GVR Report cover Smart Home Appliances Market Size, Share & Trends Report

Smart Home Appliances Market Size, Share & Trends Analysis Report By Distribution Channel (Online, Offline), By Product (Smart Washing Machines, Smart Air Purifiers), By Region (APAC, Europe), And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-944-9
  • Number of Pages: 99
  • Format: Electronic (PDF)

Report Overview

The global smart home appliances market size was valued at USD 30.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2022 to 2030. Product demand is being driven by factors, such as the growing penetration of smart homes, rising home improvement projects, and rapid developments in IT and wireless communication. The rising home improvement projects in Western countries are paving the way for different smart products for residential applications. The increasing spending on home improvement projects or home remodeling is also boosting the product demand, owing to surging home and mortgage prices. The COVID-19 pandemic had an immense impact on the industry. Consumers are still grappling with the socio-economic impact of the pandemic.

U.S. smart home appliances market size, by product, 2020 - 2030 (USD Billion)

However, the industry is likely to recover during the forecast period, given the rising popularity of online/e-commerce sales. Many consumers have been taking steps to renovate or completely remodel their houses. Many companies have witnessed a rise in remodeling projects during the pandemic. As the industry continues to thrive, brands are paying special attention to their target audience and have been reshaping their marketing strategies to attract customer attention. With the coronavirus pandemic, most brands had to switch to social media and online marketing to reach a wider customer base; platforms, such as Facebook, YouTube, and Instagram, offer major opportunities for digital ad campaigns.

Technological innovations incorporated into homes are supplementing industry growth. Manufacturers are continuously developing and modifying smart home appliances to cater to the easy lifestyles of tech-savvy consumers. Furthermore, brands have been developing smart automation and hi-tech features for smart homes. Digital smart dials and voice-controlled lighting with programmable features are likely to attract millennial customers. On the other hand, high costs involved in technological innovations, which can lead to higher overall product costs, may have a negative impact on the industry growth.

However, the rising inclination of consumers toward smart home appliances in emerging economies like China and India and the increased purchasing power of consumers will be key demand driving forces. Major brands are offering a wide range of products keeping in mind the millennial and Gen-Z demographics, resulting in a plethora of opportunities in the industry. For instance, LG introduced an Auto Smart Connect top mount 260 liters frost-free refrigerator equipped with multiple functioning capabilities, such as auto-connect with inverter and smart diagnosis.

Product Insights

On the basis of products, the global industry has been further segmented into smart washing machines, smart refrigerators, smart air purifiers, smart TV, and others. The smart washing machines segment dominated the industry in 2021 and accounted for the largest share of more than 31.45% of the global revenue. The segment is expected to remain dominant throughout the forecast years. People are becoming more aware of new technologies, thus the adoption of smart devices in homes has significantly increased, which supports segment growth. Furthermore, changing lifestyles, increasing per capita income, and the rising need to save overall cost on energy consumption, are likely to boost the product demand.

On the other hand, the smart air purifiers segment is expected to grow at the fastest rate between 2022 and 2030. Smart air purifiers are becoming an essential part of smart homes, as people are becoming more conscious about their health and the environment they live in. Smart air purifiers are also gaining popularity over conventional air purifiers due to their extra capabilities that offer consumers a high level of flexibility and convenience. These devices are more efficient as they feature touch-sensitive controls, real-time air quality detection and reporting, voice control, and Wi-Fi capabilities.

Distribution Channel Insights

On the basis of distribution channels, the global industry has been bifurcated into online and offline. The offline distribution channel segment dominated the overall industry and accounted for the largest share of more than 64.00% of the global revenue in 2021. The availability of an in-store associate/expert, assistance on product specifications, and the convenience of physically examining the product are some of the factors boosting the sales of smart home appliances through the retail channel. On the other hand, the online segment is projected to experience the fastest growth rate during the forecast period.

Global smart home appliances market share, by distribution channel, 2021 (%)

The fast growth of the online segment can be attributed to the rapid expansion of the e-commerce sector and budding digitalization, particularly across developing countries such as India and China. In addition, the growing popularity of online shopping and smart & connected devices among millennials as well as the young population is boosting the online sales of smart home appliances worldwide. Moreover, factors such as effortlessness associated with online transactions, a busy lifestyle, and the flexibility of shopping at any time from any place are driving online product sales.

Regional Insights

On the basis of geographies, the global industry has been further categorized into Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. Asia Pacific is estimated to be the fastest-growing regional market and is projected to advance at a CAGR of 9.9% during the forecast period. The Asia Pacific is estimated to be one of the major regions for the growth of the IoT and smart devices market. In addition, the ongoing smart city initiatives across countries like India, China, and Japan are contributing to the adoption of smart home devices in the region.

Smart Home Appliances Market Trends by Region

Furthermore, growing investments from global players in the region and increasing demand from developing economies, such as China and India, for advanced technologies are other key factors driving the growth of the regional market of Asia Pacific. North America was the largest region in 2021 and accounted for a significant share of the global revenue. The increasing number of renovation activities and reconstruction of old commercial as well as residential infrastructure spaces in developed regions like North America and Europe are driving the market.

Key Companies & Market Share Insights

The industry is characterized by the presence of several well-established players. These players account for considerable shares in the global market and have a strong presence across the globe. The industry also consists of small-to-mid-sized players who offer a selected range of products and mostly serve regional customers. The impact of established players on the market is quite high, as most of them have vast distribution networks across the globe to reach their large customer base. The key players are focusing on strategic initiatives, such as product launches, acquisitions, sponsorships, collaborations, participation in events, and business expansions, to drive revenue growth and reinforce their position in the global industry. For instance:

  • In October 2021, Whirlpool Corp. launched a new W series range of premium 4-door smart refrigerators in India. The Quattro (4-Door) configuration, along with the big 665L storage area, is designed for convenience and provides adequate space for refrigerated needs

  • In October 2021, Panasonic Corp. announced the debut of 43 new refrigerator models and 24 new washing machine models ahead of the holiday season, expanding its home appliance market. The latest versions, which are packed with high-tech features, provide consumers with increased comfort and convenience in their daily lives

  • In March 2021, Haier Group in India launched a new line of front-loading fully-automatic washing machines. The company claims that its newly announced Super Drum Series washing machines have the industry’s largest drum. The new washing machine line features a 525mm super drum that gives clothing more area while also increasing washing efficiency and intensity. As a result, wrinkles are reduced, and users may load and unload clothing more rapidly

Some of the key players operating in the global smart home appliances market include:

  • Whirlpool Corp.

  • LG Electronics

  • Haier Group

  • Samsung Electronics Co. Ltd.

  • Panasonic Corp.

  • BSH Hausgeräte GmbH

  • Electrolux AB

  • Koninklijke Philips N.V

  • GE Appliances

  • Xiaomi Corp.

Smart Home Appliances Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 32.75 billion

Revenue forecast in 2030

USD 64.69 billion

Growth rate

CAGR of 8.6% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central and South America; Middle East and Africa

Country scope

U.S.; U.K.; India; China; Japan; Brazil; South Africa

Key companies profiled

Whirlpool Corp.; LG Electronics; Haier Group; Samsung Electronics Co. Ltd.; Panasonic Corp.; BSH Hausgeräte GmbH; Electrolux AB; Koninklijke Philips N.V.; GE Appliances; Xiaomi Corp.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Smart Home Appliances Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global smart home appliances market report on the basis of product, application, and region:

Global Smart Home Appliances Market Segmentation

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Smart Washing Machines

    • Smart Refrigerators

    • Smart Air Purifiers

    • Smart TV

    • Others

  • Distribution Outlook (Revenue, USD Million, 2017 - 2030)

    • Online

    • Offline

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

    • Europe

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central and South America

      • Brazil

    • Middle East and Africa

      • South Africa

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