Smart Home Appliances Market Demand and Growth 2032

The global smart home appliances market is anticipated to garner US$ 75 Billion while expanding at a CAGR of 8.1% during the forecast period ranging from 2022 to 2032, as per Future Market Insights’ recent report. The market is estimated at US$ 32 Billion in 2021 and US$ 34.5 Billion in 2022. Product demand is being driven by factors, such as the growing penetration of smart homes, rising home improvement projects, and rapid developments in IT and wireless communication.

Technological advances incorporated into homes are augmenting industry growth. Makers are incessantly developing and transforming smart home appliances to cater to the relaxed lifestyles of tech-savvy consumers. Besides, brands have been improving smart automation and hi-tech features for smart homes. Digital smart dials and voice-controlled lighting with programmable attributes are anticipated to appeal to millennial clientele. On the other hand, high costs involved in technological advancements, which can result in higher global product costs, may hurt industry development.

Key Takeaways from the Market Study

By product type, smart washing machines are expected to be most sought after, capturing 31% revenue
Smart air purifiers to enjoy equally high demand, flourishing at a 7.9% CAGR until 2032
Offline smart home appliance sales to retain dominance, comprising over 60% demand in 2022
Online smart home appliances sales to surge fastest, estimated to record an 8.1% CAGR
North America region is likely to account for the majority share of nearly 38% in 2022
Europe to generate substantial expansion opportunities, yielding 1/3^rdof global revenue in 2022
Asia Pacific to register an 8.3% CAGR with regard to smart home appliance demand

Competitive Landscape

Key players in the global Smart Home Appliances market include Whirlpool Corp., LG Electronics, Haier Group, Samsung Electronics Co. Ltd., Panasonic Corp., BSH Hausgeräte GmbH, Electrolux AB, Koninklijke Philips N.V, GE Appliances, Xiaomi Corp., among others. Recent key developments among players are:

In January 2022, Samsung Electronics announced its membership in the Home Connectivity Alliance (HCA) together with leading manufacturers in the smart home space, aiming to promote interoperability and greater safety.
In February 2021, Panasonic announced the launch of its IoT and AI-connected living platform-Mirage. Additionally, the company launched a connected refrigerator, washing machine, wifi fan, ROMA smart digital switches, and smart wifi controller plugs and switches in India.
In January 2022, Electrolux and other manufacturers formed the Home Connectivity Alliance (HCA) to make devices and apps work together across brands for a better consumer experience.

Key Segments Covered in the Smart Home Appliances Industry Analysis

Smart Home Appliances Market by Product: