Smart Home Appliances Market

Smart home appliances refer to the wide range of smart devices in the home that are connected by a network, mostly via a home network or the internet. Smart home appliances use sensors or other appliances and are connected to the Internet of Things (IoT) for remote monitoring, controlling, or accessing and providing services that respond to the users’ perceived demands. The smart hone allows its owner to remotely control parts of the home and configure time schedules for smart home enabled devices to help control costs and be more energy-efficient at the same time.

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Key Drivers

As per the Organization for Economic Co-operation and Development (OECD), the global electricity consumption in 2016 was measured to be 10,533,117 GW-H, and it has been increasing year on year since 1974. The world is in dire need of decreasing electricity consumption to reduce the usage of fuels and monitor the energy usage by each and every appliance used in the household. With the increasing implementation of the IoT in smart home appliances, there has been an upsurge in demand for smart home appliances at the global level. Numerous leading players in the market are emphasizing on making food recognition better and extending the same into their kitchen applications, such as full-size ovens and fridges. Companies such as Bosch, GE, Samsung, and other players have launched different concepts such as a fridge that labels and tracks food items, remotely monitors the stovetop, and integrates AI into applications for recommendations.

Additionally, increasing inclination among consumers toward smart home appliances across developing economies like China and India and the rising purchasing power of consumers will propel the market progression. Other factors, rising penetration of smart homes, increasing home improvement projects, and ongoing developments in IT and wireless communication are expected to drive the market growth. Rising expenditure on home remodeling projects across Western countries because of the increasing home and mortgage prices have augmented the demand for different smart products for residential applications, propelling the market growth.

Over the past decade, the role of the kitchen has been changing. The kitchens are now associated with various activities such as socializing, dining, entertaining and working. The paradigm shift in the lifestyle pattern has been aided by the advancement of technologies. This is one of the significant factors that is contributing to the growth of the market over the coming years. In addition to this, the increasing penetration of cleaning robots in smart homes is further accelerating market growth. On the other hand, the outbreak of the COVID-19 pandemic has adversely impacted the Chinese home appliances sector due to the temporary shutdown of the production of smart home appliances and the raw materials used. However, the market is projected to bounce back in 2021 while growing at a significant rate.

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Appliances Segment Analysis

Home appliances segment is anticipated to grow at a higher CAGR during the forecast period. This is mainly due to the strong demand for home appliances such as washing machines, refrigerators, and other appliances. The ability of smart home appliances to use open-source software, distributed denial-of-service attacks (DDoS), and proprietary software, will further drive the growth of the segment over the coming years.

Connectivity Segment Analysis

Wi-Fi segment is expected to lead the market over the next six years. The outbreak of the COVID-19 has encouraged the trend of working from home, thus increasing the demand for WiFi-based home appliances. Moreover, the growing consumer awareness regarding the various benefits offered by the WiFi-based smart home appliances, such as they help in managing all the smart devices from one place, offers flexibility for new devices and appliances, and maximizes the home security, will energize the growth of the segment in the market.

Product Type Segment Analysis

Smart scale and thermometers segment is predicted to increase at a higher CAGR during the forecast period. The continuous technological advancement in smart scale and thermometers, such as the introduction of additional insights/recommendations on types of meals to be made, is a major factor that is responsible for the growth of the segment. For example, the Drop Scale is a connected kitchen scale that is specially designed to work with the Drop Recipes App via smartphone. Furthermore, various other additional features, such as monitoring progress and adjusting cooking schedule, are further attracting a large number of end-users towards the market. Smart washing machines are expected to dominate the market over the forecast years, because of the changing lifestyles, growing disposable income, and the emerging need to save overall cost on energy consumption.

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Regional Analysis

Asia-pacific is expected to dominate the global smart home appliances market over the next six years. Factors such as the rising disposable income, dual-income households, and the significant shift in the lifestyles are some of the other factors that are surging the demand of the market in this region. China is one of the biggest market for home appliances products and has been continuously growing over the past decade. Apart from China, Japan is also a leading investor in the smart home appliances products in Asia-pacific region. Voice assistant and AI are causing major disruptions across all smart home products. The major economies such as Singapore, Australia, and Hong Kong have a high penetration rate but are comparatively small markets compared to India and South Korea. This factor will open new growth opportunities for the market in this region.

North America is expected to hold a larger share over the upcoming years, because of the increasing renovation activities and reconstruction of old commercial and residential buildings. In addition, the surging adoption of intelligent devices and increasing initiatives undertaken by the private organizations indulged in offering smart home cloud platforms, will bolster the market growth.

Various notable players operating in the market include AB Electrolux, SAMSUNG, Whirlpool, LG Electronics, BSH Hausgeräte GmbH, Panasonic Inc., Haier Group, Breville USA Inc., among others.  

Key Developments:

• • In 2020 – Samsung launched a newly designed Front Control Slide-in Ranges. This range includes beautifully designed, Wi-Fi connected Slide-in Ranges to make cooking simpler with its fingerprint resistant exterior, smart dial, and Air fry mode for healthy cooking. The Smart Dial learns behavior and creates shortcuts to cooking preferences.
  • In 2020 – Whirlpool Corporation decided to launch a 800,000 sq ft distribution in Tulsa, Oklahoma. The factory distribution was awarded with LEED Silver certification. It incorporates various green building strategies and designs across different categories which include energy usage, water consumption, and indoor air quality.
  • In 2020, SAMSUNG launched the new smart speaker with prototype augmented-reality glasses, called Galaxy Home Mini smart speakers. The company is planning to rethink the space to accommodate our diverse and evolving lifestyle and generations.
  • In 2020, Panasonic Inc., entered into a partnership with Flipkart to offer washing machines, air conditioners, and refrigerators under the Flipkart’s MarQ range of home appliances, in India.

The global Smart Home Appliances market has been segmented on the basis of Product Type, Connectivity, Appliance and key regions. Based on Product Type, the market is segmented into Smart Ovens, Smart Dishwashers, Smart Refrigerators, Smart Cookware and Cooktops, Smart Scale and Thermometers and Other Product Types. Based on Connectivity, the market is segmented into Wi-Fi, ZigBee, EnOcean, Bluetooth, RFID, NFC and Others. Based on Appliance, the market is segmented into Home Appliances and Kitchen Appliances. 

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Key questions answered in this research report:

• • At what pace is global Smart Home Appliances market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Home Appliances market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Home Appliances market?
  • Which connectivity generated maximum revenues in 2019 and identify the most promising connectivity during the forecast period?
  • What are the various product types of global Smart Home Appliances market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product Type, By Connectivity, By Appliance, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	AB Electrolux, SAMSUNG, Whirlpool, LG Electronics, BSH Hausgeräte GmbH, Panasonic Inc., Haier Group, Breville USA Inc., among others; a total of 8 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Home Appliances Market by Product Type

• • Smart Ovens
  • Smart Dishwashers
  • Smart Refrigerators
  • Smart Cookware and Cooktops
  • Smart Scale and Thermometers
  • Other Product Types

Global Smart Home Appliances Market by Connectivity

• • Wi-Fi
  • ZigBee
  • EnOcean
  • Bluetooth
  • RFID
  • NFC
  • Others

Global Smart Home Appliances Market by Appliance

• • Home Appliances
  • Kitchen Appliances

Global Smart Home Appliances Market by Region

• • North America Smart Home Appliances Market (Option 1: As a part of the free 25% customization)
    • By Product Type
    • By Connectivity
    • By Appliance
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Home Appliances Market (Option 2: As a part of the free 25% customization)
    • By Product Type
    • By Connectivity
    • By Appliance
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Home Appliances Market (Option 3: As a part of the free 25% customization)
    • By Product Type
    • By Connectivity
    • By Appliance
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Home Appliances Market (Option 4: As a part of the free 25% customization)
    • By Product Type
    • By Connectivity
    • By Appliance
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Smart Home Appliances (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AB Electrolux
  • SAMSUNG
  • Whirlpool
  • LG Electronics
  • BSH Hausgeräte GmbH
  • Panasonic Inc.
  • Haier Group
  • Breville USA Inc.