Smart Household Appliances Market Overview
Home devices or domestic devices are devices that are manufactured to enhance the user’s comfortability as well as provide comfort in household activities, such as baking, cleaning, washing, processing, and leisure. They are mobile or fixed, depending on their functionalities and capabilities. They are usually supported by electric, gas, storage, and ventilation systems that restrict the movement of these devices around the house.
Smart household appliances are gadgets that can be associated with other arranged gadgets through various remote conventions like Bluetooth, Wi-Fi, and close field correspondence (NFC). These web-associated gadgets help in remotely observing and overseeing appliances and frameworks.
As the appliances can quantify and control energy utilization, they are additionally alluded to as shrewd gadgets. Because of the rising reception of IoT, smart appliances have acquired massive prevalence as of late. Additionally, the developing number of smart home ventures and the reception of smart gadgets for solace and comfort intention are factors driving the development of the worldwide smart appliances market.
The worldwide smart household appliances market is supposed to expand at a significant CAGR of 17.20% by 2027.
Smart Appliances Market Research Report Forecast till 2027
Enhanced technological developments, fast urbanization, housing growth, a rise in per capita income, a higher quality of living, a boost in the need for convenience for household work, changes in consumer styles, and a growing number of small households are major drivers for the worldwide household appliances market.
Furthermore, consumer inclination towards green and energy-efficient equipment further boosts the growth of the market. In addition, the deployment of energy-efficient appliances is expected to be facilitated by such factors as government initiatives for energy-efficient appliances throughout the US and many EU Member States in recent years.
Refrigerators is expected to have the highest market share. Refrigerators have become a major part of households and are among the first to be purchased after a sufficient level of household income.
Asia-Pacific
Asia-Pacific is the biggest market for smart appliances market with significant markets, including China, India, Japan, and South Korea.The development of these areas has likewise brought about quick urbanization in urban areas, in this manner making a rewarding marketplace for smart appliances. The nations have an optimal foundation, boundless web, and 5G administrations covering most metropolitan regions, provoking interest in associated and smart gadgets.
INDIA REFRIGERATION APPLIANCES MARKET OUTLOOK
The refrigeration appliances market in India is expected to grow at a CAGR of 6.52% (by revenue) over the forecast years 2022-2028. Also, the market (in terms of category) is expected to grow at a CAGR of 2.25% (by volume), in this period.
INDIA REFRIGERATION APPLIANCES MARKET 2022-2028
There has been a significant shift towards omnichannel retailing in India. Also, a number of players are focusing on ensuring omnichannel distribution in a bid to promote harmony between online & offline channels. For instance, Croma is striving to make refrigerator prices online and in-store, comparable. Such developments are likely to drive the growth of the refrigeration appliances market in the country during the forecast period.
Further, with the advancements in technology, an increasing number of stores, such as Croma and Reliance Digital, are offering the latest gadgets and electronic products to customers. Such electronics and appliance stores offer an extended warranty, device accessories, expert advice, etc. Electronics and appliance specialists leads the distribution channel segment in the market, accounting for the highest revenue share in 2021.
Some of the key companies operating in the Indian refrigeration appliances market are Panasonic Corporation, Haier Group Corporation, Whirlpool Corporation, LG Corporation, and Samsung Electronics Co. Ltd.
Vietnam Home Appliance Market
Vietnam has a young population structure, abundant labor force and low cost, which provides favorable conditions for the development of home appliance industry and attracts many foreign home appliance companies to settle in Vietnam, such as Midea, Haier, Toshiba, Panasonic, Sharp, Gree, Nepal, Samsung, LG, AQUA and other home appliance companies have invested and built factories in Vietnam.
Vietnam’s home appliance market is expected to continue to grow from 2022-2031. On the one hand, the export volume of Vietnamese home appliances will continue to rise. Meanwhile, with the development of economy and population growth, the demand for home appliances in Vietnam’s domestic market is also on the rise.
Research Report on Vietnam Home Appliance Industry, 2022-2031
INDONESIA REFRIGERATION APPLIANCES MARKET OUTLOOK
According to this report, the Indonesia refrigeration appliances market is anticipated to register growth at a CAGR of 5.57% (by revenue) during the forecast period 2022-2028. Additionally, the market (in terms of category) is expected to grow at a CAGR of 3.81% (by volume), during this period.
INDONESIA REFRIGERATION APPLIANCES MARKET 2022-2028
By the end of 2021, Indonesia recovered from COVID-19, and the economy was set to surpass its pre-pandemic levels. As a result, various customers started utilizing refrigeration units, thereby boosting sales. The need for such appliances has increased as consumers work from home and cook their daily meals. Thus, they require more refrigerated space to store food for regular use, which is creating opportunities for the market players.
Additionally, the pandemic resulted in the rise of the frozen food industry. The increased sale of food like ice cream, frozen meatballs & chicken nuggets, and others, resulted in a rise in the sale of chest freezers in 2021 and is anticipated to progress throughout the forecast period.
Therefore, as consumers looked to replace their outdated fridge freezers, they preferred models with more freezer space. Thus, the abovementioned factors are expected to contribute to the growth of the refrigeration appliances market in Indonesia during the forecast period.
The prominent players in the Indonesia refrigeration appliances market include Panasonic Corporation, Samsung Electronics Co. Ltd, LG Corporation, Sharp Corporation, and Toshiba Corporation.
MALAYSIA REFRIGERATION APPLIANCES MARKET OUTLOOK
Malaysia refrigeration appliances market will advance at a CAGR of 1.89% in value during the forecasted period 2022-2028. In terms of volume, the studied market by category is set to grow with a CAGR of 1.61% during 2022-2028.
MALAYSIA REFRIGERATION APPLIANCES MARKET 2022-2028
Product developments and launches are among the major factors driving the market’s growth. For instance, in 2022, Hisense Malaysia launched four refrigerators that follow the company’s goal to offer advanced and energy-saving appliances.
Besides this, the company introduced chest freezers that ensure temperature control for different food products. These freezers also include a super freeze option that lowers the temperature to -30°C, keeping food products fresh for a longer period.
Furthermore, premiumization is another factor supporting the adoption of these appliances. Consumers spend more on refrigerator-freezers with more storage to facilitate stockpiling. The government has also initiated programs to influence the adoption of energy-efficient refrigerators.
For instance, the Sustainable Energy Development Authority (SEDA) Malaysia launched the Save 3.0 program that offers RM400 e-rebate to households that purchase 4-star or 5-star energy-efficient products. Therefore, as stated above, these factors are widening the scope and growth of the Malaysian refrigeration appliances market.
The notable companies in the refrigeration appliances market include Samsung Electronics Co Ltd, LG Corporation, Haier Group Corporation, Toshiba Corporation, and Panasonic Corporation.
North America
North America is supposed to be the second-biggest market for smart appliances owing to the developed markets in US, Canada, and Mexico. The US and Canada have the most noteworthy per capita pay and are innovatively progressing.
Europe
The European Smart Appliances Market stood third with the significant nations adding to this market development containing the UK, Germany, France, Italy, and the remainder of Europe. These nations are encountering expanded demand for smart appliances inferable from the rising populaces as well as quick urbanization.
GERMANY REFRIGERATION APPLIANCES MARKET OUTLOOK
The Germany refrigeration appliances market is anticipated to progress with a revenue CAGR of 3.52% over the forecast years from 2022 to 2028. The market (by category) is also expected to grow with a volume CAGR of 1.29% in this duration.
GERMANY REFRIGERATION APPLIANCES MARKET 2022-2028
An important factor contributing to the continued demand for high-capacity refrigeration units is the increased need for food storage for several German households since the onset of the COVID-19 pandemic. This increased the popularity of energy-efficient refrigeration appliances, and has positively impacted the growth of the refrigeration appliances market in Germany. Further, the uncertainty brought on by the pandemic resulted in greater savings for Germans due to less travel and socializing. This also increased their purchasing power.
Moreover, built-in fridge freezers and electric wine coolers/chillers are anticipated to outperform their freestanding equivalents during the forecast period. This has provided an excellent growth opportunity to businesses offering excellent quality and premium brands. Additionally, manufacturers of refrigeration appliances are anticipated to incorporate smart hardware, such as cameras, in their products. Such novel developments would be a key part of their growth strategy.
Some of the key players that have established themselves in the German refrigeration appliances market include C Bomann GmbH, Haier Group Corporation, Miele, Liebherr Group, and BSH Hausgerate GmbH.
Smart Kitchen Appliances Market
Smart kitchen appliances are built to save time and energy, the main purpose of installing smart appliances is to increase productivity and maintain sustainability. It is manufactured by incorporating electronic mechanisms, creative design, and eco-friendly elements. Use of technology has now become common and therefore inbuilt features like Bluetooth, Wi-Fi operability, cameras, and other software are provided by these manufacturers.
Global Smart Kitchen Appliances Market to surpass USD 19.6 billion by 2030 from USD 12.3 billion in 2020 at a CAGR of 15.5 % in the coming years, i.e., 2021-30.
Smart Kitchen Appliances market : Segmented by end user (Residential, Commercial); by product (Smart Refrigerators, Smart Ovens) and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030