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Smart Home Appliances Market Size

Report ID: GMI6655
Published Date: Sep 2023
Report Format: PDF

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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.

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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.

Smart Home Appliances Market Report Attributes
Report Attribute	Details
Base Year:	2022
Smart Home Appliances 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:	Rising consumer inclination towards smart home Growing demand for convenient and energy-efficient appliances Growing adoption of IoT technology
Pitfalls & Challenges:	Surge in government investments in smart technologies High initial cost of smart home appliances

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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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

Global market for smart home appliances was valued at USD 30.8 billion in 2022 and is projected to register a CAGR of over 11.5% between 2023 and 2032, owing to the growing adoption of Internet of Things (IoT) technology that enables remote control, automation, and data monitoring.

The smart air conditioner segment held around 25% market share in 2022 and will grow further through 2032, attributed to the rising global temperatures and increased awareness of energy efficiency.

North America market held over 30% revenue share in 2022 and will experience growth in the coming years due to consumer demand for automation, energy efficiency, and convenience in home appliances.

Haier Group Corporation, LG Electronics Inc., Samsung Electronics, Hitachi, BSH Hausgeräte GmbH (BOSCH), Panasonic Corporation, Electrolux AB, Midea Group, and Whirlpool.