Market Trends of Smart Home Appliances Industry
Smart Oven to Drive Significant Market Growth
- An electric oven that includes Wi-Fi or Bluetooth technology to link the appliance to a companion app for remote access is referred to as a smart oven. The app is made to provide a number of automatic oven tasks. The core operation of smart ovens is understood to be the same as that of conventional ovens.
- Most oven producers, including AEG, Bosch, and Samsung, presently offer a selection of smart ovens with corresponding apps to control specific parts of cooking. The philosophy behind it is to stay current with home automation market trends, which are encouraging home-cooked food with little time and effort, as with other household things.
- Several manufacturers have been investing in innovations, and new product launches with improved features to strengthen their position in the market. Additionally, a number of providers have taken part in alliances and acquisitions to strengthen their position in the market. For instance, Whirlpool stated in January 2022 that some of its smart, Wi-Fi-connected ovens would acquire an air fry mode via a software update to replicate the crispy reheating specifications of one of the internet's favorite cooking gadgets. The company's Smart Slide-in Gas and Electric Ranges and Smart Single, Double, and Combination Wall Ovens will both get the feature.
- Additionally, the scan-to-cook smart microwaves from Whirlpool's W Labs Countertop Smart Oven were discontinued by being sold for half of their original price. This action was linked to supply chain interruptions brought on by COVID-19 and an effort to get rid of inventory before launching a new line of smart ovens in 2021. Moreover, Tovala, the smart oven and meal kit business, closed a Series C of USD 30 million in February 2021. The company intends to utilize the funds primarily to build a second factory, most likely in Utah, to assist in distributing fresh foods to the western half of the country.
- As per Haier Smart Home, the total global retail sales of home and household appliances are forecast to surpass the 500 billion dollar mark by the year 2024. Major kitchen appliance sales take up one of the most significant shares of the market, with an overall retail sales of more than 87.9 billion U.S. dollars in 2021.
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Asia-Pacific to Witness Highest Growth
- Due to factors like increased disposable income, dual-income households, and changing lifestyles, Chinese consumers now have access to AI-based smart home gadgets like robotic vacuum cleaners and smart refrigerators. The fact that China is one of the biggest marketplaces for home appliance items makes the country a desirable location for smart home appliances.
- The domestic appliance market in China has expanded into a multi-billion dollar industry. In the past ten years, China's per capita spending on high-tech home furnishings and consumer gadgets has surged. Models from the Organization for Economic Cooperation and Development (OECD) predict that by 2060, the income per person in China and India might have increased by seven times.
- Japan is one of the top investors in smart home appliance items in the area, second only to China. The study market is expanding as a result of increased investment in linked home devices and strong penetration of smart home appliances due to high awareness.
- All smart home products are being significantly disrupted by voice assistants and AI, and the market for smart home appliances has also seen remarkable growth in recent years. Robots that clean homes are gradually becoming a common reality in Japan. Now that AI-powered voice speakers are a thing of the past, customers are starting to welcome vacuum robots into their homes.
- In comparison to South Korea and India, marketplaces in places like Singapore, Hong Kong, etc., have a high penetration rate but are relatively small. In October 2021, Whirlpool Corp. announced its new W series of premium 4-door smart refrigerators in India in October 2021. The Quattro (4-Door) configuration is designed for ease of use and provides enough space for chilled demands in addition to the substantial 665L storage capacity.
- As per data from Haier Smart Home, the major household appliances retail unit volume would reach a landmark of USD 425.5 million units in Asia. Thus the rise in the overall number of retail sales of various smart home appliances would create enormous growth opportunities in the region throughout the forecasted time period.
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