Smart Home Appliance Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Smart Home Appliance Market Trends and Forecast

The future of the global smart home appliance market looks promising with opportunities in the online and offline markets. The global smart home appliance market is expected to reach an estimated $62.0 billion by 2028 with a CAGR of 14.5% from 2023 to 2028. The major drivers for this market are increasing penetration of smart homes, surging home improvement ventures, as well as growing advancement in IT and wireless communication across the globe.

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Smart Home Appliance Market by Segment

The study includes trends and forecast for the global smart home appliance market by product, technology, distribution channel, and region, as follows:

Smart Home Appliance Market by Product [Shipment Analysis by Value from 2017 to 2028]:

• Smart Washing Machines
• Smart Refrigerators
• Smart TVs
• Smart Air Purifiers
• Others

Smart Home Appliance Market by Technology [Shipment Analysis by Value from 2017 to 2028]:

• Wi-Fi
• Bluetooth
• Near Field Communication (NFC)
• Others

Smart Home Appliance Market by Distribution Channel [Shipment Analysis by Value from 2017 to 2028]:

• Online
• Offline

Smart Home Appliance Market by Region [Shipment Analysis by Value from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Smart Home Appliance Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, smart home appliance companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the smart home appliance companies profiled in this report include:

• Whirlpool Corporation
• LG Electronics
• Haier Group
• Samsung Electronics
• Panasonic Corporation
• BSH Hausgerate
• Electrolux
• Koninklijke Philips
• GE Appliances
• Xiaomi Corporation

Smart Home Appliance Market Insights

• Lucintel forecasts that smart washing machine will remain the largest segment over the forecast period due to evolving lifestyles, rising recognition of emerging technologies, surge in adoption of smart home devices and growing emphasis on energy efficiency for cost savings.
• Within this market, offline will remain the larger distribution channel segment because of its access to in-shop associates/professionals, ensuring guidance on product details and also enabling better evaluation of quality as well as features of the products.
• APAC will remain the largest region over the forecast period due to significant growth in the e-commerce industry, widespread adoption of cloud-based solutions, expanding internet reach, and increasing government initiatives fostering adoption of digitalization in the region.

Features of the Smart Home Appliance Market

• Market Size Estimates: Smart home appliance market size estimation in terms of value ($B)
• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Smart home appliance market size by various segments, such as by product, technology, distribution channel, and region
• Regional Analysis: Smart home appliance market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by product, technology, distribution channel, and regions for the smart home appliance market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart home appliance market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

• Q1. What is the smart home appliance market size?
• Answer: The global smart home appliance market is expected to reach an estimated $62.0 billion by 2028.
• Q2. What is the growth forecast for smart home appliance market?
• Answer: The global smart home appliance market is expected to grow with a CAGR of 14.5% from 2023 to 2028.
• Q3. What are the major drivers influencing the growth of the smart home appliance market?
• Answer: The major drivers for this market are increasing penetration of smart homes, surging home improvement ventures, as well as growing advancement in IT and wireless communication across the globe.
• Q4. What are the major segments for smart home appliance market?
• Answer: The future of the global smart home appliance market looks promising with opportunities in the online and offline markets.
• Q5. Who are the key smart home appliance companies?
• Answer: Some of the key smart home appliance companies are as follows:
  • Whirlpool Corporation
  • LG Electronics
  • Haier Group
  • Samsung Electronics
  • Panasonic Corporation
  • BSH Hausgerate
  • Electrolux
  • Koninklijke Philips
  • GE Appliances
  • Xiaomi Corporation
• Q6. Which smart home appliance segment will be the largest in future?
• Answer:Lucintel forecasts that smart washing machines will remain the largest segment over the forecast period due to evolving lifestyles, rising recognition of emerging technologies, a surge in the adoption of smart home devices, and growing emphasis on energy efficiency for cost savings.
• Q7. In smart home appliance market, which region is expected to be the largest in next 5 years?
• Answer: APAC will remain the largest region over the forecast period due to significant growth in the e-commerce industry, widespread adoption of cloud-based solutions, expanding internet reach, and increasing government initiatives fostering adoption of digitalization in the region.
• Q8. Do we receive customization in this report?
• Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the global smart home appliance market by product (smart washing machines, smart refrigerators, smart TVs, smart air purifiers, and others), technology (Wi-Fi, Bluetooth, near field communication (NFC), and others), distribution channel (online and offline), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?