Smart Appliances Market Size Forecast 2030

Smart appliances market share is projected to reach USD 76.4 billion by 2026, growing at a CAGR of 17.7% during the forecast period.

In recent years, the market for smart appliances has experienced significant growth, primarily due to the increasing demand for smartphones, and the availability of wireless solutions is also expected to significantly boost the market in the near future. These factors will drive market growth through the end of the forecast period. Moreover, intensifying consumer focus on convenience, cost reduction, and energy conservation will drive the demand of smart appliances in the near future.

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Wireless solutions not only reduce the usage of wires but also help to avoid the reconstruction of existing homes, thereby offering flexibility to end users. A variety of new wireless protocols have been developed to improve the working of smart appliances. The advent of ZigBee and Z-Wave, apart from the existing technologies such as Bluetooth and Wi-Fi, is likely to bring about major technological advancements in the smart appliances market. ZigBee alliance control ZigBee protocol is a lower power specification based on the IEEE 802.15.4 standard for personal area networks. It uses less power and provides better coverage. Z-Wave can be used for all kinds of wireless applications. It can be used to connect sensors in security systems, locks, smoke detectors, and other smart appliances in the house.

AI technologies make products think like humans. They help to understand how the human brain thinks, learns, decides, and works. AI has become very popular in today’s world. It has applications in different industries like healthcare, manufacturing, banking, and automotive. Smart appliances companies are working to in-build AI in products to make them more personalized and convenient for consumers.

Smart appliances are relatively expensive as compared to conventional appliances. To connect all the appliances in the house, they must be connected via a common interface for communication. Installation costs can range from USD 50 to USD 1,000, depending upon the number of appliances and technology used. Although it is beneficial for the long run, attracting consumers at these costs can be a challenge for companies. Currently, smart appliances are installed in most American and European homes.