Smart Home Appliances Market: Impact of COVID-19 and Path to Recovery - ReAnIn Analysis

HYDERABAD, India, May 5, 2022 /PRNewswire/ -- Smart appliances refer to appliances that are connected via Bluetooth/Wi-Fi/other technologies and are monitored through remote commands using devices such as smartphones, tablets, and other electronic devices. The remote command has various advantages including ease in accessibility, energy efficiency, and security. According to International Energy Agency (IEA), smart controls and connected devices could save 230 exajoule (EJ) in cumulative energy savings to 2040 and can lower building energy consumption by about 10%. As countries across the globe are closely monitoring their carbon footprint, the adoption of devices or applications which can help in saving energy is expected to increase exponentially.

Market Overview

According to ReAnIn, the global smart home appliances market was valued at USD 36,648.43 million in the year 2021 and is projected to reach USD 98,319.34 million by the year 2028, registering a CAGR of 15.1% during the forecast period. Increasing internet penetration, growing awareness regarding energy consumption and its impact on climate, and availability of cost-effective products in developing economies such as India and China are some of the leading drivers in this market. However, the growing incidence of data breaches may create a hurdle in the adoption of smart appliances. Furthermore, the COVID-19 pandemic disrupted the supply chain and also, caused economic uncertainties among working individuals which negatively affected the market growth, particularly in 2020.

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Internet Penetration will be the Deciding Factor for the Adoption of Smart Appliances

According to International Telecommunication Union (ITU), internet users have increased by 782 million between 2019 and 2021, from 4.1 billion (2019) to 4.9 billion (2021), representing 63% of the world's population. Moreover, the number of internet users is expected to grow by more than 10% annually in the near future. However, around 3 billion people still remain offline and about 96% of these live in developing economies. Therefore, internet penetration is going to be the key factor in enhancing the adoption of smart appliances and the lack of it may limit the market growth.

Key Highlights of the Report:

• Smart washing machines accounted for the highest market share (~30%) in 2021, while air purifiers and kitchen appliances such as ovens are expected to witness a significantly high growth rate during the forecast period.
• Offline channels including specialty stores and hypermarkets/supermarkets accounted for the majority of the market share in 2021. However, online channels are expected to gain market share in the near future.
• Currently, the Asia Pacific dominates the market with more than 40% market share, and its dominance is expected to continue during the forecast period owing to increasing internet penetration in countries like India and China, and the launch of cost-effective products by local players such as Xiaomi, Samsung, and LG Corporation.

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Market Segmentation:

ReAnIn has segmented the global smart home appliances market by:

• Products
• Smart Washing Machines
• Smart Air Conditioners
• Smart Refrigerators
• Smart Television (TV)
• Smart Geysers
• Smart Lighting Devices
• Smart Air Purifiers
• Smart Coffee Makers
• Smart Kettles
• Smart Ovens
• Smart Cookers
• Smart Cooktops
• Other Products
• Distribution Channel
• Specialty Stores
• Supermarkets/Hypermarkets
• Online Channels
• Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Competitive Landscape

The market is consolidated with the leading five companies occupying a majority of the market share. Prominent players operating in the global smart home appliances market include Samsung Electronics Co., Ltd, LG Corporation, Panasonic Holdings Corporation, Whirlpool Corporation, Haier Group Corporation, Xiaomi Corporation, Sony Group Corporation, Electrolux AB, Koninklijke Philips N.V., BSH Hausgeräte GmbH, Hisense Group, and OnePlus Technology.

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SOURCE Reanin Research & Consulting Private Limited