The new report by Expert Market Research titled, ‘Global Smart Home Appliances Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart home appliances market, assessing the market based on its segments like product type and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 17.3%
The increasing internet and smartphone penetration across the globe are propelling the market for smart home appliances. The demand for smart home appliances from working professionals has also been on the rise as these appliances offer convenience along with cost savings.
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However, there is a major risk of security to the users of smart home technology. AI and IoT are also the key factors behind the growth of smart home devices. In addition to this, the rising disposable income of people in emerging economies like India is likely to propel the market.
Industry Definition and Major Segments
Smart home appliances are set up in a home and can be controlled or programmed remotely from anywhere in the world through the internet using mobile or any other networked device.
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The market for smart appliances has been segmented based on the product type as:
• Smart Ovens
• Smart Dishwashers
• Smart Refrigerators
• Smart Cookware and Cooktops
• Smart Scale and Thermometers
The report also analyse the market by segregating it into regions namely North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Consumer spending on smart home appliances, services, and installation is rising and thus supporting the market for smart home appliances. Furthermore, increasing research and development activities are being conducted to develop new and innovative solutions for the consumers.
For instance, in 2021, in India, Panasonic Corporation launched a new range of connected smartphone devices like connected refrigerators, washing machines, WiFi fans, and switches. The increasing trend of online shopping will also contribute to the growth of the smart home appliances market.
Key Market Players
The major players in the market are LG Electronics Inc, AB ELECTROLUX, Whirlpool Corporation, Samsung Electronics Co., Ltd, BSH Hausgeräte GmbH, and Panasonic Corporation. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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