Press release
Soaring Demand Set to Propel Smart Home Appliances Market to $84.22 Billion by 2029
Smart Home Appliances
What Is the Expected CAGR for the Smart Home Appliances Market Through 2025?
The market size for intelligent home devices has experienced quick expansion in the past few years. The market growth is expected to rise from $45.36 billion in 2024 to an impressive $51.03 billion in 2025, with a compound annual growth rate (CAGR) of 12.5%. Several factors have contributed to this growth in the past, such as climbing energy costs, the proliferation of interconnected devices, increasing disposable income, intensified interest in home security, and the desire for convenience and automation.
What's the Projected Size of the Global Smart Home Appliances Market by 2029?
Expectations of a swift expansion are predicted for the smart home appliances market in the coming years, with projections showing growth to $84.22 billion by 2029, reflecting a compound annual growth rate (CAGR) of 13.3%. Several factors contribute to this projected growth in the forecast period including the increasing demand for environmentally friendly appliances, the spread of 5G networks, the upsurge of internet connections in developing markets, heightened awareness of the advantages of smart homes, and a growing need for real-time monitoring. Key trends contributing to this forecasted increase consist of rising application of machine learning in appliances, home automation system proliferation, the integration of intelligent appliances with home entertainment, adoption of blockchain for secure data transactions, and the emerging presence of solar-powered smart appliances.
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Top Growth Drivers in the Smart Home Appliances Industry: What's Accelerating the Market?
The development in connectivity infrastructure is anticipated to propel the progress of the smart home appliances market. By connectivity infrastructure, we mean the networks and hardware systems that make smooth communication and data trafficking between devices, systems, and users possible. The emergence of the Internet of Things (IoT) plays a significant role in the progress of connectivity infrastructures, as more connected devices necessitate rapid, trustworthy networks for hassle-free operation. This infrastructure enables smart home devices to communicate, exchange information, and be managed remotely, thus enhancing user convenience and energy efficiency. For instance, a report by Ericsson, a telecommunications company based in Sweden, stated that total IoT connections amounting to 15.7 billion were recorded in 2023, with an expected growth of 16% forecasted, reaching 38.8 billion connections by 2029. Consequently, the strengthening of connectivity infrastructure is propelling the growth of the smart home appliances market.
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What Trends Will Shape the Smart Home Appliances Market Through 2029 and Beyond?
Leading corporations in the smart home appliances market are focusing their efforts on creating sophisticated solutions, such as appliances smartly connected through artificial intelligence (AI), with the aim of improving ease and efficiency within households by introducing intelligent devices that can tailor to the needs and habits of the user. These AI-driven smart connected appliances are furnished with AI technology which has the capacity to dissect data, understand user interactions, and link up with other smart devices to automate and enrich domestic chores. Samsung Electronics Co. Ltd., a firm known for semiconductors and electronic products based in South Korea, for instance, unveiled a new set of AI-powered home appliances known as the Bespoke line in April 2024. This collection comprises of the French-Door Refrigerator equipped with an AI Family Hub+, Infinite Induction Line, AI Laundry Combo, Jet Bot Combo AI, Jet AI, and the Cube Air Infinite Line under the Bespoke banner. These devices come with cutting-edge features like cycle adjustments influenced by AI, food management using internal cameras, and smart connectivity via SmartThings, offering a significant improvement in daily tasks, and making homes more integrated, efficient, and convenient.
What Are the Main Segments in the Smart Home Appliances Market?
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
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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Which Top Companies are Driving Growth 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.
Which Regions Will Dominate the Smart Home Appliances Market Through 2029?
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.
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