New York, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) -- A smart home is a system in which a home automation system monitors and manages various aspects of the home, including lighting, climate, entertainment systems, and appliances. Rapid advancements in wireless communication and IT infrastructure have made it simple to incorporate home appliances compatible with smartphones, laptops, and tablets. This allows users to remotely manage and enhance the functionality of many home appliances, such as refrigerators and air conditioners. The hands-free and more user-friendly smart device deployment made possible by artificial intelligence and digital assistance significantly impact consumer preferences.
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Technological Advancements in Smart Home Technology Drives the Global Market
According to Straits Research, “The smart home appliances market size was valued at USD 30.79 billion in 2021. It is estimated to reach USD 63.63 billion by 2030, growing at a CAGR of 8.4% during the forecast period (2022-2030).” The adoption of new technologies in homes is assisting the industry's progress. Recent technological developments strongly emphasize automation and fully integrated operating systems. In October 2021, IKEA launched its new IKEA smart home category and introduced its first smart cleaner, the STARKVIND, designed for indoor use. This air purifier contains a built-in air quality sensor, five adjustable fan settings, and an automated mode that bases fan speed adjustments on the amount of PM2.5 in the air. In addition, tech-savvy businesses and corporations have developed smart automation and cutting-edge features for smart homes. Digital smart dials and voice-activated lights with programmable features and AI-driven functionality will probably appeal to customers in their twenties. These factors are expected to drive market growth over the forecast period.
Increasing Spending on Remodeling Project to Improve the Smart Home Experience Creates Tremendous Opportunities
As a result of rising costs related to housing prices and mortgage rates, consumers are spending more money on home remodeling or improvement projects to modernize their traditional household structures. Consumers expect appliances with extra features like multipurpose baths, minimalist designs, touchless faucets, and voice-control sensors due to the growing trend of smart homes. Home appliance makers offer luxury tech-driven home appliances that are AI-driven and multi-task automatically, making it simpler to duplicate a tailored experience at home. For instance, Samsung and LG demonstrated their AI-based refrigerator capabilities at CES 2020 in January 2020 and stated they would be available by the end of the year.
Regional Analysis
Asia-Pacific is the most significant shareholder in the global smart home appliances market and is expected to grow at a CAGR of 10.10% during the forecast period. The internet channel for the distribution of smart home equipment consists of company websites and e-commerce sites. The online category is predicted to increase more quickly over the projection period due to the rapid expansion of e-commerce and rising digitalization, particularly in developing countries like China and India. Smart home appliance sales online are increasing globally as a result of millennials and the younger population's growing preference for online shopping, connected devices, and smart home appliances.
North America is expected to grow a CAGR of 7.60% during the forecast period. North America is expected to dominate the global (IoT) Internet of Things market due to its highly developed Information Communication Technology (ICT) infrastructure and the widespread usage of linked devices. It is predicted that the robust internet connectivity of the region and the maturity of the majority of the regional technical marketplaces will accelerate the growth of the market for smart home products. Additionally, North America is home to many of the top companies in revenue, including Apple, Facebook, Google, Facebook, IBM, Microsoft, and IBM. Most of the market's big players are also headquartered in the US.
Key Highlights
- Based on product, the global smart home appliances market is bifurcated into smart washing machines, refrigerators, smart air purifiers, smart TVs, and others. The smart washing machine segment is the highest contributor to the market and is expected to grow at a CAGR of 8.10% during the forecast period.
- Based on distribution channels, the global smart home appliances market is bifurcated into online and offline. The offline segment owns the highest market share and is expected to grow at a CAGR of 8.40% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global smart home appliances market and is expected to grow at a CAGR of 10.10% during the forecast period.
Competitive Players
The global smart home appliances market’s major key players are LG Electronics, Whirlpool Corporation, BSH Hausgeräte GmbH, Samsung Electronics Co. Ltd, Electrolux AB, Panasonic Corporation, Koninklijke Philips N.V, GE Appliances, Xiaomi Corporation, and Haier Group.
Market News
- In November 2022, Amazon announced the rollout plans for Matter, a smart home standard that enables different devices and systems to work harmoniously.
- In December 2022, Andes Technology Corporation, a leading supplier of high efficiency, low-power 32/64-bit RISC-V processor cores, announced the details of the AndesCore™ D23, a new 3-stage 32-bit RISC-V CPU core, to target embedded processing and IoT applications that require low power and high efficiency in a small footprint.
Global Smart Home Appliances Market: Segmentation
By Product
- Smart Washing Machine
- Smart Refrigerator
- Smart Air Purifiers
- Smart TV
- Others
By Distribution Channel
- Online
- Offline
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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