Smart Home Appliances Market Is Expected To Reach $ 58.51 Billion By 2030


 San Francisco, 3 July 2023: The Report Smart Home Appliances Market Size, Share & Trend Analysis Report By Product (Smart Washing Machines, Smart Air Purifiers, Smart TV, Others), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

The global smart home appliances market size is expected to reach USD 58.51 billion by 2030 and will expand further at a CAGR of 9.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is largely driven by factors such as growing penetration of smart homes, both in developing and developed regions, rapid developments and advancements in the IT infrastructure, shifting demographic preferences, and the need to safeguard the global environment from polluting effluents, such as greenhouse gases and toxic wastes.

Brands are offering a wide range of products keeping in mind the millennial and Gen-Z generations, resulting in a plethora of opportunities in the smart home appliances market. From using premium smart lights to advanced AI-faucets, the trend bodes well for the future of the market.

Technological innovations incorporated into homes have been key demand driving factor for this industry. Home appliance brands are making it easier to recreate a customized experience at home by offering luxury tech-driven home appliances that are designed to multi-task with automation and are AI-driven. For instance, Electrolux AB has an extensive modularization program that lowers product development and production costs. Nearly 65% of the company’s home appliances are manufactured at a low cost.

Smart washing machines emerged as the largest segment and accounted for a market share of 35.29% in 2022, and this segment is expected to be dominant during the forecast period. The smart air purifiers segment is expected to expand at the fastest CAGR of 10.2% from 2023 to 2030. Increased attention to the hygiene factor across the globe, especially because of the COVID-19 pandemic, is fueling the growth of the smart air purifiers segment.

According to the World Health Organization (WHO), 9 out of 10 people breathe contaminated air containing a high level of pollutants. It states that outdoor and indoor air pollution lead to around 7 million premature deaths every year, out of which 3.8 million people die because of exposure to indoor air pollution.

The smart home appliances market is characterized by the presence of several well-established players, such as Whirlpool Corporation; LG Electronics; BSH Hausgeräte GmbH; and Samsung Electronics Co. Ltd. These players account for considerable shares in the smart home appliances market and have a strong presence across the globe. The smart home appliances market also consists of small to mid-sized players who offer a selected range of smart home appliances and mostly serve regional customers.

Access Research Report of Smart Home Appliances Market @ https://www.grandviewresearch.com/industry-analysis/smart-home-appliances-market

Smart Home Appliances Market Report Highlights

  • The smart home appliances market is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2030. The growing penetration of smart homes, both in developing and developed regions, across the globe is driving the demand for various smart home appliances.
  • The offline distribution segment held the largest share of 63.9% in 2022.The growing popularity of online shopping and smart and connected devices among millennials as well as the young population will boost the online sale of smart home appliances worldwide.
  • Smart air purifiers product category is expected to grow at the fastest rate of 10.2% between 2023 and 2030. The increasing consciousness about health and increasing adoption of advanced technologies will fuel the demand for air purifiers in the coming years.
  • Asia Pacific was the largest smart home appliances market globally with a share of 44.1%. The growth of the region can be attributed to the growing implementation of cloud-based services, increasing internet penetration, rising per capita income of the regional population, escalating adoption of smartphones and changing lifestyles.

Smart Home Appliances Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 31.11 billion

Revenue forecast in 2030

USD 58.51 billion

Growth rate

CAGR of 9.2% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

List of Key Players in the Smart Home Appliances Market

  • Whirlpool Corporation
  • LG Electronics
  • Haier Group
  • Samsung Electronics Co. Ltd
  • Panasonic Corporation
  • BSH Hausgeräte GmbH
  • Electrolux AB
  • Koninklijke Philips N.V
  • GE Appliances
  • Xiaomi Corporation

Access Press Release of Smart Home Appliances Market @ https://www.grandviewresearch.com/press-release/global-smart-home-appliances-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

Food Additives Market Size & Share Hit USD 55.53 Billion By 2022 : Grand View Research Inc.

Image
San Francisco, 17 October 2019:   The Report   Global Food Additives Market   Analysis By Product Flavors & Enhancers (Natural, Artificial), Sweeteners (High Intensity, HFCS), Enzymes, Emulsifiers (Mono, Di-Glycerides, Lecithin, Stearoyl Lactylates, Sorbitan Esters), Shelf-life Stabilizers, Fat Replacers (Protein, Starch)] And Segment Forecast To 2022 Global food additives market is expected to reach USD 55.53 billion by 2022, according to a new study by Grand View Research, Inc. Food & beverage industry growth in BRICS and Middle East on account of rising domestic consumption and increasing foreign direct investments is expected to augment market growth. Asia Pacific is expected to be one of the most promising markets on account of growing domestic consumption in China and India owing to population growth and new product launches by food & beverage manufacturers. Availability of raw materials such as sorbitol and lactic acid in China, Indonesia, and Malaysia in light o
Read more

Integration Platform as a Service Market Valuation Is Expected To Exceed USD 2.70 Billion By 2025: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Integration Platform as a Service (IPaaS) Market  Analysis By Integration Type (API, Process, Application, Data), By Services, By Deployment (Cloud, On-Premise, Hybrid) By Region, And Segment Forecasts, 2018 – 2025 The global integration platform as a service (IPaaS) market is expected to reach USD 2.705.8 million by 2025, according to a new report by Grand View Research, Inc. Rising need of advanced systems to improve the process of deploying, developing, and managing enterprise applications globally has been a major factor driving market growth. In addition, recent developments in big data, cloud computing, and Internet of Things (IoT) within organizations’ processes also paved the way for greater development of IPaaS solutions. Integration Platform as a Service is an emerging technology where in the applications, process, data, and application programs are integrated. The integration enables enterprises to reduce the complexity
Read more