Smart Appliances Market by Product (Home Appliances and Kitchen Appliances); Technology (Wi-Fi, ZigBee, RFID, Bluetooth, and Others): Global Market Size Estimates and Forecast (2022-2030)
The smart appliances market is expected to cross US$ 35 billion in 2022 and is projected to hit US$ 100 billion by 2030, recording a CAGR of 19% during the forecast period.
Proliferation of Different Smart Home Appliances is Receiving High Momentum
The development of smart appliances is made for managing home task in an easier manner. High inclination towards the procurement of smart home appliances is paving the path for the further development of smart appliances. Smart refrigerators, ovens, microwaves, sinks, and home appliances are integrated with features that enables monitoring of energy while lowering waste. In 2019, nearly 70 million smart appliances were sold globally, within which China accounted for over half of the units sold. Moreover, China is the largest market in smart appliances worldwide and is also one-step ahead of the US. The mentioned factors are expected to proliferate the growth of smart appliances market.
The smart home appliances segment is contributing heavily towards the overall demand for smart appliances. Inclination of individuals for procuring smart and advanced technologies integrated smart appliances is expected to endure with generating more demand for smart home appliances. Adoption of smart TVs, lights, security cameras, and automatic vacuums is gaining momentum within Asia, America, and European countries majorly.
Within the report, the smart appliances market is segmented into product, technology, and geography. Based on product, the smart appliances market is segmented into kitchen appliance and home appliances. The kitchen appliances segment is further divided into smart dishwashers, smart refrigerator, smart cook-top, smart oven, and others. By home appliances, the smart appliances market is segmented into smart lighting, smart washing machine, smart security devices, and others. By technology, the smart appliances market is categorized into Wi-Fi, ZigBee, RFID, Bluetooth, and others.
Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Arrival of AI-enabled Smart Home and Kitchen Appliances to Enhance Lifestyle
Rising demand for kitchen as well as home appliances has resulted in increased consumption of electricity, thereby, possessing higher pressure on the electricity and power suppliers to increase the supply. Advent of smart appliances have significantly reduced the electricity consumption. In the coming years as the energy cost are projected to surge, the ability of the smart appliances to function at relatively low electricity consumption is expected to increase its demand in the coming years.
Demand for Smart Kitchen Appliances in Growing at an Exponential Rate
The adoption of smart refrigerators, oven, and dishwashers is increasing globally. To complement luxury lifestyle of individuals in economic countries including Germany, the UK, the US, China, Japan, and India, smart kitchen appliances manufacturers are introducing new products. The new products are getting integrated with touchscreen enable feature and AI to make them more sophisticated.
Besides, mentioned growing demand for kitchen appliances, the necessity of smart lights, washing machines, TV is also rising which in turn is projected to create lucrative opportunities for smart home appliances. This factor will further accelerate the overall smart appliances market growth.
Recent Strategic Developments in Smart Appliances Market
The smart appliances market has undergone several significant developments, and a few of these have been mentioned below:
- In April 2022, LG Electronics has revealed new series of smart home appliances. The new product of the company includes InstaView Door-in-Door, AI Direct Drive Washing Machines, VIRAAT Air Conditioners, Puricare Wearable Air Purifier, Frost Free Refrigerators, and UV+UF Water Purifiers. The company’s move to introduce new channel of products aims to boost the sophisticated design of appliances for premium lifestyle.
- In February 2021, Panasonic Corporation declared about the expansion of their Miraie- an IoT and AI-enabled connected living platform. Moreover, the company also introduced smart appliances products including connected refrigerator, Wi-Fi fan, smart Wi-Fi controller plugs, and smart digital switches.
The smart appliances market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BSH Hausgerate GmbH, Electrolux AB, General Electric Co., Haier Co. Ltd., LG Inc., Miele & Cie. KG, Panasonic Corporation, Philips N. V., Samsung Electronics Co. Ltd., and Whirlpool Corp. are among the prominent players operating in the smart appliances market.
Target audience for the report:
- Smart home and kitchen appliances component providers
- Smart home and kitchen appliances manufacturers
- Smart home and kitchen appliances -related service providers
- Smart appliances associations, organizations, and government bodies, such as regulating authorities and policy makers
- Smart home and kitchen appliances distributors, sales firms, and third party distributors
- Venture Capitalist, equity firms, and start-ups.
Scope of the report:
In this report, the market has been segmented on the basis of:
- Product
- Kitchen Appliances
- Smart Dishwashers
- Smart Refrigerator
- Smart Cook-Top
- Smart Oven
- Others
- Home Appliances
- Smart Lighting
- Smart Washing Machine
- Smart Security Devices
- Others
- Kitchen Appliances
- Technology
- Wi-Fi
- ZigBee
- RFID
- Bluetooth
- Others
- Region
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa
- Companies profiled
- BSH Hausgerate GmbH
- Electrolux AB
- Haier Co. Ltd.,
- LG Inc.
- Samsung Electronics Co. Ltd.,
Companies profiled
- BSH Hausgerate GmbH
- Electrolux AB
- Haier Co. Ltd.,
- LG Inc.
- Samsung Electronics Co. Ltd.,