Key Drivers of Smart Home Appliances Market Growth & Industry Trends

The smart home appliances global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Smart Home Appliances Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The smart home appliances market size has grown rapidly in recent years. It will grow from $39.93 billion in 2023 to $45.36 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increasing energy costs, rising connected devices, growing disposable income, a growing focus on home security, and demand for convenience and automation.

The smart home appliances market size is expected to see rapid growth in the next few years. It will grow to $75.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to rising demand for eco-friendly appliances, expanding 5G networks, increasing internet penetration in emerging markets, rising awareness of smart home benefits, and demand for real-time monitoring. Major trends in the forecast period include the increasing use of machine learning in appliances, rise in home automation systems, integration of smart appliances with home entertainment, use of blockchain for data security, and rise of solar-powered smart appliances.

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Scope Of Smart Home Appliances Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Smart Home Appliances Market Overview

Market Drivers –
The improving connectivity infrastructure is expected to drive the smart home appliances market going forward. Connectivity infrastructure refers to the network systems and hardware that enable seamless communication and data transfer between devices, systems, and users. The rise of IoT (Internet of Things) is a crucial reason for the growth in connectivity infrastructure, as more connected devices demand faster, reliable networks for smooth operation. Connectivity infrastructure allows smart home devices to interact, share data, and be remotely controlled, improving convenience and energy efficiency for users. For instance, in 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, total IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to 38.8 billion connections by 2029. Therefore, the improving connectivity infrastructure is driving the smart home appliances market.

Market Trends –
Major companies operating in the smart home appliances market are focused on developing advanced solutions, such as artificial intelligence (AI)-driven smart connected appliances, to enhance home convenience and efficiency through intelligent, connected appliances that adapt to user behavior and needs. Artificial intelligence (AI)-driven smart connected appliances are devices equipped with AI technology that can analyze data, learn from user interactions, and communicate with other smart devices to automate and enhance household functions. For instance, in April 2024, Samsung Electronics Co. Ltd., a South Korea-based semiconductors and electronic products company, launched new connected Bespoke AI-Powered Home Appliances. It includes the Bespoke French Door Refrigerator with AI Family Hub+, Bespoke Infinite Induction Line, Bespoke AI Laundry Combo, Bespoke Jet Bot Combo AI, Bespoke Jet AI, and Bespoke Cube Air Infinite Line. They offer features such as AI-driven cycle adjustments, food management with internal cameras, and smart connectivity through SmartThings, significantly enhancing home convenience, efficiency, and integration with daily tasks.

The smart home appliances market covered in this report is segmented –

1) By Product: Washing Machine, Dishwasher, Refrigerator, Air Conditioner, Security Devices, Lighting Devices, Other Products
2) By Technology: Wi-Fi, Radio Frequency Identification, ZigBee, Cellular Technology, Bluetooth, Other Technologies
3) By Distribution Channel: Online, Offline
4) By Application: Personal, Commercial, Other Applications

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Regional Insights –
Asia-Pacific was the largest region in the smart home appliances market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the smart home appliances market are Apple Inc., Google LLC (Alphabet Inc.), Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., Sony Corporation, LG Electronics, Panasonic Corporation, Midea Group, Xiaomi Corporation, Haier Group, ABB Group, Whirlpool Corporation, Sharp Corp., Koninklijke Philips N.V., Emerson Electric Co., Electrolux Group, Hisense Electrical Co Ltd., Miele & Cie. KG, Ecovacs Robotics Co Ltd., iRobot Corporation, Neato Robotics Inc.

Table of Contents
1. Executive Summary
2. Smart Home Appliances Market Report Structure
3. Smart Home Appliances Market Trends And Strategies
4. Smart Home Appliances Market – Macro Economic Scenario
5. Smart Home Appliances Market Size And Growth
…..
27. Smart Home Appliances Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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