27-Jun-2022 | Zion Market Research
The size of the global smart appliances market is expected to grow at the rate of 17.85% CAGR during the forecast period from USD 33.46 billion in 2021 to approximately USD 77.14 billion in 2028.
An appliance becomes a smart appliance when it can connect to a smartphone or tablet and can be operated remotely. The remote connection allows for better control, higher convenience, safety, and efficiency. Smart appliances use the Internet of Things as their connectivity source and the internet collects all data from the interconnected devices to perform smarter functions.
Smart appliances have multiple applications and some of them are smart kitchen appliances, smart household appliances, smart appliances for heating & cooling, smart security, and consumer electronics.
A smart appliance can achieve energy efficiency by tracking and adjusting its own energy levels by analyzing older patterns, and by improving security concerns by automatically alerting about uncommon or undesired movements in the house when the residents are not present.
There was a balanced impact of Covid-19 on the global smart appliance market owing to the halt in the production of the appliances, and supply chain disruption; however the demand for smart home and security appliances increased due to remote working conditions.
With the growing modernization, consumer lifestyle has changed drastically over the years. During the current time, almost every working or non-working individual is occupied with more critical issues and may not have the time for managing household chores. The shift towards a busy lifestyle has propelled the need for smarter devices so that individuals can control at least certain things remotely or on the go with the help of a smartphone. For example, shutting down a stove or air conditioner while leaving the home, or maintaining room temperature while sitting in one place. This change is anticipated to aid the global smart appliance market growth during the projection period. Global growth is also coupled with the rising security concerns with a significant rise in criminal activities. Earlier, there was lesser scope for raising security on private premises because of the non-availability of technology in this sector. But with technological advancement, smart security systems have witnessed huge demand in the global market given their absolute need. Smartphones have become one of the most common smart appliances in today’s digital world. The rising demand for smartphones aided by the rise in population and the presence of multiple affordable smartphones in the market is projected to assist in global market expansion.
Hacking and privacy issues are expected to restrict the global market growth while work-from-home culture and the requirement to automate chores are expected to provide growth opportunities in the global market. Durability and compatibility issues among appliances pose challenges for global market expansion.
The global smart appliances market is divided into three categories, namely technology, sales channel, end usage, and region. In terms of technology, four main segments exist namely Wi-Fi, Bluetooth, NFC, and Others.
In terms of sales channels, two main segments exist, which are online sales and offline sales. With the rising trend towards online purchases and COVID-19 restrictions, people have been inclined towards the online sales segment, purchasing products online, rather than offline stores. This segment promises the potential for the smart appliance market.
In terms of end usage, this market can be divided into residential and commercial. The residential segment is expected to grow widely, given the increased number of work-from-home employees looking to make life easier. The change in lifestyle and mass population opting for luxury smart appliances will also fuel this growth.
North America is projected to dominate the global market owing to the rising innovation in the field of smart appliances, high standard of living, and growing per capita income of the consumer group. The overall highly developed infrastructure of regions like the USA and Canada amongst others is anticipated to aid the regional growth.
Europe is expected to register a higher CAGR during the forecast period because of the stable economy and the high spending capacity of the general population.
Asia-Pacific is expected to contribute significantly to the global smart appliance market owing to the rise in the disposable income of end consumers as well as the presence of large-scale domestic manufacturers of smart devices.
Samsung Electronics, Haier Smart Home, LG Electronics, BSH Hausgerate, Panasonic, Electrolux, Koninklijke Philips, Xiaomi, Whirlpool, and Miele & Cie. KG are among the global smart appliances market's major players.
Browse the full “Smart Appliances Market By Technology (Wi-Fi, Bluetooth, NFC, And Others), By Sales Channel (Online Sales, And Offline Sales), By End Usage (Residential, And Commercial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/smart-appliances-market
The global smart appliances market is segmented as follows:
By End Usage
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