Smart Home Appliances Market Future Prospects
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.