The Market Statsville Group (MSG) publishes the new report on the "Smart Home Appliances Market by Product Type (Smart Ovens, Smart Dishwashers, Smart Refrigerators, Smart Cookware and Cooktops, Smart Scale and Thermometers, and Other Product Types), by Technology (Wi-Fi, Bluetooth, Near Field Communication (NFC), and Others), by Distribution Channel (Online and Offline) and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart home appliances market was valued at USD 26.01 billion in 2020 to USD 79.47 billion by 2027, at a CAGR of 17.3% from 2021 to 2027. The cost of a smart appliance is more than a non-connected one, multiple associations and user surveys have indicated a mismatch between the price and longevity of appliances. For instance, as per a March 2020 survey conducted by which? (Consumers’ Association), 69% of respondents expect a “smart” appliance to last as long as a non-connected equivalent. With household dishwashers and washing machines typically lasting for 10 years and fridge-freezers and tumble driers at 11 years old before needing to be replaced, the smarter equivalents price gap is increasing. As a key component of the appliances, software and security become essential toward added features and protection in realizing a return on investment.
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Global Smart Home Appliances Market Segmentation
The overall smart home appliances market has been segmented into product type, technology, distribution channel, and region.
By Technology Outlook (Thousand Units, Value, USD Million, 2017-2027)
- Wi-Fi
- Bluetooth
- Near Field Communication (NFC)
- Others
By Product Type Outlook (Thousand Units, Value, USD Million, 2017-2027)
- Smart Ovens
- Smart Dishwashers
- Smart Refrigerators
- Smart Cookware and Cooktops
- Smart Scale and Thermometers
- Other Product Types
By Distribution Channel Outlook (Thousand Units, Value, USD Million, 2017-2027)
- Online
- Independent Websites
- Dependent Retailers
- Offline
- Hypermarket and Supermarket
- Standalone Stores
- Electronic Retailers
- Home Appliance Stores
- Others
By Region Outlook (Thousand Units, Value, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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Smart Refrigerators, by Product Type, is estimated to hold the largest market share during the forecast period
Based on the product type, the global smart home appliances market has been segmented into smart ovens, smart dishwashers, smart refrigerators, smart cookware and cooktops, smart scale and thermometers, and other product types. In 2020, Smart Refrigerators accounted for the largest market share of 32.23% in the global smart home appliances market and had a CAGR of 18.1% during the forecast period.
The Internet of Things plays an important role in leading an easier human life. Smart appliances have overtaken conventional appliances by improving efficiency, robustness, power consumption, connectivity. Most often, the ‘Smart’ is associated with appliances that are interfaced with the web. Improvement in allied technology has created an effective impact on kitchen room appliances. A smart refrigerator has connectivity to the internet through the Internet of Things to offer functions more than keeping food cool. A typical smart refrigerator is provided in the market currently, has an SMS notifying feature in case of a shortage of food amount present in the fridge. Then, the ability to order shortage food items online like milk, butter, etc., or automatically placing order for the same at a nearby grocery store to refill is being observed.
The Asia Pacific accounts for the largest market share during the forecast period in the smart home appliances market.
Based on the regions, the global smart home appliances market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 47.15% in the global smart home appliances market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America. In the Asia Pacific, After China, Japan is one of the major investors in smart home appliances products in the region. The high awareness increased investment in connected home products, and high penetration of smart home appliances are fueling the studied market’s growth. Voice assistant and AI are causing major disruptions across all smart home products; the smart home appliances segment, too, has witnessed unprecedented growth in the trend in recent years. In Japan, household cleaning robots are steadily becoming a common reality. Moving on from AI-powered voice speakers, consumers have now started to welcome vacuum robots into their homes.
After the Asia Pacific, North America has the largest market revenue share of 19.57%. The United States is one of the major countries that significantly contributed to the growth of the global smart home appliances market over the past few years. The country is one of the major investors and innovators in the studied market. Many of the major and renowned companies in the studied market are based in the United States. The US-based market vendors have a good reputation for innovative products. However, most of these companies outsourced their manufacturing activities and focused their engineering on design and technology upgradation. Growth in markets, such as voice assistants, natural language processing, AI, machine learning, and connected technologies are mainly driving the studied market adoption in the country. In 2020, a new study of US home and multifamily builders that sell or install smart home technology reported that the most common technology strategy among large-scale single-family builders (LSBs) in the country is to establish a whole-home Wi-Fi network. The majority of large-scale single-family home builders surveyed provide smart-home technology to increase the house’s appeal and not add to the sales price.
Some of the major companies that operate in the global smart home appliances market are AB Electrolux, Samsung Electronics Co. Ltd, Whirlpool Corporation, LG Electronics Inc., BSH Home Appliances Corporation, Panasonic Corporation, Haier Group, and Breville Group Limited.
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