Smart Home Appliances Market Size & Share Analysis - Growth Trends & Forecasts (2023–2028)

The anticipated growth in the Smart Home Appliances Market is from USD 32.12 billion in 2023 to USD 49.22 billion by 2028, marking a 8.91% CAGR during the forecast period.

The proliferation of the Internet of Things (IoT) in smart home applications is expected to become more adaptable, offering enhanced user control and refined appliance functionalities. In the United States alone, the Consumer Technology Association forecasts connected home goods to generate $5.94 billion in revenue by 2022.

The evolution of traditional home appliances into "smart" versions, embedded with advanced technologies for data reception, processing, and transmission through smartphones, tablets, and laptops, is gaining momentum. Predictions by the U.S. Energy Information Administration indicate a 37% surge in global energy demand by 2035. In response, smart home appliances, with their real-time communication abilities for operating at lower frequencies or during off-peak hours, are gaining traction. These appliances offer improved control, comfort, security, and efficiency to both consumers and service providers.

Market players have focused on enhancing food recognition and integrating it into kitchen applications like ovens and refrigerators. Companies such as Bosch, GE, and Samsung have introduced concepts like refrigerators monitoring food, remote stovetop monitoring, and incorporating artificial intelligence (AI) for appliance recommendations. Smart kitchen equipment is witnessing functional upgrades, such as energy-saving features, Wi-Fi capabilities, and the ability to download cooking instructions for a hands-free experience.

Exhibitions like CES 2021 showcased various small appliances aiding in cooking efficiency, meal planning, wellness enhancement, and household task streamlining. Predictions indicate that machine vision and food inventory tracking systems will be integrated into smart kitchen appliances to offer ingredient detection, food readiness alerts, and temperature adjustments.

Moreover, advancements in voice assistants integrating cooking APIs enable voice control for essential kitchen tasks, transforming the kitchen into a multifunctional space beyond mere food preparation.

The COVID-19 outbreak momentarily disrupted Chinese home appliance manufacturing in 2020's first half but witnessed a recovery in the latter half. Increased demand via online retail channels, spurred by people staying at home during quarantine, contributed over 70% of total revenues in the first quarter. Predictions by the Research Institute of the Ministry of Commerce of China suggest a concentrated rejuvenation phase for the Chinese home appliance market, benefiting smart and health-oriented appliances.

The Smart Oven segment is predicted to drive significant market growth. These Wi-Fi or Bluetooth-enabled ovens connect to companion apps for remote access, automating various oven tasks. Manufacturers like AEG, Bosch, and Samsung offer smart ovens with dedicated apps to control specific cooking aspects. Companies are innovating and launching products with improved features, engaging in alliances and acquisitions, such as Whirlpool's addition of an air fry mode to its smart ovens and Tovala's expansion plans.

The market for home and household appliances is projected to exceed $500 billion by 2024, with kitchen appliance sales being a significant part, surpassing $87.9 billion in 2021, according to Haier Smart Home.


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