Smart Home Appliances Market to be Worth $58.51 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 10, 2023 /PRNewswire/ -- 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.

Key Industry Insights & Findings from the report:

• 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.

Read full market research 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", published by Grand View Research.

Smart Home Appliances Market Growth & Trends

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.

Smart Home Appliances Market Segmentation

Grand View Research has segmented the global smart home appliances market based on product, distribution channel, and region

Smart Home Appliances Market - Product Outlook (Revenue, USD Billion; 2017 - 2030)

• Smart Washing Machines
• Smart Air Purifiers
• Smart TV
• Others

Smart Home Appliances Market - Distribution Channel Outlook (Revenue, USD Billion; 2017 - 2030)

• Online
• Offline

Smart Home Appliances Market - Regional Outlook (Revenue, USD Billion; 2017 - 2030)

• North America
• U.S.
• Europe
• U.K.
• Asia Pacific
• China
• India
• Japan
• Central and South America
• Brazil
• Middle East and Africa
• South Africa

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

Check out more related studies published by Grand View Research:

• North America Smart Home Security Cameras Market - The North America smart home security cameras market size is projected to reach USD 12.74 billion in 2030, expanding at a CAGR of 19.8% from 2023 to 2030. The rapid adoption of IoT in smart homes is supporting market growth. Consumers are shifting from traditionally mountable Wi-Fi cameras to the deployment of smart home security cameras to increase the security of their premises. These advanced smart home security cameras offer several benefits, which boost their installation in many households across the region. The ease of installation and easy availability of smart home security cameras drive the product demand. The COVID-19 pandemic has brought about a seismic shift in people's attitudes toward wellness and security.
• Smart Bathroom Market - The global smart bathroom market size is anticipated to reach USD 6.69 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.5% from 2020 to 2027. Rising evolution of IoT owing to high internet penetration across countries and regions in developing a wider application of digital technology into various bathroom fittings and fixtures, thereby growing popularity of smart bathrooms. In addition, rising penetration of smart homes across regions is paving the way for smart bathrooms in these smart households.
• Home Water Filtration Unit Market - The global home water filtration unit market size is projected to reach USD 26.73 billion in 2030, registering a CAGR of 10.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. In recent years, the industry has gained immense traction as a result of changing lifestyles, especially in urban areas. The scarcity of drinking water has obligated the domestic authorities to provide the population with an adequate supply of the same. Taking advantage of this opportunity, companies, such as Eureka Forbes and Aquaguard, have emerged as the industry leaders in the domestic segment. Product penetration in developed countries, such as the U.S. and Canada, is relatively higher while vast semi-urban and rural areas in developing countries, such as India and China, remain untapped.

Browse through Grand View Research's Electronic & Electrical Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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