Smart Appliance Market to Witness Massive Growth by 2029 | IBM, Whirlpool, Panasonic
According to HTF MI, the Global Smart Appliance Market is expected to see a growth rate of 13.47% and may see a market size of US$ 86.5 Bill by 2028, currently pegged at US$ 34.5 Bill.
Published Via 11Press : Smart appliances, also known as connected appliances or IoT appliances, are traditional household appliances that are equipped with advanced technologies, sensors, and connectivity features to enhance their functionality and provide additional benefits to users. These appliances are connected to the internet and can communicate with other devices and systems, such as smartphones, tablets, or home automation platforms. Smart appliances offer various features and capabilities beyond their basic functions. They can be remotely controlled and monitored through mobile applications or voice commands, allowing users to adjust settings, receive notifications, and track usage data from anywhere. These appliances often incorporate artificial intelligence (AI) and machine learning (ML) technologies to learn user preferences and optimize their operations for energy efficiency, performance, and convenience
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Smart Appliance Market Key Players
Below are the most prominent enterprise Smart Appliance industry players.
- LG Electronics Inc. (South Korea)
- General Electric Co. (US)
- Whirlpool Corp. (US)
- Mitsubishi Plastics, Inc. (Japan)
- BSH Hausgerate GmbH (Germany)
- Universal Electronics Inc. (US)
- Panasonic Corp. (Japan)
- IBM (United States)
- Miele & Cie. KG (Germany)
- Electrolux AB (Sweden)
- Samsung Electronics Co. Ltd. (South Korea)
- Qingdao Haier Co. Ltd. (China)
- Koninklijke Philips N.V. (Netherlands)
Smart Appliance Market Key Segments
By Type
- Smart Phone Appliances
- Smart kitchen Appliance
By Application
- Product
- Services
Smart Appliance Market Countries Analysis
Geographically, the market for smart appliances has been divided into
- North America (which includes the US and Canada)
- Chile, Colombia, Argentina, Brazil, and other South American countries
- Europe, which is comprised of the following countries: Italy, the UK, Germany, Spain, France, and Portugal.
- Southeast Asia
- APAC- excl. Southeast Asia [India, Japan, Australia, China, Others]
- MEA [KSA, Israel, South Africa, Turkey, UAE, Egypt, Nigeria, Others]
North America accounted for the largest market share for smart appliances in 2022. Africa, however, was classified as the second-largest market for smart appliances because of the presence of huge corporations and the continent’s quick technological development.
- The smart appliance industry is expected to be dominated by North America. The United States would make the largest contribution in this area.
- In the years 2023-2029, Europe is expected to dominate the market for smart appliances. The greatest market shares will be held by Germany, UK, and France.
- A breakdown of the ASEAN member nations is also included in the Smart Appliance market report. It is projected that this segment of the market for smart appliances would expand the quickest.
- The other significant Asian economies that are considered in the study are PRC, Japan, India, and Australia.
- Investors are paying attention to the markets in Central and South America. Smart appliance markets are recognized as being “Red Hot” in Argentina, Mexico, and Brazil.
- In the Middle East, the smart appliance industry is anticipated to grow quickly. The three main participants are KSA, Turkey, and UAE.
- Africa: This continent continues to grow. South Africa would play the primary role, followed by Nigeria.
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Market Growth Drivers
- Growing consumer demand for convenience and efficiency in household tasks.
- Government initiatives promoting energy-efficient appliances.
- Increasing consumer awareness about environmental sustainability.
Influencing Trends
- Integration of artificial intelligence (AI) and machine learning (ML) technologies for personalized and automated experiences.
- Emphasis on energy conservation and eco-friendly features.
- Adoption of advanced connectivity options, such as 5G and Wi-Fi 6, for seamless device communication.
Challenges
- High upfront costs and price sensitivity among consumers.
- Concerns regarding data privacy and security.
- Limited interoperability between different smart home platforms and devices.
Opportunity
- Increasing demand for home automation solutions and Internet of Things (IoT) devices.
- Growing awareness and adoption of energy-efficient appliances.
- Rising disposable income and improving living standards in emerging markets.
Restraints
- High initial investment and cost of smart appliances compared to traditional appliances.
- Limited consumer awareness and understanding of the benefits and functionalities of smart appliances.
- Concerns regarding data security and privacy, particularly with the collection and transmission of personal information.
Significant Changes in the Market for Smart Appliances
Report Highlights
| Report Attributes | Details |
| CAGR | 13.47 % |
| Market Forecast Values (2029) | USD 86.5 Billion |
| Current Market Size Values (2022) | USD 34.5 Billion |
| Dominating Segment | Smart Phone Appliances |
| Major Players Profiled | LG Electronics Inc. (South Korea), Universal Electronics Inc. (United States), Whirlpool Corp. (US), Mitsubishi Plastics, Inc. (Japan), Panasonic Corp. (Japan), General Electric Co. (US), IBM (US), Koninklijke Philips N.V. (Netherlands), Miele & Cie. KG (Germany), Electrolux AB (Sweden), Samsung Electronics Co. Ltd. (South Korea), BSH Hausgerate GmbH (Germany), Qingdao Haier Co. Ltd. (China) |
| Base Year | 2022 |
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The most frequent query:
Q1: How large is the market for smart appliances today?
A: The market for smart appliances was estimated to be worth US$ 34.5 bill in 2022 and is projected to increase to US$ 86.5 bill by 2032, rising at a CAGR of 13.47% over the course of the forecast period.
Q2: What are the biggest markets for smart appliances?
A: The Global Smart Appliance Market Breakdown by Type (Smart Phone Appliances, Smart kitchen Appliance) by Component (Product, Services) by Distribution Channel (Offline, Online), and by Geography (Asia Pacific, South America, North America, Europe, MEA).
Q3: List the leading manufacturers of smart appliances.
A: Some of the key players in the Smart Appliance Market include BSH Hausgerate GmbH (Germany), Whirlpool Corp. (United States), LG Electronics Inc. (South Korea), Panasonic Corp. (Japan), Mitsubishi Plastics, Inc. (Japan), Samsung Electronics Co. Ltd. (South Korea), IBM (United States), General Electric Co. (United States), Koninklijke Philips N.V. (Netherlands), Universal Electronics Inc. (United States), Miele & Cie. KG (Germany), Electrolux AB (Sweden), Qingdao Haier Co. Ltd. (China) Key Players.
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