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Smart Home Appliances Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Global Smart Home Appliances Market: By Offering (Products, Services (Consulting, [Installation & Integration, Repair & maintenance)); 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 (Heaters, 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); Technology (Wired ( Powerline, PoE, Others), Wireless (Wi-Fi, Zigbee, Bluetooth, Near Field Communication (NFC)); Control type (Touchpad/Touchscreen, Analog, Buttons/Knobs, Digital, Electromechanical, Electronic, Others); Sales Channel (Online (E-commerce website, Company Owned Website), Offline (Supermarket/Hypermarket, Specialty Stores, Other Retail Stores); End-User (Residential, Commercial, Hospitality, Enterprise, Hospital, Retail, Others); Region—Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2023–2031

  • Published Date: May-2023  |   Format: pdfpowerpointexcel  |  Report ID: AA0523442  | Delivery: 2 to 4 Hours
Smart Home Appliances Market

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Report AttributeDetails
Market Size Value in 2022US$ 59.59 Billion
Expected Revenue in 2031US$ 143.97 Billion
Historic Data2018-2021
Base Year2022
Forecast Period2023-2031
UnitValue (USD Bn)
Segments coveredBy Offering, By Product Type, By Technology, By Control Type, By Sales Channel, By End User, By Region
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
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The Smart Home Appliances Market was valued at US$ 59.69 Billion in 2022.

The Smart Home Appliances market has been expected to grow with a CAGR of 11.63% during the forecast year.

Data privacy concerns among end-users and compatibility issues with Smart Home Appliances is hindering the market growth in the present as well as in the future.

Increasing penetration of internet and smartphones across the world are driving the Smart Home Appliances Market. 

The demand for smart appliances such as refrigerators, washing machines, and more has increased due to the COVID-19 pandemic, as most of the population is working from home, thus spending more time at home requires many appliances that can complete tasks fast as compared to traditional methods.

Varying markets have different norms or environmental regulations, which might have an impact on a company's profitability. Even within a country, states can have disparate environmental and liability legislation. In the United States, for example, Texas and Florida have separate culpability rules in the event of an accident or an environmental disaster. Similarly, many European governments provide beneficial tax incentives to businesses who invest in the renewable energy sector.

The real estate industry is anticipated to witness growth on account of the growing demand for smart and connected homes and home automation systems, which form an important part of smart homes.

Asia Pacific is leading the market. This is attributed to increasing internet penetration and technology advancements in developing economies, such as China and India. According to the China Internet Network Information Center (CNNIC), internet penetration in China is 59.3%. New product developments across the industry are paving the way for higher adoption of smart appliances. For instance, in December 2018, Xiaomi Global Community launched a fully automatic smart washing machine in China.

Key players in the Smart Home Appliances market include competitors such as 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, and Other Prominent Players.