NEW YORK , May 9, 2022 /PRNewswire/ — The global smart home appliances market was valued at $34.8 billion in 2021, which is projected to touch $139.0 billion by 2030, rising at a CAGR of 16.6% from 2021 to 2030, according to P&S Intelligence. People in advanced and emerging economies are increasingly urbanizing, and their disposable income is also rising, thus resulting in a strong demand for smart home equipment. In 2021, about 80 million homes in the U.S. planned to acquire a new variety of smart devices, due to the increase in the customer interest in technologically sophisticated devices.
As the demand grows, prominent market players are increasing their R&D investment to produce technologically improved products. Major players in the market are Panasonic Corporation, Haier Electronics Group Co. Ltd., Electrolux AB, Apple Inc., Samsung Electronics Co. Ltd., Koninklijke Philips N.V., LG Electronics, BSH Home Appliances Corporation, and Whirlpool Corporation.
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Key Findings of Smart Home Appliances Market Report
Approximately 90% of the people breathe air with a high level of pollutants. Outdoor and indoor air pollution cause around 7 million deaths every year; with indoor air pollution killing about 3.8 million people.
The residential sector is a major contributor to the smart home appliances market growth since the demand for smart home appliances is rapidly expanding. In 2021, smart home equipment utilized in the residential sector produced around 70% of the market’s revenue. Consumers are well-versed in advanced technology and investing in home automation solutions that will improve their living spaces.
Wi-Fi is one of the most-convenient technologies for operating smart gadgets. Wi-Fi-connected appliance sales were valued over $16 billion in 2021, and they are predicted to reach around $68 billion by 2030. By default, Wi-Fi networks have a pre-built infrastructure capable of handling massive volumes of data, which allows people to operate appliances from a computer or mobile.
In the smart home appliances market, the faster-growing category is likely to be online shopping of smart home equipment, based on distribution channel. Online product sales are boosted by the rapid digitization and rising interest e-commerce, especially among the young and working population. Therefore, the revenue earned through the internet channel will continue to increase in the future.
Philips launched a smart air purifier with AeraSense technology in October 2020. AeraSense technology analyzes pollution 1,000 times per second and displays real-time PM2.5, allergy, and gas levels in a room on a digital screen.
LG Electronics USA and Homebase LLC, a smart building automation firm for multifamily buildings, announced a partnership in January 2020 to launch an apartment program that combines Homebase’s smart apartment building management platform with LG smart appliances.
Browse detailed report on Global Smart Home Appliances Market Size, Trends, Emerging Opportunities, And Top Key Players By 2030
The smart home appliances market is growing the fastest in the APAC area, owing to an increase in the number of luxury housing development projects and increasing urbanization. Furthermore, as the living conditions of people improve, accompanied by an increase in the disposable income, shifting inclination of customers toward innovative and efficient smart homes, and fueling demand for advanced technological products in the region.
Smart appliances and devices now replicate daily activities owing to advances in IoT and AI ecosystems. Furthermore, with people spending more time indoors, customers’ need for safety, ease, and comfort through integrated technological solutions has become important. People are now choosing connected, smart, and energy-efficient household devices.
Smart Home Appliances Market Segmentation Analysis
By Product Type
Smart Washing Machines
Smart Air Purifiers
By Distribution Channel
By End User
Middle East and Africa
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SOURCE P&S Intelligence