Smart Home Appliances Market Share, Growth & Forecast [2031]

Report Description

The global smart home appliances market is anticipated to expand at a CAGR of 13.1% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing number of smart homes across the globe.

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Smart appliances are devices that enables communication with smartphones and tablets to control home appliances remotely. Additionally, these devices allows communication with smart grid, which responds to utility signals and provide reminders to consumers to use these appliances during off-peak periods. smart kitchen and smart home appliances play a significant role in the smart appliance ecosystem.

Rapid technological developments lead to integration of Internet of Things (IoT) in smart home appliances, which provides more control to users and enhance the operating functions of the appliances. The concept of connected devices allows users to manage everyday home appliances such as air conditioners, washing machines, coffee makers, microwave ovens, vacuum cleaners and refrigerators from any corner of the house with the help of smartphones and tablets. It allows communication between smart appliances and mobile devices with help of Android/iOS apps.

These products offer smart connectivity features that save time and makes it more energy efficient as compared to their traditional counterparts. The major connectivity platforms used in the market are Wi-Fi, Bluetooth, NFC, Z-Wave and ZigBee.

Market Drivers, Restraints, Trends, and Opportunities

• Rapid technological developments in the IT infrastructure and easy wireless communication compatibility are propelling the market growth.
• Rising need of energy preservation and growing consumer preference to safeguard the global environment from pollution such as toxic wastes and greenhouse gases are anticipated to boost the demand for smart home appliances during the forecast period.
• The emergence of novel coronavirus COVID-19 outbreak has disrupted supply chain activities. However, the rapid growth of the e-commerce industry is expected to stimulate the market growth.
• Growing adoption of smart home appliances owing to increasing penetration of Internet and rising interest of people in cooking is expected to proliferate the market growth during the forecast period.
• Rising adoption of technologically advanced products, expanding network of high-speed Internet, and energy-efficient nature of smart homes appliances are the factors expected to spur the market growth.

Scope of the Report

The report on the global smart home appliances market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Smart Home Appliances Market Segment Insights

Washing machine segment to account a considerable market share.

On the basis of products, the market is segmented into washing machines, refrigerators, TVs, and air purifiers. In terms of revenue, the washing machine segment is expected to account for a market share of more than 25% during the forecast period. Growing adoption of smart washing machines across the residential sector owing to the rising penetration of smartphones and wireless internet connections is spurring the segment growth. Additionally, rapid technological developments in the smart home category is rising the demand for connected appliances such as smart washing machines. Moreover, increasing awareness about these washing machine benefits is expected to boost the segment growth during the forecast period.

The air purifier segment is projected to expand at a substantial CAGR during the forecast period. Rising consumer inclination toward hygiene factor is expected to boost the air purifier segment growth. According to a survey by World Health Organization (WHO), every 9 out of 10 people breathe contaminated air, which contains high level of pollutants. Rising awareness regarding the advantages of using air purifiers and degrading air quality across various regions are the factors expected to drive the segment growth in the coming years.

Offline segment anticipated to account a significant market share.

Based on distribution channels, the market is bifurcated into online and offline. The offline segment is anticipated to account for a significant market share owing to the growing customer preference for convenience and guidance provided by retail stores. An offline purchase allows consumers to have a first-hand look of the product, which allows easy inspection of quality and specifications. Additionally, the presence of sales executive in retail stores help consumers to understand the product qualities effectively. The ability to compare price and product attributes and the availability of wide range of products in retail stores, are anticipated to positively impact the offline segment growth.

The online segment is expected to expand at a healthy growth rate during the forecast period. Rapid expansion of e-commerce and growing digitalization across the globe are driving the online sales of smart home appliances. Furthermore, hectic work schedules along with ease of online transaction attract more consumers toward online shopping. Thus, such factors are expected to drive the segment growth during the forecast period.

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Asia Pacific projected to account for a large market share.

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to account for a market share of more than 35% during the forecast period. Increasing technological advancements and growing Internet penetration in countries such as China and India are expected to fuel the regional market growth during the forecast period. New product launches in this region are encouraging the adoption of smart appliances. For instance, in December 2018, Xiaomi Global Community announced the launch of fully automatic smart washing machine in China.

The market in Europe is expected to grow at rapid pace owing to the increasing adoption of smart appliances due to growing consumer inclination toward adoption of energy-efficient products across the European countries.