INDUSTRY REPORT
“ Smart functionality , sustainability , resource-efficiency and circularity are key pillars of development for the global home appliance market .”
Image : Naomi Herbert , Unsplash .
INDUSTRY REPORT
Smart , Connected Sustainable
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The size of the global home appliances ’ market is estimated at US $ 537.28 billion in 2024 and is expected to grow at a CAGR of 4.34 % from 2024-2029 .
Most of today ’ s home appliance manufacturers aim to help reduce climate impact while providing high levels of product performance . Smart functionality ; sustainability ; resource-efficiency and circularity are key pillars of development for the global home appliance market . Energy efficiency is a key feature of modern home appliances which also offer aesthetically pleasing designs and diverse functionalities .
The industry has embraced new technologies such as artificial intelligence ( AI ); Internet of Things ( IoT ); Wi-Fi ; Bluetooth ; augmented reality ( AR ); virtual reality ( VR ) and cloud computing . Growing urbanisation and rising income levels , along with increasing preferences for modern and easy-to-use home appliances , are some of the factors driving growth of the global home appliances ’ market worldwide . The increasing production of consumer electronics in developing economies is also propelling market growth .
Kitchen appliances include devices such as ovens ; refrigerators ; stoves ; blenders and dishwashers that help the user to save time , money and energy . The introduction of modular and energy-efficient kitchen equipment ( such as induction cooktops , speed cooking ovens and warming drawers ) has characterised the market .
The smart home
Manufacturers are using new digital technologies to design products that are intuitive to use and enable consumers to control and manage intelligent appliances . The HCA 1.0 interface specification has established an industry standard for Cloud-to-Cloud ( C2C ) interoperability across long-life appliances , HVAC systems and TVs within the connected home ecosystem . This aims to ensure that longlife appliances , HVACs and TVs are seamlessly interoperable with one another , regardless of manufacturer .
28 | ismr . net | ISMR April 2024