Connected Home Appliance Market

Overview of the Connected Home Appliance Market

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 USD 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 USD 88,030.6 million by 2034.

Attributes	Details
Market Value for 2024	USD 37,980.4 million
Projected Market Value for 2034	USD 88,030.6 million
Value-based CAGR of the Market for 2024 to 2034	8.80%

Connected Home Appliance Industry Trends

• Introduction of a single open-source interoperability platform, such as ‘Matter’, has solved the erstwhile problem of closed ecosystems, making appliances made by different manufacturers operate seamlessly. This has significantly changed the market positively.
• With the addition of more appliances such as dishwashers, microwaves, pressure cookers, toasters, espresso machines, etc., consumers are getting enhanced user experience under their fingertips, which is proving beneficial for the market.
• These home appliances are also being designed to help households maintain their health and wellness goals. Smart refrigerators can suggest healthy recipes, assistants can guide meditation sessions, speakers can give countdowns, etc. The ongoing health-conscious trend in the general population will generate huge demand for these appliances in the future.
• Demand is also influenced by social media influencers and tech gurus promoting these appliances. Brands often collaborate with them as they have millions of virtual followers which makes the marketing of their appliances easier, target-oriented, and cost-effective.

Category-wise Insights

Smart Kitchen Appliances to Make Cooking Easy for Households

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.

NFC-powered Connected Home Appliances to Provide Major Breakthroughs in the Future

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.

Country-wise Insights

Countries	CAGR (2024 to 2034)
Australia	12.30%
China	9.30%
United States	5.60%
Germany	4.20%
Japan	3.50%

Adoption of Connected Home Appliances Surges in Australia Due to Their Efficiency

The market in Australia is slated to grow at a CAGR of 12.30% for the forecasted period of 2024 to 2034.

• Australia, as a country, is well-known for its sustainability initiatives. In light of this, the adoption of smart home appliances has surged rapidly in the country, which has positioned Australia well in the market.
• Manufacturers in Australia are introducing new appliances and technology in their offerings to attract more consumers. For instance, Hisense Australia, recently unveiled ConnectLife-enabled home appliances in CES 2024. These appliances are stretched across kitchens, living spaces, and home ecosystems.

Cheap Internet Facilitates Widespread Acceptance of Connected Home Appliances in China

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.

• Chinese consumers spend a low amount of their income on the internet. With the proliferation of the internet in almost every house, the market is very likely to be bolstered in the country.
• Mergers and acquisitions between industry giants are benefitting the market in China. For instance, Baidu and Midea, the two Beijing-based companies, announced curating products through which users can control Midea’s array of smart home appliances through Baidu’s lineup of smart Xiaodu speakers.

30% of the United States Homes Have At Least 3 Smart Home Devices as Adoption Grows

The market in the United States is a promising one. It is slated to grow at a CAGR of 5.60% through 2034.

• The United States is categorized as a country that welcomes new technology with open hands. According to a survey, the average household in the United States has seven smart home appliances, all connected to each other. This adoption is further supported by the presence of tech giants like Google, Meta, Apple, etc., in the country.
• Companies conduct large surveys and analyses to understand the needs of consumers in the United States. One such example is LG Electronics Inc., which is ramping up efforts to attract premium home appliance buyers in North America with the "UP Kit" collection of home appliance accessories, which allows users to add new functions as they wish through a smartphone app.

Rising Disposable Income Benefits the German Connected Home Appliance Market

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.

• Germany is blessed with an enormous amount of economically advantaged people who are willing to pay hefty amounts for comfort and convenience. This has been one of the main factors why the market in the country has touched the skies.
• Brand collaborations have facilitated companies in Germany, For example, SmartThings, Samsung’s global connected living platform, in December 2023, partnered up with Eve Systems, a Germany-based smart home and home automation producer to provide user-friendly, practical solutions that enhance the efficiency of smart homes.

Increasing Gaming Culture Profits the Japanese Market

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.

• Gaming culture in Japan is flourishing, thanks to the presence of companies like Nintendo, Sony (PlayStation), Capcom, Square Enix, and Sega. The demand for smart home appliances is increasing in the country as they can be integrated with the gaming ecosystem to enhance user experience and convenience.
• Companies in Japan are joining hands to take advantage of each other’s expertise. For instance, Line is joining forces with Japanese partners including Sharp to connect smart speakers to home appliances, hoping to combine its Line messaging app, which boasts 78 million monthly users, with appliance operation technology to develop new businesses.

Competitive Landscape

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

• In March 2024, Samsung Electronics achieved a milestone as its Bespoke Jet Bot Combo™ AI and Family Hub Refrigerators became the industry's first to attain the highest 'Diamond' level verification for IoT security by UL Solutions.
• In March 2024, Haier India celebrated its 20th anniversary by launching a new line of smart home appliances, including TVs, ACs, refrigerators, and washing machines. The company expanded production in Pune and Greater Noida, employing over 35,000 workers and serving 25 million customers.
• In November 2023, Whirlpool Corporation contributed to the Matter 1.2 update, enhancing connectivity for home appliances like washing machines and refrigerators. This advancement aimed to streamline user experience and bolster interoperability across devices.
• In August 2023, Reliance Jio launched Jio Smart Home Services, enabling users to seamlessly control home appliances. Jio Chairman Akash Ambani declared it would redefine home management at RIL’s AGM.

Key Companies

• AT&T Inc.
• Honeywell International Inc.
• ARRIS Group
• Comcast Corporation
• Robert Bosch GmbH
• Samsung Group
• Whirlpool Corporation
• General Electric
• LG
• Miele and Cie
• Midea
• Haier
• Hisense

Key Coverage in the Connected Home Appliance Industry

• Growth Analysis of Connected Home Appliances
• Trends in the Connected Home Appliance Market
• Market Dynamics of IoT appliances
• Overview of Home Automation Devices
• Demand Analysis of Wi-Fi Enabled appliances

Key Segments of the Connected Home Appliance Industry

By Appliance Type:

• Laundry
  • Smart Washers
  • Smart Dryers
  • Others
• Security
• Water Treatment
  • Smart Filters
  • Smart Water Heaters
  • Smart Water Softeners
  • Water Filtration Systems
• Kitchen
  • Smart Refrigeration
  • Smart Cooking
  • Cleaning
• Other Types
  • Smart LED Lighting
  • Smart Air Purifiers & Filters
  • Smart Compactors

By Technology:

• Wi-Fi-powered
• NFC-powered
• Bluetooth-powered

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Frequently Asked Questions

How much is the Connected Home Appliance Market Currently Worth?

The connected home appliance market is expected to be worth USD 37,980.4 million by 2024.

What is the Sales Forecast for Connected Home Appliances through 2034?

The connected home appliance market is expected to reach a valuation of USD 88,030.6 million by 2034.

At What Rate is the Connected Home Appliance Market Growing?

The connected home appliance market is in line to grow at a CAGR of 8.80% from 2024 to 2034.

Which are the Key Companies in the Connected Home Appliance Market?

Samsung Group, LG, Apple, Whirlpool, etc., are some of the major players in the market.

What was the Value of the Connected Home Appliance Market in 2023?

The valuation for the connected home appliance market in 2023 was USD 35,434.2 million.