The global smart home appliances market generated a revenue of $34.8 billion in 2021, and the market size will advance at a CAGR of 16.6% during the forecast period, to reach $139 billion by 2030. This can be ascribed to the improving lifestyle of people, rising internet penetration and smartphones, and advancements in technologies.
Another major factor that drives the industry is the growing interest in home remodeling. Consumers are increasingly engaging in home improvement or remodeling projects to modernize their traditional household structure. With the rising disposable income, the inclination toward smart homes has increased and consumers are looking for appliances with advanced features, which can be operated with their smart devices. Companies are making it easier by offering technologically advanced home appliances, which are designed to do multi-tasking to make consumers’ living spaces more luxurious and comfortable.
Smart home appliances manufacturers preferred Wi-Fi technology for wireless connectivity. High penetration of the technology in residential households and its ability to easily add devices to home area networks without additional bridges or controllers are the key factors driving the market growth in this category. Moreover, Wi-Fi is one of the most convenient technologies for smart devices to utilize. The key manufacturers are focusing to build smart devices with Wi-Fi technology, as the internet penetration has increased over the years, globally.
Washing machine holds the largest share in the market, due to the advancement in the laundry service and increase in the commercial laundry business. Moreover, the increasing penetration of smartphones and wireless internet connections is helping in boosting the adoption rate of smart washing machines, across the residential and commercial sectors, as these assist in tracking and managing the wash in order to reduce unnecessary wash cycles and water wastage.
Key players in the smart home appliances market have been involved in product launches to remain competitive. For instance:
Some of the major players operating in the market are Samsung Electronics Co. Ltd., LG Electronics Inc., Panasonic Corporation, Whirlpool Corporation, Haier Electronics Group Co. Ltd., Electrolux AB, Koninklijke Philips N.V., BSH Home Appliances Corporation, Miele & Cie. KG, and Apple Inc.