Published: April 2022 | Report Code: 12304 | Available Format: PDF
The global smart home appliances market size stood at $34.8 billion in 2021, and it is expected to advance at a 16.6% CAGR during 2021–2030. The industry is mainly driven by the rising internet penetration and smartphones, the advancement in technologies, and the improving lifestyle of people.
The outbreak of the COVID-19 pandemic resulted in a decline in the growth rate of smart home appliances. Although, it affected the market in both positive and negative ways, as the demand for smart appliances such as refrigerators and washing machines increased during the pandemic time. Post the outbreak of the virus, the majority of the population has been working from home, thus spending more time at home and requiring a large number of appliances that can complete tasks more efficiently as compared to traditional methods. many consumers have been taking steps to renovate or completely remodel their houses.
People are progressively investing in home remodeling projects or home improvement to update their outmoded household structure, as a result of increased expenditure associated with mortgage rates and housing prices. The surging home values have increased significantly the homeowner’s equity in the last five years. This shows a trend of making owners richer, who are more motivated toward expending on home improvement.
Moreover, project leads for home specialists reported an increase of about 58% in June 2020, as per an online home remodeling platform. Bathroom and kitchen remodeling projects also increased by around 40% during the same period, suggesting the potential sales of various smart home appliances.
Wi-Fi is one of the most-convenient technologies to operate smart devices. The sale of Wi-Fi-connected appliances was valued around $16 billion in 2021, which is expected to reach around $68 billion by 2030. Wi-Fi networks give a pre-built infrastructure with the ability to tackle large amounts of data by default. Appliances can be controlled using a personal computer through Wi-Fi. Also, the increase in internet penetration globally and the developments in automation technologies such as the internet of things (IoT) are other major factors driving the growth of the smart home appliances market.
In addition, with the rising demand for smart appliances, major players in the market are spending more on R&D to develop technologically advanced products. For instance, Samsung Electronics Co. Ltd., LG Electronics Inc., Panasonic, Whirlpool Corporation, and others are majorly developing Wi-Fi-enabled appliances such as smart air purifiers, dryers, refrigerators, and washing machines.
Over the forecasted period, it is expected that online sales of smart home appliances will grow at the highest growth rate. The rapidly expanding digitalization and surging preference of customers in e-commerce, particularly among the young and working population, are boosting online product sales. As a result, the revenue generated through the online channel will rise in the coming years. Moreover, customers can get several benefits from online channels, including e-commerce websites and start-up e-retailers, such as discount coupons, year-ending sales benefits, home delivery, and a wide range of options.
Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$34.8 Billion |
Revenue Forecast in 2030 |
$139.0 Billion |
Growth Rate |
16.6% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Product Type; By Technology; By Distribution Channel; By End User |
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The residential sector plays an important role in the growth of the market, as the demand for smart home appliances in this sector is increasing at a significant pace. Around 70% of the revenue in the market were generated from the smart home appliances used in the residential sector in 2021. Consumers are well aware of the latest technologies and are ready to invest in connected home solutions that can make their living space better and hassle-free. For instance, products like water purifiers offer TDS monitoring on a real-time basis or even show the real-time status of filters. Also, smart washing machines have sensors that detect how dirty the clothes are and allow the user to control the washing duration using an application that can be operated on any computing device.
Around 90% of individuals breathe polluted air with high levels of contaminants. Both outdoor and interior air pollution causes roughly 7 million premature deaths each year, with 3.8 million people dying as a result of indoor air pollution. Over the forecast period, the smart air purifiers sector is expected to be driven by the deteriorating air quality across regions and the increasing awareness about the benefits of utilizing air purifiers.
Furthermore, a number of companies have introduced smart air purifiers that use innovative purifying technologies to make their products more convenient and user-friendly. For instance, in October 2020, Philips launched a smart air purifier that has AeraSense technology, which monitors pollutants 1,000 times per second and shows real-time PM2.5, allergen, and gas levels in a room on a digital display. Hence, these factors will drive the smart home appliances market.
A person's requirements, interests, and preferences vary with time. Smart home automation is quickly becoming an all-pervasive technology. Due to advancements in AI and IoT ecosystems, appliances and devices are able to mimic daily routines. Moreover, with people staying indoors more than ever, the pursuit of convenience, safety, and comfort through integrated technology products has become imperative to consumers. Today, they prefer home appliances or devices that are smart, connected, and energy-efficient.
Also, many renowned brands are introducing technology-enabled home appliances for all kinds of pre-existing homes, which create avenues for consumers enabling them to transform old appliances into smart ones.
With the surging number of constructions of luxury housing projects and the increasing urbanization in the APAC region, the demand for smart home appliances is rising at the highest growth rate. Additionally, the improving standards of living of people backed by the upsurge in the levels of disposable income are also making consumers inclined toward advanced and convenient smart homes, thereby fuelling the demand for technologically advanced products across the region.
The smart home appliances market is characterized by strong competition among major companies, which have high brand awareness, a wide geographical presence, and vast distribution networks. These market players are projected to drive innovation by improving R&D activities and diversifying their product offerings to gain a competitive edge.
The key winning essentials that set players apart in any market include the identification of consumer trends, addressing their demands, and providing innovative yet eco-friendly products. Several new entrants in the market focus on improving the e-commerce sales channels, as they do not have a rigid supply chain model, and also due to the rise in consumer inclination toward online platforms, owing to their convenience and flexibility.
Major players in the smart home appliances industry have been involved in partnerships and collaborations to remain competitive in the market. For instance:
The research offers a market size of the global smart home appliances market for the period 2017–2030.
Based on Product Type
Based on Technology
Based on Distribution Channel
Based on End User
Geographical Analysis
Most smart home appliances market players are adopting partnerships and collaborations strategy to sustain their business growth.
APAC is the largest and fastest-growing smart home appliances market.
In 2030, the value of the smart home appliances market will be $139.0 billion.
Wi-Fi is the largest category under the technology segment of the smart home appliances industry.
The major smart home appliances market drivers are the improving lifestyle of people, rising internet penetration and smartphones, and advancements in technologies.
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