Smart Home Appliances Market Outlook
According to the report by Expert Market Research (EMR), the global smart home appliances market size is projected to grow at a CAGR of 17.3% between 2024 and 2032. Aided by the increasing consumer inclination towards interconnected and automated home environments, the market is expected to grow significantly by 2032.
Smart home appliances represent a revolutionary shift in domestic technology and lifestyle. These appliances, encompassing items like refrigerators, ovens, washing machines, and air conditioners, are equipped with advanced technologies like IoT (Internet of Things), AI (Artificial Intelligence), and machine learning. They offer unparalleled convenience, efficiency, and energy savings, thus aligning perfectly with the modern consumer’s desire for a sophisticated, automated, and eco-friendly household.
The surge in the smart home appliances market demand is fuelled by multiple factors. The primary driver is the growing consumer awareness and preference for smart home ecosystems. These systems integrate various home appliances and devices, enabling users to control and monitor their home environments remotely through smartphones or voice commands. This connectivity not only adds convenience but also enhances home security, a significant concern for today’s homeowners.
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Another catalyst for market growth is the increasing focus on energy efficiency and sustainability. Smart home appliances are designed to optimise energy use, thereby reducing electricity bills and minimising the carbon footprint. This feature is particularly appealing in the wake of rising energy costs and growing environmental concerns.
Technological advancements significantly influence the smart home appliances market outlook. Innovations in AI and IoT have led to the development of appliances that can learn user preferences and adapt their functions accordingly, offering a personalised user experience. For instance, smart refrigerators can track expiration dates and suggest recipes based on available ingredients, while smart washing machines can adjust water usage and cycle times based on load size.
The smart home appliances market growth is also driven by the increasing penetration of high-speed internet and the proliferation of smartphones, which are essential for operating smart home appliances. As more households gain access to these technologies, the adoption of smart home appliances is likely to increase.
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Smart Home Appliances Market Segmentation
The market can be divided based on product type and region.
Market Breakup by Product Type
- Smart Ovens
- Smart Dishwashers
- Smart Refrigerators
- Smart Cookware and Cooktops
- Smart Scale and Thermometers
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart home appliances market. Some of the major players explored in the report by Expert Market Research are as follows:
- LG Electronics Inc.
- AB ELECTROLUX
- Whirlpool Corporation
- Samsung Electronics Co., Ltd.
- BSH Hausgeräte GmbH
- Panasonic Corporation
- Others
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