In 2023, the global smart home appliances market is anticipated to reach a value of US$ 37.73 billion. The demand for these products is being propelled by various factors, including the increasing adoption of smart home technology, a rise in home renovation activities, and rapid advancements in IT and wireless communication.
Over the period from 2023 to 2033, the overall demand for smart home appliances is predicted to grow at a Compound Annual Growth Rate (CAGR) of 7.9%. By 2033, the market is expected to reach a total valuation of approximately US$ 80.71 billion.
In the last few years, smart home idea changed from just science fiction to become real. Smart home gadgets are changing how we live thanks to technology.
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The smart home appliance market has seen big changes and improvements. From smart thermostats to security devices that you can control with your voice, it’s caused a lot of growth over time.
The market for smart home gadgets has grown really fast because of the spread of high-tech stuff like artificial intelligence (AI). These technology improvements have allowed the addition of smart parts into many machines.
People are paying more attention to sustainability and saving energy, which makes them want smart home appliances that save power.
Drivers Underpin Smart Home Appliances Industry Expansion
Technological advancements integrated into homes are driving industry growth forward.
Manufacturers continuously innovate and refine smart home appliances to meet the needs of tech-savvy consumers seeking convenience.
Brands have been enhancing smart automation and incorporating high-tech features for smart homes.
Digital smart controls and voice-controlled lighting with customizable settings are expected to attract millennial customers.
However, the high costs associated with technological advancements may impede industry development.
Key Takeaways:
The smart home appliances industry in the United States was predicted to hold a value share of 32.9% globally in 2022.
The smart home appliances market in the United Kingdom is projected to be expanding at a CAGR of 8.5% from 2023 to 2033.
During the forecast period, the market for smart home appliances in China is expected to secure a 10.3% CAGR.
The value share of the smart home appliances industry in Japan was estimated to reach 4.5% in 2022.
India’s smart home appliances industry is predicted to move forward at a 12.8% CAGR during the forecast period.
Key Players:
Whirlpool Corp
LG Electronics
Haier Group
Samsung Electronics Co. Ltd.
Panasonic Corp.
BSH Hausgeräte GmbH
