The smart home appliances market is projected to grow at a CAGR of 18.4% during the forecast period (2022-2030).
Smart Home Appliances Market Set to Grow Exponentially
The smart home appliances market is projected to grow at a CAGR of 18.40% during the forecast period (2022-2030). The growing trend of automation in households, coupled with the increasing demand for energy-efficient appliances, is driving the market’s growth.
Smart Home Appliances Market Insights
According to a recent report by Market Research Future (MRFR), the global smart home appliances market is expected to reach USD 123.4 billion by 2030, growing at a CAGR of 18.40% during the forecast period. The report identifies various factors driving the market’s growth, including the growing trend of home automation, increasing demand for energy-efficient appliances, and rising disposable income of the middle-class population.
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Key Players
Some of the key players operating in the smart home appliances market include-
These players are focusing on expanding their product portfolio, improving their distribution channels, and investing in research and development activities to improve their market position.
Market Segmentation
The smart home appliances market is segmented by product type, technology, end-use application, and region.
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By product type, the market is divided into smart kitchen appliances, smart refrigerators, smart washing machines, smart air conditioners, smart lighting solutions, and others. Among these, smart kitchen appliances are expected to dominate the market during the forecast period due to the growing trend of smart homes and the increasing adoption of smart home appliances.
By technology, the market is segmented into Wi-Fi, ZigBee, Bluetooth, and others. Wi-Fi is expected to dominate the market, owing to the increasing demand for high-speed internet and easy connectivity.
By end-use application, the market is segmented into residential and commercial. The residential segment is expected to dominate the market during the forecast period due to the increasing adoption of smart homes and the growing trend of home automation.
Regional Analysis
The global smart home appliances market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the market during the forecast period, owing to the presence of key market players, increasing adoption of smart home technologies, and growing trend of home automation.
Asia-Pacific is expected to experience significant growth during the forecast period, owing to the increasing demand for smart home appliances, growing urbanization, and rising disposable income.
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Industry Trends
The smart home appliances market is witnessing several trends, including the growing adoption of voice-controlled devices, increasing demand for connected appliances, and the development of smart homes. With the increasing trend of home automation, consumers are demanding appliances that can be controlled through their smartphones or voice assistants, leading to the development of connected appliances. The development of smart homes, where all the devices are interconnected, is further driving the market’s growth.
Conclusion
The global market for smart home appliances is expected to witness significant growth over the next few years, driven by factors such as increasing adoption of smart homes, growing trend of home automation, and increasing demand for high-speed internet and easy connectivity. The market is expected to be dominated by key players such as Samsung Electronics Co. Ltd, Whirlpool Corporation, and LG Electronics Inc., among others. The market is also expected to experience significant growth in the Asia-Pacific region, owing to the increasing demand for smart home appliances, growing urbanization, and rising disposable income.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.