PUBLISHER: KBV Research | PRODUCT CODE: 1115194
PUBLISHER: KBV Research | PRODUCT CODE: 1115194
The Global Smart Home Appliances Market size is expected to reach $49.9 billion by 2028, rising at a market growth of 8.7% CAGR during the forecast period.
Smart home appliances are Wi-Fi-enabled device that connects to a voice command system or a smart hub, such as Google Assistant, Amazon Alexa, or a smart home app. The gadgets in a smart home are interconnected and accessible from a single hub, like a tablet, smartphone, laptop, or gaming console. One home automation system may operate several functions including door locks, televisions, thermostats, cameras, home monitors, lights, and even appliances like the refrigerator.
The user can set time schedules for specific changes to take effect using the system, which is installed on a mobile device or other networked devices. Smart home appliances have self-learning capabilities that allow them to figure out the homeowner's schedules and adjust as necessary. Lighting control in smart homes enables residents to save money on energy costs while using less electricity.
When the owner is away from the house, some home automation systems sound an alarm, while other devices can notify the police or the fire department in the event of an emergency. Once connected, IoT technology, a network of physical items that can collect and share electronic information, includes services like a smart security system, smart doorbell, and smart appliances.
When an appliance is connected to a central system and has the capability to be programmed, controlled remotely, or function on its own, depending on information from sensors detecting elements, like light levels, temperature, or activity, the appliance is said to be a smart appliance. Ideally, as part of a larger smart home, smart appliances are made to work together with other smart devices.
They provide consumers with advantages including better energy management as well as more comfort, convenience, and security. The production of items that consumers desire to buy and use as well as new revenue streams on the basis of factors, like automated consumables replacement or efficiencies in development, manufacturing, installation, and maintenance are all ways that smart appliances can boost manufacturers' profits.
COVID-19 Impact Analysis
As smart home appliances are costly, various people were not able to purchase them. In addition, the worldwide supply chain was also disrupted, which posed a challenge of a lack of raw materials required for the production of smart home appliances. Hence, the growth of the smart home appliances market was majorly hampered. However, given the increased popularity of online/e-commerce sales, the industry is estimated to recover during the forecast period. A lot of consumers have started making improvements to or full remodels of their homes. During the pandemic, several businesses have witnessed an improvement in remodeling efforts. Brands are paying close attention to their target demographic as the market grows and have been modifying their marketing tactics to draw in customers.
Market Growth Factors
Rising Electricity Costs And Increasing Technological Advancements
Consumers in the home are extremely concerned about the rising expense of electricity bills. An extensive quantity of electricity is used by equipment like air conditioners, refrigerators, water heaters, lighting fixtures, as well as home entertainment systems. The homes are turning to energy-saving measures as a result of these higher expenditures. Smart home appliances that can communicate with each other have become an excellent option in such a situation. As a result, households are implementing smart home gadgets to reduce energy expenditures. Wireless communication technology developments would enable remote control of residential equipment.
Rising Integration Of Wireless Connectivity In Smart Home Appliances
Wireless solutions offer flexibility to end users by lowering the requirement for cables while also eliminating the need to rebuild prevailing residences. To enhance the functionality of smart appliances, numerous new wireless protocols have been created. Apart from existing technologies, like Bluetooth and Wi-Fi, the introduction of ZigBee as well as Z-Wave is estimated to result in significant technological breakthroughs across the smart appliances market.
Market Restraining Factors
High Installation And Maintenance Cost
When compared to traditional appliances, smart appliances are more expensive. All of the home's equipment must be connected together via a single communication interface. Depending on the number of appliances and technology used, installation charges can vary significantly and become unaffordable for a customer. Even if it would be beneficial in the long run, it can be challenging for businesses to gain the traction of customers at these prices.
On the basis of Product, the Smart Home Appliances Market is segregated into Smart Washing Machines, Smart Refrigerators, Smart Air Purifiers, Smart TV, and Others. In 2021, the smart air purifiers segment recorded a significant revenue share of the smart home appliances market. Since people are becoming more concerned about their health as well as the environment they live in, smart air purifiers are becoming a crucial component of smart homes. Due to their additional features that give customers a high degree of flexibility and convenience, smart air purifiers are also becoming more and more popular than traditional air purifiers.
Distribution Channel Outlook
By Distribution Channel, the Smart Home Appliances Market is bifurcated into Online and Offline. In 2021, the offline segment procured the biggest revenue share of the smart home appliances market. The convenience of physically inspecting the product, the availability of an in-store employee or expert, and help with product specifications are a few of the factors promoting the sales of smart home appliances via offline retail channels.
Region-Wise, the Smart Home Appliances Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America witnessed the largest revenue share of the smart home appliances market. The market is being driven by an increase in the renovation and building of outdated commercial and residential infrastructure in developed nations, like the United States and Canada.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. is the forerunners in the Smart Home Appliances Market. Companies such as Samsung Electronics Co., Ltd. (Samsung Group), Koninklijke Philips N.V., LG Electronics, Inc. (LG Corporation) are some of the key innovators in Smart Home Appliances Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Panasonic Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Robert Bosch GmbH, LG Electronics, Inc. (LG Corporation), Whirlpool Corporation, Electrolux AB, Haier Smart Home Co., Ltd., Koninklijke Philips N.V., and Miele & Cie. KG.
Recent Strategies Deployed in Smart Home Appliances Market
Partnerships, Collaborations and Agreements:
Apr-2022: Samsung partnered with ABB Group, a leader in power and automation solutions. This partnership aimed to expedite the integration of SmartThings into more buildings and homes. Additionally, this partnership would allow users to lower costs and create a more positive environmental impact.
Mar-2022: LG came into a partnership with Amwell, a leading telehealth company. Through this partnership, LG aimed to integrate its wide innovation portfolio into the deep digital health care experience of Amwell in order to develop device-based service solutions to increase its customer's access to care.
Dec-2021: Panasonic partnered with Swidget, a modular smart home device manufacturer. With this partnership, the companies aimed to introduce an end-to-end smart home ventilation solution. Moreover, the new solution would enable homeowners to take full control over the air quality of their homes to make real-time adjustments.
Apr-2021: BSH, a subsidiary of Robert Bosch GmbH, partnered with Plum, the creator of the first fully-automated appliance. Through this partnership, the companies aimed to explore and unlock potential smart appliances for the kitchen.
Dec-2020: Electrolux teamed up with IBM, an American multinational technology corporation. Following this collaboration, the company aimed to leverage AI in order to improve customer experience, increase energy efficiency, and reduce environmental impact.
Jan-2020: LG entered into a partnership with Homebase, a smart building automation company. Under this partnership, the companies would focus on a smart apartment program that integrates the smart apartment building management platform of Homebase into LG smart appliances to facilitate the development of an autonomous building ecosystem.
Product Launches and Product Expansions:
Jul-2022: Philips rolled out the Philips SpeedPro vacuum cleaners, a range of cordless vacuum cleaners. The new vacuum cleaners feature an LED light along with a battery backup of up to 50 minutes. Moreover, these vacuum cleaners are available in three variants namely, the Philips SpeedPro Cordless Stick FC6723, the SpeedPro Aqua variant, and the Philips Speedpro Cordless FC6726.
Jun-2022: Haier introduced the 2-in1 dry & wet mop robot vacuum cleaner across India. With this launch, the company aimed to facilitate the cleaning experience of customers while also making it more effective, efficient, and user-friendly.
Jun-2022: Apple released the Apple Home app, a smart home control application. The new application aimed to give a facelift to the current application while also introducing new enhancements in the prevailing technology, which was designed to make it more reliable and efficient for consumers to control appliances.
Jun-2022: Samsung launched SmartThings Home Life, a mobile application. The new solution aimed to provide an improved smart home experience to customers all over the world. In addition, the new application connects consumers across the world to a smart living solutions ecosystem that accelerates their home life experience.
May-2022: Haier launched Haier 959 Front Load Washing Machines, two new AI-enabled revolutionary washing machines. The new product features an advanced super silent Direct Motion Motor along with a 525 mm super drum that can remove 106 kinds of challenging stains while eliminating approximately 99.9% of germs to ensure hygiene for consumers.
Apr-2022: LG launched a new range of AI-powered smart Home Appliances. With this launch, the company aimed to enhance its position in the market with the addition of sophisticated designs to its portfolio.
Feb-2022: Samsung Electronics introduced Bespoke home appliances and the premium line-up of Infinite. With this launch, the company aimed to strengthen its position in the high-end home appliances market. Moreover, the new devices would feature expanded artificial intelligence capabilities to bolster impeccable connectivity with each other for the best-in-class user experiences.
Jan-2022: Electrolux launched CamCook, a new smart home application. The new solution aimed to allow customers to automatically set an oven to bake any dish by simply capturing a picture of it through a smartphone.
Jan-2022: Whirlpool introduced enhancements to its smart appliances. The new enhancements would allow consumers to take care of their families in innovative and novel ways.
Dec-2021: Philips rolled out the Philips air purifier, a multi-functional air purifier. The new air purifier can apparently remove 99.95% of particles sizing around 0.003 µm. Moreover, the new product delivers clean air at a rate of up to 165 m3/hour with the air quality sensor comprising the capability to detect particles within the air and displays it in real-time.
Oct-2021: Panasonic India rolled out 43 new refrigerator models along with 24 new washing machine models. With this launch, the company aimed to expand its portfolio with the addition of technology-rich features to offer increased convenience and comfort to its customers.
Oct-2021: Apple rolled out the HomePod mini. The new product aimed to provide new ways for users to express their style and personality along with an enhanced music-listening experience. Moreover, the new product would be available in e bold colors viz. blue, yellow, and orange.
Mar-2021: Haier unveiled Haier's smart refrigerator, the first Internet of Food-empowered Smart Refrigerator of the company. The new product leverages innovative technologies in order to comply with the best-in-class refrigeration standards. Moreover, the new refrigerator offers ample storage volume along with IoT ecosystem-powered connected services.
Mar-2021: Royal Philips released HL7777/00, a high-performance silent mixer grinder. The new product aimed to offer a household environment for Indian homes along with lower noise and increased performance.
Feb-2021: Panasonic India introduced a connected washing machine, refrigerator, smart digital switches, WiFi fan, and WiFi controller plugs into its Miraie product range. With this launch, the company aimed to provide advanced smart capabilities in alignment with the evolved requirements of its customers.
Jun-2022: Miele expanded its geographical footprint in the UK with the launch of its first retail outlet in the Midlands. With this geographical expansion, the company aimed to complement its vision to deliver a dedicated experience to customers across the Uk and bring high-end products of the company to life through expert sales consultants.
Market Segments covered in the Report:
By Distribution Channel
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