliances are advanced devices equipped with internet connectivity and automation features, enabling users to control, monitor, and optimize household functions remotely for greater convenience and efficiency. These appliances serve various purposes, including managing home security, controlling energy consumption, streamlining daily tasks, and enhancing overall comfort in residential environments.

The primary products within the category of smart home appliances include washing machines, dishwashers, refrigerators, air conditioners, security devices, lighting systems, and others. A washing machine, for example, is a connected device that integrates with home networks, offering remote control, automation, and enhanced washing capabilities through cutting-edge technology. These appliances utilize technologies such as Wi-Fi, radio frequency identification, Zigbee, cellular technology, Bluetooth, and others. They are distributed through both online and offline retailers and cater to a range of applications, including personal and commercial use.

The smart home appliances market research report is one of a series of new reports that provides smart home appliances market statistics, including smart home appliances industry global market size, regional shares, competitors with a smart home appliances market share, detailed smart home appliances market segments, market trends and opportunities, and any further data you may need to thrive in the smart home appliances industry. This smart home appliances market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart home appliances market consists of sales of smart thermostats, voice-controlled assistants, smart door locks, and automated window blinds. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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