Smart Home Appliances Market is projected to grow at a CAGR of 8.1% between 2022 and 2032 | Future Market Insights, Inc. – GlobeNewswire
NEWARK, Del, Aug. 10, 2022 (GLOBE NEWSWIRE) — The global smart home appliances market is anticipated to garner US$ 75 Billion while expanding at a CAGR of 8.1% during the forecast period ranging from 2022 to 2032, as per Future Market Insights’ recent report. The market is estimated at US$ 32 Billion in 2021 and US$ 34.5 Billion in 2022. Product demand is being driven by factors, such as the growing penetration of smart homes, rising home improvement projects, and rapid developments in IT and wireless communication.
Technological advances incorporated into homes are augmenting industry growth. Makers are incessantly developing and transforming smart home appliances to cater to the relaxed lifestyles of tech-savvy consumers. Besides, brands have been improving smart automation and hi-tech features for smart homes. Digital smart dials and voice-controlled lighting with programmable attributes are anticipated to appeal to millennial clientele. On the other hand, high costs involved in technological advancements, which can result in higher global product costs, may hurt industry development.
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In recent years, the demand for smart home appliances has burgeoned at a moderate rate, backed by an upward trend of advanced gadgets among millennial consumers. In terms of product type, the demand for smart washing machines is rising at an impressive rate owing to the growing demand for convenience products in residential spaces.
Key Takeaways from the Market Study
- By product type, smart washing machines are expected to be most sought after, capturing 31% revenue
- Smart air purifiers to enjoy equally high demand, flourishing at a 7.9% CAGR until 2032
- Offline smart home appliance sales to retain dominance, comprising over 60% demand in 2022
- Online smart home appliances sales to surge fastest, estimated to record an 8.1% CAGR
- North America region is likely to account for the majority share of nearly 38% in 2022
- Europe to generate substantial expansion opportunities, yielding 1/3rd of global revenue in 2022
- Asia Pacific to register an 8.3% CAGR with regard to smart home appliance demand
“With the introduction of novel technologies and increasing concern for the cybersecurity, the manufacturers are investing more on developing energy-efficient products to offer protection for the residential & commercial, thereby exhibiting immense growth,” remarks an FMI analyst.
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Key players in the global Smart Home Appliances market include Whirlpool Corp., LG Electronics, Haier Group, Samsung Electronics Co. Ltd., Panasonic Corp., BSH Hausgeräte GmbH, Electrolux AB, Koninklijke Philips N.V, GE Appliances, Xiaomi Corp., among others. Recent key developments among players are:
- In January 2022, Samsung Electronics announced its membership in the Home Connectivity Alliance (HCA) together with leading manufacturers in the smart home space, aiming to promote interoperability and greater safety.
- In February 2021, Panasonic announced the launch of its IoT and AI-connected living platform-Mirage. Additionally, the company launched a connected refrigerator, washing machine, wifi fan, ROMA smart digital switches, and smart wifi controller plugs and switches in India.
- In January 2022, Electrolux and other manufacturers formed the Home Connectivity Alliance (HCA) to make devices and apps work together across brands for a better consumer experience.
Key Segments Covered in the Smart Home Appliances Industry Analysis
Smart Home Appliances Market by Product:
- Smart Washing Machines
- Smart Refrigerators
- Smart Air Purifiers