Smart Home Appliances Market Insights:
The Smart Home Appliances market industry is projected to grow from USD 33.38 Billion in 2023 to USD 128.94 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.40% during the forecast period (2023 – 2032). Home remodelling projects are increasing, smart homes are becoming more common, and IT and wireless communication are rapidly evolving are the key market drivers enhancing the market growth.
Smart home appliances are traditional household appliances that are equipped with advanced connectivity features and can be controlled remotely via smartphone apps or voice assistants like Amazon’s Alexa or Google Assistant. These appliances offer numerous benefits, including increased energy efficiency, convenience, and enhanced functionality. As a result, they have captured the attention of consumers worldwide.
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are the notable vendors in the Smart Home Appliances market.
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Smart Home Appliances Market Regional Analysis:
The regional analysis for the global smart appliances market has been conducted for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia-Pacific is the most populated region in the world, consisting of some of the major economies, including China, India, Japan, and South Korea. India and China are growing rapidly at a CAGRs of 18.0% and 17.7% respectively during the study period 2018 to 2030 owing to the manufacturing and IT industry growth. The growth of these sectors has also resulted in rapid urbanization in cities, thus creating a lucrative marketplace for smart appliances.
The North American region includes major markets such as the US, Canada, and Mexico. The standard of living in North America is high and is considered a major contributor to creating demand for smart appliances. The region is home to several leading market players including Acuity Brands Lighting, Inc. (US), Vivint, Inc., Whirlpool Corporation, and Colgate-Palmolive.
Meanwhile, the European Smart Appliances Market stood third globally. The major countries contributing to this market growth comprise of the UK, Germany, France, Italy, and the rest of Europe. These countries are experiencing increased demand for smart appliances owing to the rising populations as well as rapid urbanization. Additionally, the countries are also witnessing growth in the concept of the smart home, which is another driving factor in the region. Also, the increasing income level and rise in disposable income have helped create a lucrative Smart Appliances Market in the region. Further, the tourism sector and office and co-working space are in great demand in the region, further escalating the demand for smart appliances.
Smart Home Appliances Market Segmentation:
The global smart appliances market has been segmented based on the component, technology, end-user, and region.
Based on the component, the global smart appliances market is bifurcated into devices and services. The devices segment accounted for larger market share and is expected to dominate during the forecast period. This is mainly attributed to the increasing use of smart appliances in smart homes and commercial spaces in the recent past. However, the services segment is expected to register the highest CAGR of over 17.1% during the study period owing to the growth of smart home appliances has resulted in a surge in demand for its after-sales services, including regular maintenance and device breakdown repairing.
Based on the technology, the global smart appliances market has been segmented into Wi-Fi, Bluetooth, Near Field Communication (NFC), Zigbee, and others. The Wi-Fi segment accounted for the largest market share of 60.2% in 2020, with a market value of USD 22,568.0 million; it is expected to register a CAGR of 16.4% during the forecast period. This is attributed to the popularity of Wi-Fi technology since it can be used to connect multiple smart devices in a home which can be controlled through a centralized command center such as smartphone or voice assistance devices, including Google assistance and Amazon Alexa. The Near Field Communication (NFC) is expected to register the highest CAGR of 16.9% due to rising attractiveness in day-to-day short-range applications such as for accessing doors or wardrobes in a smart home.
On the basis of end-user, the smart appliances market is bifurcated into commercial and residential. Among these, the residential segment reported the larger market share of over 65.1% in 2020. The demand for smart home appliances has grown tremendously over the past decade for residential use, the primary reason being the rise in disposable income of people. The growth and advancement of smart devices technology and the growth of smart home concepts across a major part of the world have also escalated the demand for smart appliances.
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The smart home appliances market has experienced significant growth and transformation in recent years. As technology continues to advance and consumers seek more convenient and efficient solutions for their homes, smart appliances have become increasingly popular. This article explores the current state of the smart home appliances market, the key drivers behind its growth, and the future prospects of this exciting industry.
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