Artificial Intelligence
Smart Appliances Market Valued at USD 96.5 Billion at a 17.2 % of CAGR by 2030- Market Research Future (MRFR)
New York, USA, June 22, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Smart Appliances Market Information by Technology, Components, Application – Market Forecast Till 2030”. The Smart Appliances Market could thrive at a rate of 17.2% between 2023 and 2030. The market size will be reaching around USD 96.5 billion by the end of the year 2030.
Smart Appliances Market Key Players
Prominent market players profiled in the global Smart Appliances market report include
- Whirlpool Corp
- Haier Co. Ltd
- LG Inc
- General Electric Co.
- Miele & Cie. KG
- Electrolux AB
- BSH Hausgerate GmbH
- Philips N.V.
- Groupe SEB
- Samsung
- Panasonic Corp.
Get Free Sample PDF Brochure –
https://www.marketresearchfuture.com/sample_request/1049
Scope of the Report – Smart Appliances Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 96.5 billion |
| CAGR during 2023-2030 | 17.2% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Key Market Opportunities | Rising Technological Advances |
| Key Market Dynamics | Increasing Focus on Home Connectivity Rising Disposable Income and Changing Lifestyle |
Buy Now Premium Research Report – Get Comprehensive Market Insights.
Smart Appliances Market Drivers
There are three key market driving factors for the Smart Appliances market. Firstly, the growing adoption of smart home technologies and the Internet of Things (IoT) is driving the demand for smart appliances. With increasing connectivity and the desire for interconnected homes, consumers are seeking appliances that can be controlled remotely and offer advanced features and functionalities. Secondly, the focus on energy efficiency and sustainability is propelling the market growth for smart appliances. These appliances are designed to optimize energy usage, reduce waste, and enable users to monitor and manage energy consumption. Thirdly, the rising consumer inclination towards convenience and automation is fueling the demand for smart appliances. The ability to control and monitor appliances through mobile applications, voice assistants, and smart home hubs provides users with enhanced convenience, flexibility, and time-saving benefits.
Restraints and Challenges
Market restraints for the Smart Appliances market include high costs, interoperability challenges, and concerns related to data privacy and security. Smart appliances are often priced higher than their traditional counterparts, limiting their adoption among price-sensitive consumers. Additionally, interoperability issues between different smart home platforms and protocols can hinder the seamless integration and operation of smart appliances. Furthermore, the collection and transmission of data by smart appliances raise privacy and security concerns, as users become more aware of data breaches and potential misuse of personal information. Addressing these challenges through standardization, improved affordability, and robust security measures will be crucial for the widespread adoption of smart appliances.
Smart Appliances Market Segmentation
- By Component: The component in the market includes Product and Services
- By Type: The Type in the market includes Metal, Polymer, And Others
- By Distribution Channel: By Distribution channel, the segment includes Offline and Online
Smart Appliances Market COVID-19 Analysis
The COVID-19 pandemic had a significant impact on the Smart Appliances market. As people spent more time at home, there was an increased focus on home improvements and investments in smart home technologies. The demand for smart appliances surged as consumers sought convenience, efficiency, and remote-control features. The pandemic also highlighted the importance of hygiene and cleanliness, leading to the adoption of smart appliances with features like self-cleaning and touchless controls. Post-COVID-19, the market is expected to witness sustained growth as consumers continue to prioritize smart and connected solutions for their homes.
Browse In-depth Market Research Report (110 Pages, Charts, Tables, Figures) on Smart Appliances Market –
https://www.marketresearchfuture.com/reports/smart-appliances-market-1049
Smart Appliances Market Regional Analysis
Europe closely follows North America in the Smart Appliances market. The region has a strong emphasis on sustainability, energy efficiency, and environmental consciousness. European consumers are increasingly inclined towards energy-saving solutions, and smart appliances align with their preferences. Additionally, the European Union has set ambitious targets for reducing energy consumption and carbon emissions, which drive the demand for energy-efficient appliances. The emphasis on eco-friendly solutions and smart city initiatives further boosts the market for smart appliances in Europe.
Asia Pacific is witnessing rapid growth in the Smart Appliances market, driven by several factors. The region has a large population and a rising middle class with increasing disposable incomes. As a result, there is a growing demand for modern and technologically advanced appliances, including smart appliances. The adoption of advanced technologies and the Internet of Things (IoT) in countries like China, Japan, and South Korea further accelerate the market growth. Moreover, rapid urbanization and the trend of smart homes in urban areas contribute to the increasing demand for smart appliances in the region.
Ask for Customization – Get a customized version of the report by submitting a customization request.
Industry Updates
January 2023 – LG Inc. introduced a new line of smart kitchen appliances. The new range of products integrates artificial intelligence (AI) and advanced connectivity features to enhance user experience and provide seamless control and monitoring. This development showcases the continuous innovation in the smart appliances market to meet evolving consumer demands for connected and intelligent home appliances.
Related Reports:
Browse through more Semiconductor and Electronics Research Reports.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
