Smart Home Appliances Market Analysis
Explore In-Depth Smart Home Appliances Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2030
Report Code: 12304
Explore In-Depth Smart Home Appliances Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2030
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:
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:
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