Smart Appliances Market

Market Definition

The global Smart Appliances Market size was valued at USD 37.70 billion in 2022 and is predicted to reach USD 108.71 billion by 2030 with a CAGR of 16.3% from 2023-2030. Smart appliances are devices that can be controlled with other smart devices via different wireless protocols such as Bluetooth and Wi-Fi. These internet-connected devices help in remotely monitoring and managing appliances and systems such as smart lights, smart washing machines, and others.

Smart appliances are designed to be more efficient, safer, and more convenient than traditional appliances. These appliances such as smart refrigerator, ovens, dryers and others are developed to make home tasks easier. As the appliances can measure and control energy usage, they are also referred to as intelligent devices.

Market Dynamics and Trends

The demand for smart appliances is increasing due to the rising demand for wireless solutions such as smart TV, smart refrigerator, smart ovens, and others. With the help of wireless solutions, users can control and monitor their smart home devices from anywhere at any time reducing the time required for the task also allowing them to monitor device functionality on their smartphones or tablets, even when they are not around. 

For instance, many companies in this field offer advanced products and one such example could be LG’s InstaView ThinQ Refrigerator with Wi-Fi connectivity and internal cameras that allow users to see what's inside the refrigerator without physically opening the door.  The users can also use the refrigerator display to track items stored in the refrigerator and sync that information with their smartphone.

Moreover, the ability of smart devices to function with relatively low power consumption is fueling the smart appliances market. These appliances utilize advanced technologies, such as sensors, machine learning, and artificial intelligence to optimize operations, leading to eco-friendly performance.

In addition, smart appliances offer added benefits, such as remote control and automation via smartphones or voice assistants, enhanced functionality, and personalized experiences. The increasing adoption of smart appliances reflects the desire for a connected, efficient, and environmentally friendly lifestyle, driving substantial market growth to meet the demand for smart and sustainable solutions in modern living.

However, the relatively high initial cost of smart appliances compared to traditional appliances, which can deter price-sensitive consumers from adopting these products can act as barrier to the growth of the smart appliances market. On the other hand, the introduction of voice-activated control systems for smart appliances, such as Amazon Alexa and Google Home is expected to create ample growth opportunities for the smart appliances market in the future.

Market Segmentation and Scope of Study

The smart appliances market is segmented on the basis of type, technology, end-user and geography. On the basis of type, the market is categorized into smart home appliances and smart kitchen appliances. The smart home appliances, is sub- divided into, smart dryers, smart air conditioners, smart water heaters, smart lighting devices, others. The smart kitchen appliances, is sub-segmented into smart refrigerators, smart coffee makers, smart kettles, smart dish washers, others.

On the basis of technology, the market is categorized into bluetooth, wi-fi, near, field communication, others. On the basis of end-user, the market is categorized into residential and commercial. On the basis of distribution channel, the market is bifurcated into offline and online. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific dominates the global smart appliance market and is expected to remain dominant throughout the forecast period. This is attributed to the factors such as government incentives and rebates to promote the adoption of energy-efficient appliances, including smart appliances. These initiatives drive consumer interest and create a favorable market environment.

For instance, CLASP (the Collaborative Labeling and Appliance Standards Program) and Chinese partners have agreed to continue to focus on developing and updating minimum energy performance standards (MEPS) for key products, such as cooling and refrigeration, water heaters, LED lighting, and heat pump heating equipment.

Also, there are a number of smart appliances manufacturers in the Asia Pacific region that are looking to capitalize on the growing demand for smart appliances. The Companies such as Xiaomi, and Coocaa are developing products that can be controlled remotely with voice commands and connected to the internet. For instance, in July 2022, Xiaomi announced the launch of the Xiaomi Smart Home Display 6 in its home market of China. This Smart Home Display 6 can cooperate with the Smart Home Display 10 to control smart devices separately as well.

On the other hand, North America shows substantial growth in the global smart appliances market. The growing demand for smart gadgets appears to be significantly influenced by the high per capita income of the people in the U.S. and Canada. According to the latest figures by the Bureau of Labor and Statistics, the average salary in USA per month is USD 6,228 or USD 74,738 per year. As of 2023, the gross minimum salary in the USA is USD 27.77 per hour.

Furthermore, various manufacturers are investing in innovations and new product launches with improved features which accelerates the growth of North American smart appliances market. For instance, in January 2022, Whirlpool announced to integrate air-frying mode to their Wi-Fi-connected smart ovens via a software update. This update will replicate the crispy reheating specs of one of the internet's most popular cooking gadgets. The company's electric ranges & smart single, double, combination wall ovens, and smart slide-in gas will both get the feature.

Competitive Landscape

The smart appliances industry includes several market players including Amazon Inc., Google LLC, Apple Inc., Samsung Electronics, Koninklijke Philips N.V., LG Corporation, Honeywell International Inc., General Electric, Johnson Controls Inc., NetGear Inc., Panasonic Corporation, Whirlpool Corporation, Qingdao Haier Refrigerator Co. Ltd., BSH Hausgeräte GmbH, and Electrolux AB.

These market players are adopting various strategies such as innovation and collaboration to maintain their dominance in the global smart appliances market. For instance, in August 2022, LG joined the Home Connectivity Alliance to enhance the future of smart home experiences in the smart appliances market. This partnership aims to promote seamless connectivity and innovation, allowing users to enjoy more integrated and efficient smart home solutions.

Moreover, in October 2022, Samsung Electronics expanded its partnership with Google to upgrade the smart home interface. Through this collaboration, the users of Samsung Galaxy phones and tablets will be able to connect their devices to the ecosystems of Google Home and Smart Things unlocking a more interconnected and streamlined smart home experience. This enhanced compatibility and seamless integration of devices are likely to drive the adoption of smart appliances and other connected devices in the market.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the smart appliances industry from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the smart appliances market including the current and future trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the smart appliances market is provided in the report.

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

SMART APPLIANCES MARKET KEY SEGMENTS

By Type

• Smart Home Appliances

  • Smart Dryers

  • Smart Air Conditioners

  • Smart Water Heaters

  • Smart Lighting Devices

  • Others

• Smart Kitchen Appliances

  • Smart Refrigerators

  • Smart Coffee Makers

  • Smart Kettles

  • Smart Dish Washers

  • Others

By Technology

• Bluetooth

• Wi-Fi

• Near

• Field Communication

• Others

By End-User

• Residential

• Commercial

By Distribution Channel 

• Offline

• Online

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2022	USD 37.70 Billion
Revenue Forecast in 2030	USD 108.71 Billion
Revenue Growth Rate	CAGR of 16.3% from 2023 to 2030
Analysis Period	2022–2030
Base Year Considered	2022
Forecast Period	2023–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing demand for wireless solutions such as smart TV, smart refrigerator, smart ovens, and others.   Wireless solutions can help to control and monitor the smart home devices from anywhere at any time reducing the time required for the task.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Amazon Inc. 

• Google LLC

• Apple Inc.

• Samsung Electronics

• Koninklijke Philips N.V.

• LG Corporation 

• Honeywell International Inc.

• General Electric

• Johnson Controls Inc. 

• NetGear Inc.

• Panasonic Corporation

• Whirlpool Corporation 

• Qingdao Haier Refrigerator Co. Ltd.

• BSH Hausgeräte GmbH

• Electrolux AB