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Smart Home Appliances Market to Reach $62.8 Billion, Globally, by 2034 at 5.9% CAGR: Allied Market Research
Allied Market Research published a report, titled, “Smart Home Appliances Market by Product Type (Washing Machine, Refrigerator, Dishwasher, Air Conditioner and Others), and Technology (Wi-Fi, Radio Frequency Identification, Cellular Technology, ZigBee, Bluetooth and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034″. According to the report, the smart home appliances market was valued at $33.8 billion in 2023, and is estimated to reach $62.8 billion by 2034, growing at a CAGR of 5.9% from 2024 to 2034.
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Prime determinants of growth
The global growth of smart home appliances is driven by several key factors tailored to modern consumer needs. The increase in trend toward sustainable living and energy efficiency prompts consumers to opt for appliances that offer smart energy-saving features, such as adaptive temperature control and intelligent power management systems. The rise in urbanization and smaller living spaces in urban areas has boosted demand for compact yet multifunctional smart appliances that maximize utility without compromising on performance. Moreover, advancements in artificial intelligence and machine learning enable appliances to learn user habits, personalize experiences, and autonomously optimize functions, appealing to tech-savvy consumers seeking convenience and efficiency. The integration of smart home ecosystems with voice assistants and mobile applications enhances accessibility and control, offering seamless connectivity and enhancing the overall smart home experience. These factors collectively drive the global smart home appliances market toward substantial growth and innovation.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2034
Base Year
2023
Market Size in 2023
$33.8 billion
Market Size in 2034
$62.8 billion
CAGR
5.9 %
No. of Pages in Report
298
Segments Covered
Product Type, Technology, And Region.
Drivers
• Increase in consumer demand for convenience and automation
• Growth in adoption of IoT technology
• Rise in awareness of energy efficiency and sustainability
• Enhanced connectivity through advanced wireless technologies
• Integration with voice assistants and smart home ecosystems
Opportunities
• Expansion in developing markets
• Advancements in AI and machine learning for smarter functionalities
• Development of eco-friendly and energy-efficient smart appliances
Restraint
• High initial cost of smart home appliances
• Privacy and security concerns
• Compatibility issues with existing home systems
The refrigerator segment held the highest market share in 2023
By product type, the refrigerator segment held the highest market share in 2023 owing to its essential role in households and continuous advancements in smart technology. Smart refrigerators from brands such as Samsung’s Family Hub series and LG’s InstaView ThinQ incorporate innovative features such as touchscreen displays, cameras for interior monitoring, and Wi-Fi connectivity. These appliances enable users to view their refrigerator’s contents remotely, receive expiry notifications, and even place grocery orders directly from the fridge. Such functionalities not only enhance convenience but also promote efficient food management and reduce energy consumption. In addition, integration with voice assistants such as Amazon Alexa and Google Assistant further streamlines interaction and control, which has made smart refrigerators a preferred choice for tech-savvy consumers seeking modern kitchen solutions that optimize everyday tasks while offering connectivity and sustainability benefits.
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The Wi-Fi segment held the highest market share in 2023
By technology, the Wi-Fi segment held the highest market share in 2023. Wi-Fi technology is widely adopted in smart home appliances primarily for its high data transfer rates and global availability in homes and public spaces. Wi-Fi enables appliances to connect seamlessly to home networks and the internet, facilitating remote control, monitoring, and interaction through smartphone apps or voice assistants. For instance, smart refrigerators such as Samsung’s Family Hub series use Wi-Fi to allow users to view contents, track expiration dates, and manage grocery lists from their smartphones. Similarly, smart thermostats such as Ecobee SmartThermostat leverage Wi-Fi connectivity for energy management and remote temperature control. Wi-Fi’s reliability and bandwidth effectively support the increase in demand for interconnected smart devices in modern homes, offering users convenience, efficiency, and enhanced control over their appliances and overall home environment.
North America led the market share in 2023
By region, North America held the highest market share in terms of revenue in 2023. The dominance is primarily driven by high consumer adoption of smart home technologies, strong purchasing power, and robust infrastructure supporting IoT connectivity. In North America, countries such as the U.S. and Canada have a significant number of tech-savvy consumers who value convenience, energy efficiency, and connected living solutions offered by smart home appliances. Major tech companies based in North America, such as Amazon, Google, and Apple, play pivotal roles in driving innovation and setting industry standards for smart home ecosystems. These factors contribute to North America leading in both market size and technological advancements within the global smart home appliances market.
Players: –
Koninklijke Philips N.V.
General Electric Company
Samsung Electronics Co., Ltd.
BSH Hausgerate GmbH
Haier Electronics Group Co., Ltd.
Electrolux AB
LG Electronics Inc.
Miele & Cie. KG
Whirlpool Corporation
Apple Inc.
Panasonic Corporation
The report provides a detailed analysis of these key players in the smart home appliances market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Dev
In March 2024, Ecobee introduced the SmartThermostat Premium, an upgraded version of its popular smart thermostat to provide more precise climate control and energy savings for smart homes. The new model features a sleek design with a larger display, improved voice control with built-in Alexa, and enhanced sensors for better temperature and occupancy detection.
In January 2024, Xiaomi launched the Mi Smart Home Hub, a central control unit for its ecosystem of smart home products to strengthen the product portfolio with smart appliances products. The Mi Smart Home Hub supports Zigbee, Wi-Fi, and Bluetooth connectivity, which allows it to connect with a wide range of smart devices.
In July 2023, Signify, the company behind Philips Hue, launched Philips Hue Secure, a line of smart home security products to expand the business into the home security market. The product line includes security cameras, motion sensors, and secure integration with the Philips Hue app.
In June 2022, Amazon introduced the Echo Show 15, a smart display designed for the kitchen, which features a 15.6-inch screen that can be mounted on the wall or placed on a counter. It supports Alexa voice assistant, that allows users to control other smart home devices, display recipes, manage calendars, and stream content. The device also includes a visual ID feature that personalizes the experience based on the user.
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