| Study Period | 2019 - 2030 |
| 2024 Market Size | USD 49.8 Billion |
| 2025 Market Size | USD 59.1 Billion |
| 2030 Forecast | USD 139.0 Billion |
| Growth Rate (CAGR) | 18.7% |
| Largest Region | North America |
| Fastest Growing Region | Asia-Pacific |
| Nature of the Market | Fragmented |
| Largest End User Category | Residential |
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The global smart home appliances market size stood at USD 49.8 billion in 2024, and it is expected to advance at a 18.7% CAGR during 2024–2030, reaching USD 139.0 billion by 2030.
The industry is mainly driven by the rising internet penetration and smartphones, the advancing technologies, the growing disposable incomes, and the improving lifestyle of people. Moreover, the standardization of communication protocols, governments’ energy star ratings and energy conservation programs, and people’s preference to project their social status drives the market.
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. As per a recent poll conducted by Houzz, the medial spending on home renovation projects in the U.S. increased by up to 60% between 2020 and 2023. Moreover, many homeowners are undertaking multiple renovation projects at the same time.
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.
In 2024, smart washing machines hold the largest share, of 30%. Since washing machines consume a significant amount of water and electricity, people are turning to smart alternatives to conserve these vital resources. Moreover, these variants remember user settings, have troubleshooting features, and even suggest the appropriate wash cycle for different fabrics.
Smart purifiers will witness the highest CAGR, of 19.2%, in the forecast period. 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. The trend especially took off after the COVID-19 pandemic, with people becoming aware of the way coronavirus spreads and the fact that pre-existing pulmonary conditions, such as bronchitis, TB, and asthma, can significantly exacerbate its effects.
The following product types are considered in the report:
Wi-Fi dominates the market with a share of 40% in 2024, and it will also be the fastest-growing category, over this decade. 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.
The report offers insights for the following technologies:
The offline category dominates the market, with 65% revenue, in 2024. Traditional brick-and-mortar stores are the traditional shopping sites for people. Additionally, a lot of large, dedicated electrical appliance stores can be found around the world, allowing people to see and inspect the products, talk to the salesperson about specifications, and even see the systems in action before buying. Moreover, since these appliances are a significantly higher investment, people have traditionally shied away from purchasing them online.
Over the forecast period, it is expected that online sales of smart home appliances will grow at the highest rate, of 18.9%. 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.
Below are the distribution channels analyzed in the report:
The residential sector is the larger and faster-growing category. 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.
We have studied the below-mentioned end users:
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North America holds the largest share, of 45%, because the population here is the most tech-savvy. Additionally, the presence of many technology hubs has led to the development of advanced smart home appliances here quicker than other regions. The region also has a robust telecommunications network, with easy access to 5G connectivity, which is essential for the proper functioning of these machines.
APAC is the fastest-growing market, at a CAGR of 19.4%, on account of the surging construction of luxury housing projects and the increasing urbanization. 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 fueling the demand for technologically advanced products across the region.
The report contains analysis for the following regions and countries:
The smart home appliances market is fragmented and 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.
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