Electronics & Smart Devices

Connected Home Appliance Market By Type (Security Appliances, Kitchen Appliances, Laundry Appliances, Water Treatment Appliances, Others); By Technology (Wi-Fi, Near Field Communication (NFC), Bluetooth) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

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Report ID: 811 | Published On: Oct 12, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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Connected Home Appliance Market Overview

Connected home appliance refers to the next generation appliances which are equipped with advanced features for receiving, processing and transmitting information through different sources such as smartphones, tablets and laptops. Further, the main features of connected home appliances are security and comfort, in addition connected home appliances provides home with smart devices and automated technology.


Market Size and Forecast

The global connected home appliance market is expected to expand at a robust CAGR over the forecast period i.e. 2017-2024. Factor such as, increasing demand of internet structure availability and increase in smartphone penetration rate are anticipated to increase the growth of global connected home appliance market over the forecast period.

In the regional market, North America is projected to dominate the overall connected home appliance market during the forecast period. Factor such as, increasing purchasing power and changing lifestyle of people is expected to positively impact the growth of connected home appliance market over the forecast period. Moreover, advancement in technology is anticipated significantly for the growth of connected home appliance market in North America.

connected home Appliance market

Asia Pacific connected home appliance market is poised to grow at a poised rate over the upcoming years. Moreover, increasing number of smart phone in the region is fostering the growth of global connected home appliance market over the forecast period. Europe region is expected to observe outstanding growth in the upcoming years. Increase in the security concerns is anticipated to drive the growth of global connected home appliance market over the upcoming years.

Based on type, connected home appliance market is segmented into, security appliances, kitchen appliances, laundry appliances, water treatment appliances and others, out of which, kitchen appliances is accounted for the largest market share in overall global connected home appliance market over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT


Market Segmentation

Our in-depth analysis has segmented global connected home appliances market into the following segments:

By Type

  • Security Appliances
  • Kitchen Appliances
  • Laundry Appliances
  • Water Treatment Appliances
  • Others

By Technology

  • Wi-Fi
  • Near Field Communication (NFC)
  • Bluetooth

By Region

Global connected home appliances market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis


connected home Appliance market
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Growth Drivers and Challenges

Factor such as, rising demand for adoption of various connected home appliances across the globe is anticipated to intensify the growth of global connected home appliance market over the forecast period. Further, high availability of home broadband connectivity is expected to positively drive the growth of the global connected home appliance market over the upcoming years.

In addition, increasing adoption of various cloud based technologies enhanced with home appliances is anticipated to be the dynamic factor behind the growth of the global connected home appliance market over the forecast period.

According to IHS technology, over 1 million units of smart gadgets were used in 2014, which is expected to increase upto 470 million units in 2020.This factor is likely to further strengthen the growth of global connected home appliance market over the forecast period. Moreover, increasing number of smartphone user across the globe is expected to robust the growth of the global connected home appliance market over the forecast period.

However, high cost of equipment and lack of awareness of consumers are some of the key factors which are expected to limit the growth of global connected home appliance market over the forecast period.


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