Smart Home Appliances Market size to grow by USD 39.91 billion from 2022 to 2027, North America to account for 32% of the global market growth - Technavio (2024)

NEW YORK, May 9, 2023 /PRNewswire/ -- The smart home appliances market size is expected to grow by USD 39.91 billion from 2022 to 2027, progressing at a CAGR of14.45% as per the latest Technavio market research report.North America is estimated to account for 32% of the market's overall growth during the forecast period. There will be arise in the popularity and uptake of smart home technology over the next five years in North America, with the US showing the highest demand due to technological advancements and rising consumer awareness of the advantages of using smart appliances. Owing to the US's strict government regulations and standards regarding energy usage, there will alsobe a high demand for washing machines that are more energy-efficient and smartly connected. Hence, such factors will influence the regional growth during the forecast period.For more insights on the market share of various regions-Downloadsample report in MINUTES

Smart Home Appliances Market: Product innovation in terms of technology, performance, features, and design to drive growth

• The growing adoption of wireless connecting devices and IoT is a major factor driving the market growth.

• Global adoption of wireless connectivity devices is rising and it is a major component fueling the market's expansion. Connectivity has become crucial in modern life, particularly since it enables consumers to perform necessary tasks remotely with mobile devices like smartphones and tablets that can reach or use wireless technologies like Wi-Fi, Bluetooth, and ZigBee.

• Manufacturersdifferentiate their products from others by including these technologies in home appliances (like air conditioners). Thisappeals to the tech-savvy customer market.

• Moreover, to create radio communication with smartphones and to bring them close together, NFC is used in many smart washing machines.

• Hence, such drivers fuel the growth of the market during the forecast period.

Smart Home Appliances Market: Introduction Of Additional Features In Smart Home Appliances

• The introduction of additional features in smart home appliances is an emerging trend in the smart home appliancesmarket.

• Consumers cannot be forced to choose smart home appliances by connectivity alone whenthey want more features to help with connectivity.

• The majority of consumers who live in small homes struggle to have enough space, so manufacturerswork to develop appliances with connectivity features in addition to sleek designs and other alluring features.

• For instance, LG Electronics and Mitsubishi Electric are focusing on introducing smart air conditioner accessories.

• Hence, such trends fuel the market growth during the forecast period.

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Some of the key Smart Home Appliances Market Players:

The smart home appliances market isfragmentedand the vendors are deploying organic and inorganic growth strategies to compete in the market.

AB Electrolux, Apple Inc., BSH Hausgerate GmbH, General Electric Co., Godrej Appliances, Haier Smart Home Co. Ltd., Koninklijke Philips NV, MIDEA Group, Miele and Cie. KG, Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Videocon Industries Ltd., Whirlpool Corp., Xiaomi Communications Co. Ltd., Robert Bosch GmbH, Sharp Corp., and LG Electronics Inc. are some of the key players in the market.

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• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Smart Home Appliances Market: Segmentation Analysis

Thisreport extensively coversmarket segmentation by product (smart washing machines and dryers, smart air conditioners, smart refrigerators, smart microwave ovens, and smart dishwashers), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by thesmart washing machines and dryers segmentwill be significant for overall market growth during the forecast period.Wi-Fi, Bluetooth, and NFC are all used to connect smart washing machines to smart grids and the ability to control a smart washing machine remotely is one of its main benefits. Such washing machines don't have particularly high price-performance ratios either but as smart washing machines are energy-efficient and support the use of smart grid technology, numerous governments have recently encouraged their use. Smartwashing machines make it easier to schedule wash cycles automatically using time-based electricity programs.Hence, suchwashing machines help the user modify process times and wash/dry cycle lengths.

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Table of Contents:

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global smart home appliances market 2017 - 2021

• 4.2 Product Segment Analysis 2017 - 2021

• 4.3 Distribution Channel Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Product

• 6.1 Market segments

• 6.2 Comparison by Product

• 6.3 Smart washing machines and dryers - Market size and forecast 2022-2027

• 6.4 Smart air conditioners - Market size and forecast 2022-2027

• 6.5 Smart refrigerators - Market size and forecast 2022-2027

• 6.6 Smart microwave ovens - Market size and forecast 2022-2027

• 6.7 Smart dishwashers - Market size and forecast 2022-2027

• 6.8 Market opportunity by Product

7 Market Segmentation by Distribution Channel

• 7.1 Market segments

• 7.2 Comparison by Distribution Channel

• 7.3 Offline - Market size and forecast 2022-2027

• 7.4 Online - Market size and forecast 2022-2027

• 7.5 Market opportunity by Distribution Channel

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 Germany - Market size and forecast 2022-2027

• 9.11 Canada - Market size and forecast 2022-2027

• 9.12 UK - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 AB Electrolux

• 12.4 Apple Inc.

• 12.5 General Electric Co.

• 12.6 Haier Smart Home Co. Ltd.

• 12.7 Koninklijke Philips NV

• 12.8 LG Electronics Inc.

• 12.9 MIDEA Group

• 12.10 Mitsubishi Electric Corp.

• 12.11 Panasonic Holdings Corp.

• 12.12 Robert Bosch GmbH

• 12.13 Samsung Electronics Co. Ltd.

• 12.14 Sharp Corp.

• 12.15 Videocon Industries Ltd.

• 12.16 Whirlpool Corp.

• 12.17 Xiaomi Communications Co. Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

About Technavio

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