Global Smart Home Appliances Market by Product (TVs, Washing Machines, Refrigerators, Air Purifiers), by Distribution Channel (Offline, Online) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart home appliance market was valued at USD 32.30 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 14.1%) between 2020 and 2027. The demand for smart home appliances is increasing due to the growing penetration of smart homes in both developed and developing regions. A growing number of home improvements in western countries is opening the door to new smart products for residential use. Due to rising mortgage and home prices, there is an increase in home renovations and home remodeling projects. This has boosted product demand. Rapid advancements and improvements in IT infrastructure and wireless communications allow for easy integration of home appliances that are compatible with mobile devices such as tablets, smartphones, laptops, or laptops. It allows consumers to remotely control and optimize refrigerator operations.

The Leading Indicator of Remodeling Activity, (LIRA) shows that home improvement spending has increased by 6% per year over the past three years. Additionally, home remodeling projects were more expensive for homeowners in 2016 than they were in 2015. This will increase the use of smart home appliances. Due to the increasing demand for smart and connected houses and home automation systems, the real estate market is expected to grow. Market growth is expected to be significant due to the increasing demand for push-button control, energy preservation, changing demographic preferences, as well as the need to protect the environment from pollution effluents such as greenhouse gases and toxic wastes.

Product Insights

With a 31.9% share in 2019, smart washers dominated this market. This can be attributed to the increased penetration of smartphones and wireless internet connections, which has helped increase the adoption of smart appliances such as smart washers across all sectors. As a source for luxury and convenience, the rising technological revolution is driving the development of smart homes. The region is seeing growth opportunities due to the increased adoption of automatic washing as an integral part of daily housekeeping activities among Europeans.

From 2020 to 2027, the smart purifiers category will grow at a 17.9% annual rate. Smart air purifiers are growing because of increased attention to hygiene, particularly as a result of the COVID-19 pandemic. The World Health Organization (WHO) states that 9 out 10 people inhale contaminated air with high levels of pollutants. According to the WHO, indoor and outdoor air pollution are responsible for approximately 7 million premature deaths each year. 3.8 million of these people die from indoor pollution. The smart air purifiers market will be driven by the increasing awareness about the benefits of air purifiers and the degradation in air quality in different regions.

Distribution Channel Insights

With a 64.5% share in 2019, offline dominated the market in terms of revenue. This can be attributed to the increased preference for specialty and branded shops, as well as convenience. The offline distribution channel is becoming more popular because it allows the customers to see the products firsthand, which makes it easier for them to inspect the quality and specifications. The brands were able to offer a unique shopping experience with traditional brick-and-mortar stores. Customers can also benefit from the assistance of an associate in the store, which helps them to better understand the product and make the right choice. Segment growth will be influenced by the availability of many products from different brands, as well as the ability to compare prices and product attributes.

Online distribution channels are expected to experience the fastest growth during the forecast period. The online sales of the product are driven by rapid digitalization and the expansion of ecommerce, particularly among young and millennial populations. The product will also be popular online due to the ease of transacting and a busy lifestyle. This will in turn increase the revenue from this channel during the forecast period. The growth of company portals has been driven by the availability of other options such as ecommerce websites and start up e-retailers. A slow rate of sales via company portals is expected due to discounts, festive sales, as well as the availability of a wide variety of products on ecommerce websites.

Regional Insights

With a market share of 42.5%, Asia Pacific was the dominant region in 2019, This can be attributed to the increasing penetration of internet and technological advancements in developing countries such as India and China. China Internet Network Information Center, (CNNIC) reports that internet penetration in China has reached 59.3%. The industry is seeing new product innovations that are helping to increase the adoption of smart appliances. Xiaomi Global Community, for example, launched a fully automated smart washing machine in China in December 2018.

Europe will be the regional market of choice in the future due to the increased adoption of smart appliances. The region is seeing a rise in demand for smart appliances due to consumers' increased willingness to buy energy-efficient products in the EU. In the coming years, the smart home market in Europe will account for more then 30%. This is driving demand for smart appliances for domestic purposes.

Market Share Insights & Key Companies

Global competition is high. High competition means that companies are constantly looking to expand their product ranges and adopt innovative technologies to satisfy consumer demand for smart products. The market is also growing due to the increasing number of companies that are entering the sector and strategizing for new product launches. The following are some of the major players in the smart home appliance market:

• Samsung

• BSH

• GE

• Whirlpool

• LG

• Electrolux

• Panasonic

• Miele & Cie

• Philips

• IRobot

• Ecovacs

• Neato

• Haier

• Midea

• Hisense

Up Market Research published a new report titled “Smart Home Appliances Market research report which is segmented by Product (TVs, Washing Machines, Refrigerators, Air Purifiers), by Distribution Channel (Offline, Online), By Players/Companies Hisense, Samsung, Philips, Midea, LG, Panasonic, Neato, Miele & Cie, Ecovacs, Whirlpool, GE, BSH, Haier, IRobot, Electrolux”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Home Appliances Market Report Segments:

The market is segmented by Product (TVs, Washing Machines, Refrigerators, Air Purifiers), by Distribution Channel (Offline, Online).

Smart Home Appliances Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Home Appliances Market

Overview of the regional outlook of the Smart Home Appliances Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Home Appliances Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Home Appliances Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. TVs

                2. Washing Machines

                3. Refrigerators

                4. Air Purifiers

                1. Offline

                2. Online

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Home Appliances Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
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Reasons to Purchase the Smart Home Appliances Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.