NEW YORK, June 7, 2024 /PRNewswire/ — According to Technavio, the global smart home appliances market size is expected to grow by USD 75.8 billion from 2024 to 2028. The market is expected to grow at a CAGR of over 21.08% during the forecast period. Product innovation in terms of technology, performance, functionality, and design is driving the market growth, with a trend towards introducing additional features in smart appliances. However, the high cost of smart appliances poses a challenge. Key market players include Electrolux AB, Apple Inc., BSH Hausgerate GmbH, General Electric Co., Godrej Appliances, Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, Mitsubishi Electric Corporation, Panasonic Holdings Co., Ltd., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corporation, Videocon Industries Ltd., Whirlpool Corp., and Xiaomi Communications Co. Ltd.
Technavio has released its latest market research report, “Global Smart Home Appliances Market 2024-2028”.
Get in-depth analysis of regions, market segments, customer landscape and companies – View a snapshot of this report
Scope of the smart home appliances market
Report Scope
detail
Base year
2023
Historical period
2018 – 2022
Forecast Period
2024-2028
Growth momentum and CAGR
Accelerating at an average annual growth rate of 21.08%
Market Growth 2024-2028
$75.8 billion
Market Structure
Fragmented
2022-2023 YoY growth rate (%)
15.86
Regional Analysis
North America, Europe, Asia Pacific, South America, Middle East and Africa
Contributing to the market
Europe: 30%
Major countries
USA, China, Germany, Canada, UK
Introduction of major companies
Electrolux AB, Apple Inc., BSH Hausgerate GmbH, General Electric Co., Godrej Appliances, Haier Smart Home Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, Mitsubishi Electric Corporation, Panasonic Holdings Co., Ltd., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corporation, Videocon Industries Ltd., Whirlpool Corp., and Xiaomi Communications Co. Ltd.
Market Drivers
The smart home appliance market is thriving due to the integration of connectivity, sleek design, and attractive add-ons. Companies such as LG Electronics and Mitsubishi Electric are focusing on smart air conditioning accessories, while startups are manufacturing smart gadgets.
These devices not only connect to consumers' smartphones but also remotely control and automate home air conditioning settings, helping to save up to 40% on electricity bills. Intelligent features such as location-based wake-up and timer settings are expected to drive the market growth during the forecast period.
The smart home appliances market is experiencing significant growth due to the increasing adoption of connected devices. Programmable appliances such as refrigerators and washing machines are gaining popularity due to their convenience and energy savings. Sensors and voice technology are key trends in this market, enabling devices to learn user behavior and react accordingly.
Devices such as smart thermostats and security systems are also growing in popularity, providing homeowners with control and peace of mind. The use of apps and connectivity to other smart devices is also driving demand in this sector. Overall, the smart home appliances market is expected to maintain its growth trajectory in the coming years.
The research report provides comprehensive data on the impact of trends. For more information, download the sample report.
Market Challenges
The global smart home appliances market faces growth challenges due to high costs. Consumers are hesitant to upgrade due to premium prices, especially in price-sensitive markets. While manufacturers aim to create affordable options, complex technologies and R&D investments increase costs. Adoption has not reached mass levels, with high-end products catering to a small consumer base. For example, Samsung's Family Hub refrigerator is priced at USD 3,300-4,600, making it inaccessible to many consumers. This price barrier is likely to hinder market expansion during the forecast period. The smart home appliances market has seen significant growth with the emergence of various technologies. However, challenges remain in this space. Disconnection and interoperability issues between different devices are major concerns. Delays in response time and reliability are also room for improvement. Moreover, security and privacy concerns need to be addressed to gain consumer trust. Moreover, cost remains a major challenge as consumers seek affordable yet advanced solutions. Finally, regulatory compliance and standardization are essential to ensure seamless integration and operation of smart home appliances.
For more information on drivers and challenges, request a sample report.
Segment Overview
Product 1.1 Smart Washer and Dryer 1.2 Smart Air Conditioner 1.3 Smart Refrigerator 1.4 Smart Microwave Oven 1.5 Smart Dishwasher Distribution Channel Region 3.1 North America 3.2 Europe 3.3 Asia Pacific 3.4 South America 3.5 Middle East and Africa
1.1 Smart Washers and Dryers – The smart home appliances market is experiencing significant growth due to increasing consumer demand for convenience and energy efficiency. Major players in this market include Samsung, LG, and Whirlpool, which are continuously innovating to meet these demands. Smart refrigerators, ovens, and dishwashers are becoming increasingly popular with features such as remote control and energy management. This market is expected to continue to expand as more households adopt smart technology.
For detailed market segmentation by geographical analysis including forecasts (2024-2028) and historical data (2017-2021), please download the sample report.
Research Analysis
In the modern market, smart home appliances have attracted great attention, especially in Western countries. Consumers are increasingly turning to wireless solutions for convenience and energy saving. Personal area networks enable remote control and automation of various home appliances, improving the user experience. Data monitoring and connectivity are essential functions, ensuring energy efficiency and a safe home environment.
Home improvement projects and home remodeling have become platforms for integrating these advanced technologies. Social media and online marketing are key tools to reach the target audience and showcase the benefits of smart home appliances. Keywords: smartphones, wireless solutions, consumer focused, convenience, energy saving, wiring, remodeling, personal area network, remote control, automation, data monitoring, connectivity, user experience, energy efficiency, secure home environment, smart home, home improvement projects, western countries, home remodeling, target audience, social media, online marketing.
Market Research Overview
The smart home appliances market includes a wide range of connected devices designed to increase convenience and efficiency in the home environment. These appliances include refrigerators, ovens, dishwashers, air conditioners, etc. Advanced features such as voice control, remote monitoring and energy management are becoming increasingly common. Consumers are seeking solutions that enable convenience, cost savings and increased functionality.
The market is driven by factors such as growing consumer awareness, technological advancements, and increasing disposable income. In addition, government initiatives and regulatory policies are also influencing the market growth. Overall, the smart home appliances market is expected to witness significant growth in the coming years.
table of contents:
1. Executive Summary
2. Market situation
3. Market size assessment
4. Past market size
Five Forces Analysis
6. Market Segmentation
Products Smart Washers & Dryers Smart Air Conditioners Smart Refrigerators Smart Microwaves Smart Dishwashers Distribution Channels Regions North America Europe Asia Pacific South America Middle East & Africa
7 Customer Environment
8. Geographical Landscape
9 Drivers, Challenges and Trends
10. Company Status
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Its research and analysis focuses on emerging market trends, providing actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market position.
With over 500 expert analysts, Technavio's report library contains over 17,000 reports covering 800 technologies across 50 countries. The company's client base comprises of businesses of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify existing and potential market opportunities, and evaluate their competitive position within a changing market scenario.
contact address
Technavio Research
Jesse Maida
Media & Marketing Executive
USA: +1 844 364 1100
UK: +44 203 893 3200
Email: (email protected)
Website: www.technavio.com/
Source Technavio
