Smart Home Appliances Market to Reach $62.8 Billion by 2034

Allied Market Research valued the worldwide smart home appliances market at $33.8 billion in 2023 and expects it to reach $62.8 billion by 2034, growing at a compound annual rate of 5.9 percent.

This market growth, the research found, is being fueled in large part by the integration of smart home ecosystems with voice assistants and mobile applications, which the research firm says enhances accessibility and control, offering seamless connectivity and enhancing the overall smart home experience.

Other key drivers of this growth include a growing desire for sustainable living and energy efficiency, the rise in urbanization and smaller living spaces, and the rise of artificial intelligence that enables appliances to learn user habits, personalize experiences, and autonomously optimize functions, appealing to tech-savvy consumers seeking convenience and efficiency.

The research firm also found that the refrigerator segment held the highest market share in 2023. Integration with voice assistants such as Amazon Alexa and Google Assistant, it said, further streamlines interaction and control, which has made smart refrigerators a preferred choice for tech-savvy consumers seeking modern kitchen solutions that optimize everyday tasks while offering connectivity and sustainability benefits.

The research firm identified Koninklijke Philips, General Electric, Samsung Electronics, BSH Hausgerate, Haier Electronics Group, Electrolux, LG Electronics, Miele & Cie, Whirlpool, Apple, and Panasonic as the leading players in the smart home appliances market.