INDUSTRY REPORT
Any collection of gadgets , systems or appliances that are connected to a single network and may operate independently and from a distance are referred to as smart home automation . A connected home is a more general term for a home ' s technology when it functions as one system . As an illustration , the home ' s thermostat ; lighting ; audio speakers ; security cameras ; TVs ; locks ; appliances and more are all interconnected into a single system that can be managed from a smartphone or via a mobile touchscreen device .
Electrolux QuickSelect Dishwasher .
Energy efficiency is a key feature of modern home appliances which also offer aesthetically pleasing designs and diverse functionalities
One of the major benefits of employing a smart home automation system is that it allows the user to remotely monitor their entire house . The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth . Improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products , thereby significantly impacting market growth .
Global home appliance market
According to analyst , Mordor Intelligence , the home appliances ’ market size is estimated at US $ 537.28 billion in 2024 . It is expected to reach US $ 664.53 billion by 2029 , growing at a CAGR of 4.34 % during the forecast period ( 2024-2029 ).
“ Technological advances have led to the development of smart appliances and are expected to drive market growth over the forecast period . Smart appliances offer advanced features and are more energyefficient . The rise in consumer disposable income , high living standards and the need for comfort encourage consumers to upgrade their existing appliances to smarter versions and is further expected to impact
Image : Shutterstock . com .
market demand . Product innovation , new product development , product differentiation and the integration of numerous value-added features are further expected to catapult market demand over the next few years ,” explained the analyst .
Whirlpool , for example , has introduced new smart appliance features that enable consumers to get more out of their smart kitchen appliances with connected updates such as new oven cycles and connectivity with popular kitchen gadgets . Since 2018 , it has been creating smart home appliances that make providing care in the kitchen and laundry room easier for its consumers , whether that is being able to preheat the oven from the soccer field or receiving an alert on their phone when it ’ s time to switch the laundry to the dryer .
On 8 January 2024 , Panasonic announced an expanded partnership with Fresco , a smart kitchen platform for the appliance brands . The companies will collaborate to deliver a cooking assistant for Panasonic kitchen appliances , starting with the Panasonic HomeCHEF 4-in-1 multioven . Panasonic showcased the new smart appliance and connected cooking experience at the Consumer Electronics Show ( CES ) in Las Vegas ( USA ) in January 2024 .
Panasonic is embracing connectivity by incorporating Fresco ' s AI and smart cooking technology into its multi-oven products . Within the Panasonic app , Fresco ’ s AI cooking assistant will allow home cooks to customise recipes to fit dietary preferences , make ingredient substitutions based on what ' s in the pantry , and seamlessly adjust serving size and cooking settings .
“ Consumers are increasingly opting for wireless and technologically advanced products , mostly for the convenience they offer . The low cost associated with the ownership of white goods , particularly in developing economies , also provides opportunities for market growth . Furthermore , a rise in replacement sales in developed regions is also expected to drive market demand . This may be attributed to a rise in per capita income , coupled with rapid urbanisation ,” explained Mordor Intelligence .
At this March ’ s AWE Expo in Shanghai , China , LG Electronics showcased its new Artificial Intelligence Direct Drive ( AI DD ) technology , with LG washers and dryers equipped with the latest Direct Drive Motor™ tech . Intelligently caring for users ’ laundry , the AI DD senses the weight and fabric softness of each load and the types of fabrics being washed , then automatically determines the ideal cycle for
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