What is the present valuation and projected CAGR of the smart home appliances market?
The smart home appliances market size has grown rapidly in recent years. It will grow from $45.36 billion in 2024 to $51.81 billion in 2025 at a compound annual growth rate (CAGR) of 14.2%. 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 $86.98 billion in 2029 at a compound annual growth rate (CAGR) of 13.8%. 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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What key drivers have fueled the smart home appliances market’s development over the years?
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.
What is the segmentation for the smart home appliances market?
The smart home appliancesmarket 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
Subsegments:
1) By Washing Machine: Front-Load Washing Machines, Top-Load Washing Machines, Washer-Dryer Combos
2) By Dishwasher: Built-In Dishwashers, Portable Dishwashers, Countertop Dishwashers
3) By Refrigerator: French Door Refrigerators, Side-by-Side Refrigerators, Top Freezer Refrigerators, Bottom Freezer Refrigerators
4) By Air Conditioner: Window Air Conditioners, Portable Air Conditioners, Split Air Conditioners, Central Air Conditioners
5) By Security Devices: Smart Locks, Surveillance Cameras, Motion Sensors, Alarm Systems
6) By Lighting Devices: Smart Bulbs, Smart Switches, Smart Light Strips, Smart Fixtures
7) By Other Products: Smart Thermostats, Smart Plugs, Smart Speakers, Smart Home Hubs
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Who are the most influential companies in the smart home appliances market?
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.
What are the top industry trends projected to impact the smart home appliances market?
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.
What are the major regional insights for the smart home appliances market, and which region holds the top position?
Asia-Pacific was the largest region in the smart home appliances market in 2024. 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.
What Does The Smart Home Appliances Market Report 2025 Offer?
The smart home appliances market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Smart home appliances are technologically advanced devices integrated with internet connectivity and automation features that allow users to control, monitor, and optimize household functions remotely for enhanced convenience and efficiency. These appliances are used for various purposes, including managing home security, controlling energy consumption, streamlining daily tasks, and improving overall comfort and convenience in residential settings.
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