Home > Consumer Goods & Services > Appliances > Home Appliances > Smart Home Appliances Market
Smart Home Appliances Market Size
Smart Home Appliances Market size was valued at USD 30.8 billion in 2022 and is projected to register a CAGR of over 11.5% between 2023 and 2032. The growing adoption of Internet of Things (IoT) technology in smart home appliances enables remote control, automation, and data monitoring.
This convenience and connectivity drive industry gains by enhancing user experience, improving energy efficiency, and offering more personalized, efficient & secure home environments, thereby increasing consumer demand for smart home appliances. For instance, in June 2023, etisalat by e &, Ayla launched a new IoT platform for new smart home solutions. This platform will enable seamless connectivity and communication among various smart devices within a home, enhancing user experience, interoperability, and ease of control. It will encourage the adoption of smart home appliances by providing a unified, user-friendly ecosystem.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 30.8 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 11% |
| 2032 Value Projection: | USD 88.7 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 333 |
| Segments covered: | Appliances Type, Distribution Channel |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
The high initial investment can be a challenge in the industry as it deters price-sensitive consumers. Smart home appliances often come with a premium price tag compared to traditional counterparts including installation costs and potential subscription fees. This financial barrier can make it difficult for some consumers to justify the upfront expense. To minimize this barrier, manufacturers can explore cost-effective production methods, offer competitive pricing, and introduce financing options or subsidies.
COVID-19 Impact
The COVID-19 pandemic had negative impacts on the smart home appliances market. Disruptions in the supply chains and manufacturing led to delays & shortages, hindering the availability of products. Economic uncertainties prompted consumers to cut back on discretionary spending, slowing the adoption of expensive smart appliances. Moreover, lockdowns and social distancing measures limited in-home installations & demonstrations, affecting consumer awareness and purchase decisions.
Smart Home Appliances Market Trends
The growing consumer emphasis on smart home automation is driving the business expansion. These appliances offer real-time data, personalized recommendations & convenient monitoring, empowering individuals to make informed decisions about their health. The customization and personalization in smart appliances signify a shift toward more user-centric technology. These appliances enable users to adjust settings, schedules, and preferences to align with their unique needs and lifestyles. Whether it is customizing the lighting, temperature, or even the way coffee is brewed, these personalized experiences enhance convenience and comfort.
Smart Home Appliances Market Analysis
Based on appliances type, the smart home appliances market is divided into smart refrigerator, smart washing machine, smart air conditioner, smart dishwasher, smart oven, and smart coffee maker. The smart air conditioner market segment held around 25% market share in 2022. Rising global temperatures and increased awareness of energy efficiency are a few factors driving the demand for smart air conditioning systems that can be controlled remotely.
Additionally, the integration of AI & IoT technologies in AC units allows for intelligent temperature management and energy savings. The increasing adoption of smart home ecosystems further fuels this development as users seek to centralize the control of their AC systems within their connected homes, enhancing convenience, personalization & comfort. For instance, in March 2023, LG launched its innovative Super Convertible 6-in-1 Ai+ Air Conditioners range, offering users customized automation and unique health & hygiene features. These smart AC units provide versatile cooling options and can transform into different modes to suit user preferences.
Based on distribution channel, the smart home appliances market is categorized into online and offline. The offline retail segment held around 70% market share in 2022. Many consumers still prefer hands-on experiences and in-store consultations when purchasing high-value, technologically advanced products such as smart appliances. Additionally, physical retail outlets allow customers to see, touch, and interact with products before making a purchase, building trust & confidence. Retailers are also likely to invest in immersive in-store displays and knowledgeable staff to cater to the increasing demand for smart home technology.
For instance, in March 2023, Samsung announced the expansion of its offline footprint with new experiential stores in India. The company’s strategic move to expand its offline presence through 15 new premium flagship stores, termed “Experiential stores,” aims to provide customers with an enhanced shopping experience. These stores will serve as immersive spaces where buyers can not only see and touch the products but also gain in-depth insights into their use cases. Knowledgeable staff and interactive displays will offer customers a comprehensive understanding of the product’s features and benefits.
North America led the smart home appliances market with a share of over 30% in 2022 due to increasing investments in smart home appliances, which is propelling consumer demand for automation, energy efficiency, and convenience. Increased awareness of eco-friendly solutions and a tech-savvy population further boost adoption. Additionally, the region benefits from strong infrastructure, IoT advancements, and the presence of leading tech companies, making it a key hub for smart home technology innovation.
For instance, in June 2023, Tuya, a global IoT development platform service provider, launched the world's inaugural 5-inch Smart Control Panel Solution designed for smart homes, featuring built-in Alexa functionality and significantly impacting the smart home appliance market in North America. The new solution is primarily aimed at the North American market. This solution enables smart home device manufacturers to create customizable & brand-specific devices.
Smart Home Appliances Market Share
Major players operating in the smart home appliances market are :
- Haier Group Corporation
- LG Electronics Inc.
- Samsung Electronics
- Hitachi
- SH Hausgeräte GmbH (BOSCH)
- Panasonic Corporation
- Electrolux AB
- Midea Group
- Whirlpool
Smart Home Appliances Industry News
- In August 2023, Samsung launched an AI-powered personalized food & recipe app. This app is compatible with Samsung smartphones and smart home appliances, leveraging artificial intelligence to provide users with tailored culinary experiences. By analyzing user preferences & available ingredients, it offers personalized recipe suggestions, making meal planning and preparation more efficient & enjoyable within the connected Samsung ecosystem.
The smart home appliances market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and shipment (Thousand Units) from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
By Application Type, 2018 – 2032
- Smart Refrigerator
- Smart Washing Machine
- Smart Air Conditioner
- Smart Dishwasher
- Smart Oven
- Smart Coffee Maker
By Distribution Channel, 2018 – 2032
- Online
- Offline
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- Latin America
- Brazil
- Mexico
- MEA
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions (FAQ) :