New York, USA, February 22, 2024 (Globe Newswire) — A smart home is a system in which home automation systems monitor and manage various aspects of a home, such as lighting, climate, entertainment systems, and appliances. Rapid advances in wireless communications and IT infrastructure have made it easy to incorporate smartphones, laptops, tablets and compatible home appliances. This allows users to remotely manage and extend the functionality of many home appliances such as refrigerators and air conditioners. The introduction of hands-free and more user-friendly smart devices, enabled by artificial intelligence and digital assistance, will have a significant impact on consumer preferences.
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Technological advances in smart home technology drive global market
According to Straits Research, “The smart home appliances market size in 2021 is estimated to be USD 30.79 billion. ) is growing at a CAGR of 8.4% during 2019. The introduction of new technology into the home is driving the industry's progress. Recent technology developments have focused on automation and fully integrated operating systems. In October 2021, IKEA launched the new IKEA Smart Home category and announced STARKVIND, the first smart cleaner designed for indoor use. This air purifier has a built-in air quality sensor, 5 adjustable fan settings, and an automatic mode that adjusts fan speed based on the amount of PM2.5 in the air. Additionally, tech-savvy companies and businesses have developed smart automation and cutting-edge features for smart homes. Digital smart dials and voice-activated lights with programmable and AI-powered features will likely appeal to his 20-something customers. These factors are expected to drive the market growth during the forecast period.
Increased spending on home improvement projects to improve the smart home experience creates huge opportunities
As a result of rising costs associated with home prices and mortgage rates, consumers are spending more money on home remodeling and improvement projects to modernize traditional household structures. With the growth of smart home trends, consumers expect home appliances with additional features such as multipurpose baths, simple designs, touchless faucets, and voice-controlled sensors. Home appliance manufacturers are offering premium technology-driven home appliances that leverage AI to automatically perform multiple tasks. This makes it easy to recreate a customized experience at home. For example, Samsung and LG demonstrated the capabilities of their AI-based refrigerators at CES 2020 in January 2020 and said they would be available by the end of the year.
regional analysis
Asia Pacific is the largest shareholder in the global smart home appliances market and is expected to grow at a CAGR of 10.10% during the forecast period. The Internet channel for selling smart home equipment consists of the company's website and e-commerce site. The online category is expected to grow even faster during the forecast period due to the rapid expansion of e-commerce and increasing digitalization, especially in developing countries such as China and India. Online sales of smart home appliances are on the rise globally, driven by millennials and young adults' increasing preference for online shopping, connected devices, and smart home appliances.
North America is expected to grow at a CAGR of 7.60% during the forecast period. North America is expected to dominate the global Internet of Things (IoT) market due to its highly developed information and communication technology (ICT) infrastructure and proliferation of linked devices. Strong internet connectivity in the region and maturation of most of the regional technology markets are expected to accelerate the growth of the smart home products market. Additionally, North America is home to many of the top companies by revenue, including Apple, Facebook, Google, Facebook, IBM, Microsoft, and IBM. Most of the leading companies in the market are also headquartered in the United States.
Main highlights
The global smart home appliance market is divided into products such as smart washing machines, refrigerators, smart air purifiers, and smart TVs. The smart washing machine segment contributes the most to the market and is expected to grow at a CAGR of 8.10% during the forecast period. Based on distribution channel, the global smart home appliances market is bifurcated into online and offline. The offline segment accounts for the highest market share and is expected to grow at a CAGR of 8.40% during the forecast period. Asia Pacific is the largest shareholder in the global smart home appliances market and is expected to grow at a CAGR of 10.10%. During the forecast period.
competitive player
The major players in the global smart home appliances market are LG Electronics, Whirlpool Corporation, BSH Hausgeräte GmbH, Samsung Electronics Co. Ltd, Electrolux AB, Panasonic Corporation, Koninklijke Philips NV, GE Appliances, Xiaomi Corporation, and Haier Group.
market news
In November 2022, Amazon announced plans to roll out Matter, a smart home standard that allows different devices and systems to work in harmony. In December 2022, Andes Technology Corporation, a leading supplier of high-efficiency, low-power 32/64-bit RISC, announced. -V Processor Core announces details of AndesCore™ D23, a new 3-stage 32-bit RISC-V CPU core targeting embedded processing and IoT applications that require low power and high efficiency in a small footprint .
Global smart home appliances market: Segmentation
By product
Smart washing machine Smart refrigerator Smart air purifier Smart TV Others
By distribution channel
By region
North America Europe Asia Pacific LAMEA
Get detailed market segmentation @ https://straitsresearch.com/report/smart-home-appliances-market/segmentation
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