With rising disposable income, it is often observed that the general populace is ready to spend a substantial amount of their income on comfort and convenience. Since, the number of devices per person, in today’s day and age, is surging rapidly, every device people use in homes, offices, gyms, and even schools, will likely be connected to each other.
The appliances are not new to consumers as many industry giants’ products have successfully made their way into people’s hearts. This is one of the main reasons why this industry is slated to grow at a CAGR of 8.80% through 2034. Companies like Samsung, LG, Google, and Apple are revolutionizing the way consumers see home appliances and have taken the market valuation to a staggering US$ 37,980.4 million in 2024.
Billions of dollars have been invested by these companies in making these appliances more energy-efficient, interactive, and responsive. Smart fans, washing machines, refrigerators, cleaning robots, alarms, thermostats, etc. are all programmed to work in cohesion with each other to make the lives of households super comfortable while saving energy and hence capital. These additions to already existing capabilities of connected home appliances are seen as factors to take the market to a valuation of US$ 88,030.6 million by 2034.
Attributes | Details |
---|---|
Market Value for 2024 | US$ 37,980.4 million |
Projected Market Value for 2034 | US$ 88,030.6 million |
Value-based CAGR of the Market for 2024 to 2034 | 8.80% |
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Homes, in today’s day and age, are jam-packed with appliances that are not only smart but also designed to enhance efficiency, convenience, and sustainability. FMI has analyzed two other markets that have the potential to grow alongside the connected home appliance market.
The growth rates, trends, and restraints of the smart kitchen appliance market and smart TV market have been jotted down below. In light of these statistics, it can be inferred that the smart TV is very likely to have a promising future as compared to the other two.
Connected Home Appliance Market:
Attributes | Connected Home Appliance Market |
---|---|
Value-based CAGR (2024 to 2034) | 8.80% |
Projected Market Value (2024) | US$ 37,980.4 million |
Growth Factor | Consumers’ tendency to spend substantial amount of their disposable income for convenience and comfort |
Restraint | Concerns regarding data breach, hacking, and privacy |
Trend | Integration of desktop robots and assistants to carry out day-to-day tasks |
Smart Kitchen Appliance Market:
Attributes | Smart Kitchen Appliance Market |
---|---|
Value-based CAGR (2024 to 2034) | 8.50% |
Growth Factor | Ability of smart kitchen appliances to save hefty amounts of financial capital by efficiently using electricity |
Restraint | Prices of some smart kitchen appliances prohibitive to cost-conscious consumers |
Trend | Increasing trend of people living in smart homes and smart kitchens playing an integral part in them |
Smart TV Market:
Attributes | Smart TV Market |
---|---|
Value-based CAGR (2024 to 2034) | 19.5% |
Projected Market Value (2024) | US$ 3,53,520.5 million |
Growth Factor | Demand for personalized entertainment experiences reshaping consumer behavior, driving the shift from traditional movie theatres and satellite TV to smart TVs |
Restraint | Elevated costs associated with repairing smart TVs emerge as limiting factor |
Trends | Smart TVs with voice commands, gesture recognition, and intuitive remote controls enhancing user experience |
In smart home ecosystems, connected home appliances are used for various purposes like laundry, kitchen, water treatment, air purifying, etc. Among these, the kitchen segment is penned in to hold a market share of 31.40% in 2024.
Attributes | Details |
---|---|
Appliance Type | Kitchen |
Market Share (2024) | 31.40% |
People’s reliance on technology is rising day by day. Connected home appliances have long made their way into the kitchen. Smart refrigerators, dishwashers, ovens, toasters, etc. have bolstered the market growth in the past few years.
The market is also growing as consumers are increasingly being put off by high electricity bills and the cost of fuel consumption. Connected home appliances, especially those operating in the kitchen, are designed to consume less electricity without compromising on performance or functionality.
Connected home appliances operate on various technologies, such as NFC, Wi-Fi, and Bluetooth. On the basis of technology, the near field communication segment is in line to take the majority share of 42.40% of the market in 2024.
Attributes | Details |
---|---|
Technology Type | NFC-powered |
Market Share (2024) | 42.40% |
Connected home appliances that use near-field communication are in great demand, especially in countries with cheap internet and affluent populations as they offer convenience, efficiency, and automation in everyday tasks. These appliances allow users to control and monitor various devices from their smartphones or other NFC-enabled devices, that too, without the need for complex setups or configurations.
Countries | CAGR (2024 to 2034) |
---|---|
Australia | 12.30% |
China | 9.30% |
United States | 5.60% |
Germany | 4.20% |
Japan | 3.50% |
The market in Australia is slated to grow at a CAGR of 12.30% for the forecasted period of 2024 to 2034.
China is a lucrative country in this market. The market is expected to grow at a CAGR of 9.30% through the forecast period in the country.
The market in the United States is a promising one. It is slated to grow at a CAGR of 5.60% through 2034.
The Germany connected home appliance market is likely to flourish in the coming years. It is slated to grow at a CAGR of 4.20% through 2034.
The future of the Japanese connected home appliance market looks bright. The market is slated to grow at a CAGR of 3.50% through 2034 in the country.
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The market is evolving day by day with the influx of new technologies and market players. Industry giants like Apple, Samsung, LG, Google, etc., are pouring billions of dollars into curating products that are not only affordable but also easy to operate. They are also bringing in technologies that use AI to optimize user experience and make home automation more intuitive and efficient.
Mergers and acquisitions are a common strategy used by companies to leverage each other's strong points. For instance, in August 2023, Samsung and LG collaborated to develop a unified smart home system, allowing users to control appliances through either brand's app. The interoperability initiative aimed to enhance connectivity and energy efficiency, with plans to include other global brands.
Recent Developments
The connected home appliance market is expected to be worth US$ 37,980.4 million by 2024.
The connected home appliance market is expected to reach a valuation of US$ 88,030.6 million by 2034.
The connected home appliance market is in line to grow at a CAGR of 8.80% from 2024 to 2034.
Samsung Group, LG, Apple, Whirlpool, etc., are some of the major players in the market.
The valuation for the connected home appliance market in 2023 was US$ 35,434.2 million.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Manufacturer 3.5.1.2. Mid-Level Participants (Traders) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Appliance Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Appliance Type, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Appliance Type, 2024 to 2034 5.3.1. Laundry 5.3.1.1. Smart Washers 5.3.1.2. Smart Dryers 5.3.1.3. Others 5.3.2. Water Treatment 5.3.2.1. Smart Filters 5.3.2.2. Smart Water Heaters 5.3.2.3. Smart Water Softeners 5.3.2.4. Water Filtration Systems 5.3.3. Kitchen 5.3.3.1. Smart Refrigeration 5.3.3.2. Smart Cooking 5.3.3.3. Cleaning 5.3.4. Other Appliance 5.4. Y-o-Y Growth Trend Analysis By Appliance Type, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Appliance Type, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Technology, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Technology, 2024 to 2034 6.3.1. Wi-Fi-Powered 6.3.2. NFC-Powered 6.3.3. Bluetooth-Powered 6.4. Y-o-Y Growth Trend Analysis By Technology, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Technology, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2019 to 2023 7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2024 to 2034 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Appliance Type 8.2.3. By Technology 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Appliance Type 8.3.3. By Technology 8.4. Key Takeaways 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Appliance Type 9.2.3. By Technology 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Appliance Type 9.3.3. By Technology 9.4. Key Takeaways 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Appliance Type 10.2.3. By Technology 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Appliance Type 10.3.3. By Technology 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Appliance Type 11.2.3. By Technology 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Appliance Type 11.3.3. By Technology 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Appliance Type 12.2.3. By Technology 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Appliance Type 12.3.3. By Technology 12.4. Key Takeaways 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Appliance Type 13.2.3. By Technology 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Appliance Type 13.3.3. By Technology 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Appliance Type 14.2.3. By Technology 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Appliance Type 14.3.3. By Technology 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2023 15.1.2.1. By Appliance Type 15.1.2.2. By Technology 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2023 15.2.2.1. By Appliance Type 15.2.2.2. By Technology 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2023 15.3.2.1. By Appliance Type 15.3.2.2. By Technology 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2023 15.4.2.1. By Appliance Type 15.4.2.2. By Technology 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2023 15.5.2.1. By Appliance Type 15.5.2.2. By Technology 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2023 15.6.2.1. By Appliance Type 15.6.2.2. By Technology 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2023 15.7.2.1. By Appliance Type 15.7.2.2. By Technology 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2023 15.8.2.1. By Appliance Type 15.8.2.2. By Technology 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2023 15.9.2.1. By Appliance Type 15.9.2.2. By Technology 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2023 15.10.2.1. By Appliance Type 15.10.2.2. By Technology 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2023 15.11.2.1. By Appliance Type 15.11.2.2. By Technology 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2023 15.12.2.1. By Appliance Type 15.12.2.2. By Technology 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2023 15.13.2.1. By Appliance Type 15.13.2.2. By Technology 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2023 15.14.2.1. By Appliance Type 15.14.2.2. By Technology 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2023 15.15.2.1. By Appliance Type 15.15.2.2. By Technology 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2023 15.16.2.1. By Appliance Type 15.16.2.2. By Technology 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2023 15.17.2.1. By Appliance Type 15.17.2.2. By Technology 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2023 15.18.2.1. By Appliance Type 15.18.2.2. By Technology 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2023 15.19.2.1. By Appliance Type 15.19.2.2. By Technology 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2023 15.20.2.1. By Appliance Type 15.20.2.2. By Technology 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2023 15.21.2.1. By Appliance Type 15.21.2.2. By Technology 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2023 15.22.2.1. By Appliance Type 15.22.2.2. By Technology 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2023 15.23.2.1. By Appliance Type 15.23.2.2. By Technology 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Appliance Type 16.3.3. By Technology 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Honeywell International Inc. 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.1.5.2. Product Strategy 17.1.1.5.3. Channel Strategy 17.1.2. ARRIS Group 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.2.5.2. Product Strategy 17.1.2.5.3. Channel Strategy 17.1.3. Comcast Corporation 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.3.5.2. Product Strategy 17.1.3.5.3. Channel Strategy 17.1.4. Robert Bosch GmbH 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.4.5.2. Product Strategy 17.1.4.5.3. Channel Strategy 17.1.5. Samsung Group 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.5.5.2. Product Strategy 17.1.5.5.3. Channel Strategy 17.1.6. Whirlpool Corporation 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.6.5.2. Product Strategy 17.1.6.5.3. Channel Strategy 17.1.7. General Electric 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.7.5.2. Product Strategy 17.1.7.5.3. Channel Strategy 17.1.8. LG 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.8.5.2. Product Strategy 17.1.8.5.3. Channel Strategy 17.1.9. Miele 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.9.5.2. Product Strategy 17.1.9.5.3. Channel Strategy 17.1.10. Hisense 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.10.5.2. Product Strategy 17.1.10.5.3. Channel Strategy 17.1.11. Haier 17.1.11.1. Overview 17.1.11.2. Product Portfolio 17.1.11.3. Profitability by Market Segments 17.1.11.4. Sales Footprint 17.1.11.5. Strategy Overview 17.1.11.5.1. Marketing Strategy 17.1.11.5.2. Product Strategy 17.1.11.5.3. Channel Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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