New Delhi, July 15, 2024 (GLOBE NEWSWIRE) -- The global smart home appliances market size is projected to reach valuation of US$ 190.12 billion by 2032, up from US$ 70.63 billion in 2023 at a CAGR of 11.63% during the forecasted period, 2024-2032.
The demand for smart home appliances in 2024 is poised for significant growth, driven by technological advancements and changing consumer preferences. The global smart home appliances market is expected to generate substantial revenue, with North America leading the charge, contributing approximately $14 billion. Europe follows closely, with Germany alone accounting for $3 billion in market size. In Asia, China stands out with an estimated revenue generation of $17 billion, while Japan's market is projected to reach $6 billion. The United States is expected to have 35 million households equipped with smart appliances, reflecting a strong consumer adoption rate. Similarly, the UK market is set to see 10 million households embracing these advanced technologies.
Request Free Sample Report: https://www.astuteanalytica.com/request-sample/smart-home-appliances-market
In terms of specific appliances, smart refrigerators are predicted to see sales of 10 million units globally, with the US market accounting for 3 million units. Smart washing machines are also in high demand, with 8 million units expected to be sold worldwide. The smart thermostat market is not far behind, with 15 million units projected to be sold, particularly in colder regions like Canada and Northern Europe. Smart security systems are becoming increasingly popular, with an estimated 20 million units to be sold globally, driven by rising security concerns. The integration of AI in smart appliances is another key driver, with approximately 25% of all smart home devices featuring some form of AI by the end of 2024.
Consumer behavior trends in the smart home appliances market indicate a growing preference for energy-efficient and eco-friendly appliances, with 12 million units of smart energy management systems expected to be installed in homes worldwide. Global shipments of smart speakers, which often serve as hubs for smart home ecosystems, are projected to reach 50 million units. The demand for smart lighting solutions is also on the rise, with an estimated 30 million units to be sold. Furthermore, the smart kitchen appliances market is expanding, with 7 million units of smart ovens and 5 million units of smart dishwashers expected to be sold globally. The integration of IoT in smart home appliances continues to accelerate, with 60 million IoT-enabled devices projected to be in use by the end of the year. These statistics illustrate a robust and dynamic market, driven by innovation and consumer demand for convenience and sustainability.
Key Findings in Smart Home Appliances Market
| Market Forecast (2032) | US$ 190.12 Billion |
| CAGR | 11.63% |
| Largest Region (2023) | Asia Pacific (44.3%) |
| Offering | Product (72.1%) |
| Product Type | Smart Household Appliance (43.7%) |
| Technology | Wireless (54.8%) |
| Control Type | Knob/Button (22.2%) |
| Sales Channel | Offline (79.3%) |
| End Use | Residential (Smart homes) (64.1%) |
| Top Trends |
|
| Top Drivers |
|
| Top Challenges |
|
Residential End Users Dominates Smart Home Appliances Market, Contribute Over US$45.29 Billion, Set to Keep Growing at CAGR of 12.03%
Residential users have emerged as the leaders in smart home appliance consumption due to several key factors. Firstly, the convenience and enhanced quality of life offered by smart home technologies are significant drivers. Smart homes allow users to control and monitor a wide range of home appliances remotely, which simplifies daily tasks and improves efficiency. For instance, 18% of U.S. adults find it important to control major appliances from a smartphone or tablet, highlighting the value placed on accessibility and convenience. Additionally, the integration of AI-powered devices and applications has made smart homes more appealing by offering personalized and automated solutions that cater to individual preferences.
The adoption of smart home appliances market among residential users is also driven by environmental and economic factors. With increasing awareness of environmental sustainability, many consumers are motivated to adopt smart home technologies that contribute to more efficient energy consumption and reduced carbon emissions. For example, smart thermostats can save homeowners up to $180 annually on energy costs. The falling costs of smart home devices and higher energy costs due to government regulations further incentivize adoption. For instance, the average cost of smart bulbs has decreased by 25% over the last three years, making them more accessible. Moreover, the trend towards green smart home products (GSHPs) is gaining traction as consumers seek to make their homes eco-friendlier. The market for GSHPs is expected to reach $25 billion by the end of 2024, driven by consumer demand for sustainable living.
Several key factors contribute to the dominance of residential users in the smart home appliances market. Trust, awareness, and enjoyment are crucial in influencing the intention to use smart homes. The complexity of smart home setups can be a barrier, but advancements in user-friendly interfaces and assistance systems are helping to overcome this challenge. For instance, voice assistants like Amazon Alexa and Google Assistant are now installed in over 100 million homes worldwide, simplifying the use of smart technologies. Additionally, the desire for enhanced security, convenience, and energy efficiency drives residential users to invest in smart home technologies. Home security systems with smart features have seen a 30% increase in sales in 2023 alone. The Consumer Electronics Show (CES) 2024 highlights the growing interest in smart homes, with new gadgets and innovations continually being introduced to the market. For example, smart refrigerators with built-in AI have seen a 15% sales increase year-over-year. As a result, residential users are at the forefront of smart home appliance consumption, driven by a combination of convenience, environmental consciousness, and technological advancements.
The Ascendancy of Tech-Savvy Living Giving a Boost to the Smart Household Appliances, Contribute Over US$ 30.86 Billion
Smart household appliances have emerged as leaders in the smart home appliances market due to their ability to integrate seamlessly with the Internet of Things (IoT), providing enhanced convenience, efficiency, and connectivity. These appliances, ranging from smart refrigerators and ovens to washing machines and thermostats, are revolutionizing daily tasks by offering features such as remote control, energy monitoring, and predictive maintenance. For instance, the Anova Precision Oven allows users to bake, roast, and sous vide with precision, while smart washing machines propose optimal washing cycles based on user patterns. The integration with smart grids and energy management systems further enhances their appeal, allowing for optimized energy consumption and cost savings. The continuous innovation in this sector, driven by consumer demand for smarter, more efficient home solutions, has led to a significant market presence, particularly in regions like Asia Pacific and North America.
The demand for smart household appliances in the smart home appliances market is driven by several factors, including the increasing adoption of IoT, the desire for energy efficiency, and the convenience of remote operation. Consumers are increasingly looking for appliances that not only perform their primary functions but also offer additional benefits such as energy savings and enhanced user experience. For example, smart plugs like the TP-Link Kasa Smart Wi-Fi Plug Slim monitor power usage and support voice commands, making them highly desirable. Key producers in this market include tech giants like Samsung, LG, and Whirlpool, who continuously innovate to meet the evolving needs of tech-savvy consumers. These companies leverage AI and machine learning to predict user behavior and provide personalized experiences, further solidifying their dominance in the market. The rapid advancements and the integration of smart technologies into household appliances underscore their leading position in the smart home industry.
Request For Customization: https://www.astuteanalytica.com/ask-for-customization/smart-home-appliances-market
North America's Slow Adoption of Smart Home Appliances Compared to Asia-Pacific, Shows Regional Saturation
Despite being a developed market, North America significantly lags behind the Asia-Pacific region in the adoption and proliferation of smart home appliances market. Several critical factors contribute to this gap, primarily revolving around consumer behavior, technological infrastructure, and market dynamics. In North America, a substantial portion of the population remains skeptical about the utility and necessity of smart home devices. For instance, a 2024 survey found that 45 million households still prioritize traditional appliances over smart alternatives due to concerns over privacy and data security. Additionally, the average age of home appliances in North American homes is approximately 9 years, indicating a slower replacement cycle compared to the Asia-Pacific region, where rapid urbanization and newer housing developments drive quicker adoption rates.
Technological infrastructure also plays a pivotal role in this disparity. While North America smart home appliances market boasts a robust internet infrastructure, the deployment of IoT (Internet of Things) networks has been slower compared to Asia-Pacific. As of 2024, only 503 major cities in the U.S. have fully integrated 5G networks, essential for the optimal performance of smart home devices. In contrast, China alone has over 90% cities and village with comprehensive 5G coverage, facilitating seamless integration of smart appliances. Moreover, India has witnessed improved 5G coverage from 28% in Q1 2023 to 52% in Q4 2023. Furthermore, the cost of smart home devices remains relatively high in North America. The average cost of a smart refrigerator in the U.S. is around $3,000, whereas similar models in South Korea are priced at $2,200, making them more accessible to a broader consumer base.
Market dynamics and governmental policies further accentuate this lag. The Asia-Pacific region benefits from substantial governmental support and incentives for smart home technology adoption. In 2024, the Chinese government allocated $10 billion towards smart city initiatives, directly boosting the smart home appliances market. Conversely, North American policies have been more focused on cybersecurity and data protection, which, while crucial, have not provided similar financial incentives for smart home adoption. Additionally, tech giants in Asia, such as Samsung and Xiaomi, have aggressively marketed and subsidized smart home appliances, capturing a larger market share. In contrast, North American companies like Apple and Google have focused more on premium segments, limiting widespread adoption. These multifaceted factors collectively explain why North America lags behind Asia-Pacific in the realm of smart home appliances.
Key Companies:
- AB Electrolux
- GE Appliances
- General Electric Co.
- Koninklijke Philips NV
- LG Electronics Inc.
- Robert Bosch GmbH
- Midea
- Mitsubishi Electric
- Neato
- Panasonic Corp.
- Samsung Electronics
- Sharp Corp.
- Whirlpool
- Xiaomi Corp.
- Other Prominent Players
Segmental Overview
By Offering
- Products
- Services
- Consulting
- Installation & Integration
- Repair & maintenance
By Product Type
- Smart Kitchen Appliances
- Refrigerator
- Microwaves/Ovens
- Hobs/Cooktops
- Coffee Maker Machine
- Blender, Others
- Smart Household Appliances
- Water Dispenser
- Vacuum Cleaners
- Dish Washers
- Smart Dryers
- Smart Lighting
- Light Bulbs
- Outlets
- Switches
- Lighting Kits
- Smart Heating and Cooling
- Heater
- Air Conditioner
- Thermostats
- Celling Fans
- Energy Control Systems
- Leak Detectors
- Smart Security
- Locks
- Security System (Gates)
- Camera
- Smoke and Carbon Monoxide Detectors
- Consumer Electronics
- Smart Sleep Systems
- Infant Monitors
- Air Care Systems
- Weather Systems
- Others
By Technology
- Wired
- Powerline
- PoE
- Others
- Wireless
- Wi-Fi
- Zigbee
- Bluetooth
- Near Field Communication (NFC)
By Control Type
- Touchpad/Touchscreen
- Analog
- Buttons/Knobs
- Digital
- Electromechanical
- Electronic
- Others
By Sales Channel
- Online
- E-commerce website
- Company Owned Website
- Offline
- Supermarket/Hypermarket
- Specialty Stores
- Other Retail Stores
By End-User
- Residential
- Commercial
- Hospitality
- Enterprise
- Hospital
- Retail
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Inquire Before Buying This Research Report: https://www.astuteanalytica.com/inquire-before-purchase/smart-home-appliances-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/
LinkedIn | Twitter | YouTube
