Smart Home Appliances Market Estimated to Bring Sky-high Returns for Investors by the End of Forecast to 2031 – mbu timeline

the global smart home appliances market size was valued at USD 26.01 billion in 2020 to USD 79.47 billion by 2027, at a CAGR of 17.3% from 2021 to 2027. The Internet of Things has been growing day by day across smart home applications. It is expected to become more customizable to give more control to the users and enhance the appliance of the operating functions. As per a 2019 survey of the National Kitchen & Bath Association, 83% of consumers in North America are demanding smart devices. Useful notifications, energy-efficient appliances, Wi-Fi-enabled features, smart home kitchen-based appliances are upgraded with added functionality. For example, smart microwaves can now scan barcodes on food items and download cooking instructions with seamless integration, with AI voice assistants, for a completely hands-free experience. This, in turn, has led the voice assistant providers to go one step further by including Cooking APIs on their platforms. This control over selected appliances by giving voice ensures functionality to critical functions, such as specifying temperature to the cook and cooking food until it reaches a given internal temperature.

Major appliance manufacturers started reaching out to voice assistant providers for a collaborative development environment. For instance, in late 2018, Electrolux expanded its collaboration with Google to integrate its connected kitchen products with Google Assistant. With the launch of the same in early 2019, the market penetration of voice assistants was already high. This benefited the consumers, as they were demanding added functionalities with the technology. Similar lifestyle changes have been aided by technology. Appliances are being designed to have the functionality to make them easy to use. This is one of the signs that drivers the adoption and development of smart and connectable appliances. Increased interest in cooking over the years has been contributing toward the growing adoption. Xiaomi launched its MIJIA range, a high-end washer and dryer featuring a quieter, more stable user experience. The company has worked to make its smart range compatible with its XiaoAI smart voice assistant.

Similarly, at CES 2020, the smart home segment featured increasing small appliance (coffee-makers, vacuum and mowing products, etc.) product highlights overlooking consumer-led healthy lifestyle products. The allied smart kitchen appliances featured capabilities that assisted consumers in improving cooking speed and accuracy, making informed choices for meal preparation, enhancing wellness, and simplifying cleaning chores, among others. For instance, Whirlpool Corp.’s Yummly Smart Thermometer featured a dual-temperature thermometer with a recipe app and a subscription service with access to video lessons by chefs. This effort has been a part of the previous collaboration activity conducted by Whirlpool.

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Global Smart Home Appliances Market Dynamics

Drivers: Growing Household Income Combined with Increased Awareness Among Consumers

The growing consumer propensity toward the adoption and usage of connected devices is augmenting the demand for the market studied. KB Home, a home builder company in the United States, released data indicating a 44% increase in smart appliance selection by its clients. Also, the app-enabled appliances from companies such as Whirlpool and Moen have been among the top-selling brands on its list. While the existing penetration of smart devices in an average household is increasing, allied appliances’ awareness and purchase intention is also growing. As per alarms.org, 70% of consumers who already have one smart home appliance plan to purchase another one. Moreover, 81% of surveyed people who currently use such appliances suggested that they would prefer to buy a house with some smart gadgets already installed.

For instance, in January 2020, Homebase LLC entered a partnership with LG Electronics USA to create a smart apartment program. The former being a smart building automation company for multifamily properties led to the integration of LG smart appliances with Homebase’s smart apartment building management software. Then, an early 2019 survey by Pew Research Center suggested that adults under the age of 50 are more likely than those 50+ to say they have a smart speaker in their household. While around one-third or 34% of Americans living in households earning USD 75,000 or more a year say they have a smart speaker, the share drops to 15% among those whose annual family income falls below USD 30,000. A similar trend concerning smart appliances is expected as these white goods replacement rates and costs are much more than a mere smart speaker.

Challenges: High Product Costs, Product Lifespan, and Security Concerns

Smart home appliances have been witnessed to be used as part of a botnet to send out spam emails and run distributed denial of service (DDoS) attacks. These appliances have personal credentials of private accounts, ranging from Google Calendar to Wi-Fi password. As appliance manufacturer companies add more smart features, making offerings secure has been a significant challenge. LG had a vulnerability that allowed hackers to access devices using fake accounts, a refrigerator to send out spam emails. Similarly, a smart fridge from Samsung led Gmail credentials open to attack. With attacks like the Mirai botnet, hackers have demonstrated the intensity of an IoT-powered internet attack. Considering such past experiences and technological challenges, the overall adoption of smart appliances has been low.

Furthermore, the cost of a smart appliance is more than a non-connected one; multiple associations and user surveys have indicated a mismatch between the price and longevity of appliances. For instance, as per a March 2020 survey conducted by Which? (Consumers’ Association), 69% of respondents expect a “smart” appliance to last as long as a non-connected equivalent. With household dishwashers and washing machines typically staying for ten years and fridge-freezers and tumble driers at 11 years old before needing to be replaced, the smarter equivalents price gap is increasing.

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Scope of the Report

The study categorizes the smart home appliances market based on product type, technology, distribution, and regions.

By Product Type Outlook (Thousand Units, Value, USD Million, 2017-2027)

  • Smart Ovens
  • Smart Dishwashers
  • Smart Refrigerators
  • Smart Cookware and Cooktops
  • Smart Scale and Thermometers
  • Other Product Types

By Technology Outlook (Thousand Units, Value, USD Million, 2017-2027)

  • WiFi
  • Bluetooth
  • Near Field Communication (NFC)
  • Others

By Distribution Channel Outlook (Thousand Units, Value, USD Million, 2017-2027)

  • Online
    • Independent Websites
    • Dependent Retailers
  • Offline
    • Hypermarket and Supermarket
    • Standalone Stores
    • Electronic Retailers
    • Home Appliance Stores
    • Others

By Region Outlook (Thousand Units, Value, USD Million, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Wi-Fi, by technology, is estimated to be the fastest-growing segment during the forecast period

Based on the technology, the global smart home appliances market has been segmented into Wi-Fi, Bluetooth, Near Field Communication, and Others. Wi-Fi is the fastest-growing segment with a CAGR of 24% during the forecast period, 2021-2027.

Wi-Fi is a popular wireless networking technology that uses radio waves to provide wireless high-speed Internet and network connections. This technology is used as one of the major wireless technologies in smart lighting infrastructure. The penetration of Wi-Fi in residential, commercial, and industrial sectors as a wireless LAN connection pushes the demand for Wi-Fi-enabled smart lighting. The pre-existing Wi-Fi-equipped infrastructure tends to use Wi-Fi connectivity for smart lights. Further, the penetration of IoT-based technologies in developing economies is lucrative to create opportunities for the future market.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on region, the global smart home appliances market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 17.6% in the global smart home appliances market during the forecast period 2021-2027. The Asia-Pacific smart home appliances market is analyzed across Japan, China, India, Australia, South Korea, Southeast Asia, and the rest of Asia Pacific. China is the fastest-growing segment in the Asia Pacific, with a CAGR of 17.4% during the forecast period.

Factors such as rising disposable income, dual-income households, and lifestyle changes have enabled household customers in China to buy AI-based smart home appliances, like smart refrigerators, robotic cleaning products, etc. China is one of the largest markets for home appliances products, which is also making it an attractive region for smart home appliances. The Chinese household appliance sector has grown into a multi-billion dollar industry. Per capita expenditure of private households on advanced household appliances and consumer electronics in China has skyrocketed in the last decade. According to the Organization for Economic Cooperation and Development (OECD) models, India and China may witness a seven-fold increase in income per capita by 2060.

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Key Market Players

The global smart home appliances market is fragmented into a few significant: AB Electrolux, Samsung Electronics Co. Ltd, Whirlpool Corporation, LG Electronics Inc., BSH Home Appliances Corporation, Panasonic Corporation, and Haier Group, and Breville Group Limited. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.

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