Modern lifestyles and rapid technological advancements are predicted to accelerate the adoption of smart appliances in homes. Consumers who are tech-savvy today are conscious of the newest innovations and prepared to invest in connected home solutions that can improve their lives and eliminate their hassles. Luxury homes and condos have connected devices, especially in the kitchen. But the emergence of COVID-19 has also accelerated the development and adoption of connected appliances in small towns. According to comfy living, the worldwide connected home market is projected to grow at a CAGR of 25% from 2020 to 2025. With a penetration rate of 32.4% and an estimated total of 41.3 million smart homes, smart home popularity statistics show Americans favor home automation devices more than other nations. The growth of the market can be attributed to the increasing demand for the growing penetration of smart home appliances in the region.
Smart home appliances are constantly being innovated and improved by manufacturers to suit the new changing lifestyles of tech-savvy consumers. Additionally, companies have been creating high-tech features and clever automation for smart homes. Millennial consumers are likely to be drawn to voice-activated lighting controls and digital smart dials. However, the growing consumer preference for smart home appliances in developing nations like China and India as well as consumers' increased buying power will be important demand-driving factors. There are numerous opportunities in the market because major brands provide a broad variety of products while taking the millennial and Gen-Z demographics into consideration. For instance, LG unveiled a top-mounted, 260-liter frost-free refrigerator with Auto Smart Connect that has a variety of features, including smart diagnostic and auto-connect with an inverter.
Need for Energy-Efficient Appliances
Connected appliances with Energy Star certification use less energy and provide new features that can increase convenience, further reduce costs, and allow "smart grid" capabilities. The system, which is installed on a mobile device or other networked devices, allows the user to specify the times at which changes should be implemented. Due to their self-learning capabilities, smart home appliances can determine their owners' schedules and make the appropriate adjustments. Samsung and the ABB Group, a pioneer in power and automation systems, entered a partnership in April 2022. This collaboration is intended to hasten the adoption of SmartThings in more homes and buildings. Users would also be able to save money and have a greater positive effect on the environment thanks to this partnership. According to a recent research study by Mordor Intelligence, titled NORTH AMERICA HOME APPLIANCES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028), the US and Canada are leading North American countries in technological innovation for home appliance products, spending more on R&D to create products that are both technologically and environmentally friendly. Emerging technologies like robotics, the Internet of Things, and data are being driven by AI, allowing them to be used in everyday home appliances like Wi-Fi connectivity devices and voice assistants that turn themselves off automatically when finished with a job.
Rising Integration of Wireless Connectivity in Smart Home Appliances Market
By reducing the need for cables and obviating the need to rebuild existing homes, wireless solutions give freedom to consumers. Numerous new wireless protocols have been developed in order to improve the usefulness of smart appliances. In addition to improving upon already existing technologies like Bluetooth and Wi-Fi, the introduction of ZigBee and Z-Wave is anticipated to lead to substantial technological advancements in the market for smart home appliances.
Consumers in the home are extremely concerned about the rising cost of electricity expenses. A lot of energy is used by appliances like refrigerators, water heaters, and air conditioners . Households are turning to energy-saving options because of these rising expenses. Smart home appliances that can interact with one another have become an effective remedy in such a situation. To reduce energy expenses, households are implementing smart home appliances. Customers want goods that are simple to use and offer a one-stop shop for all their needs and are always available. Brands are focusing on creating smart appliances to take advantage of shifting customer trends as technology advances and product life cycles shorten. Companies are launching specialized and innovative products. Brands are introducing products that are powered by Artificial Intelligence and Internet of Things solutions. With the launch of these products, the brand targets high growth across different categories by expanding its product portfolio to smart home solutions.
