Smart Appliances Market

Samsung Electronics (South Korea) and LG Electronics (South Korea) are Leading Players in the Smart Appliances Market

The smart appliances market is expected to grow from USD 33.8 billion in 2021 to USD 76.4 billion by 2026; it is expected to grow at a CAGR of 17.7% during the forecast period. Residential & commercial are the key end-use industries, which dominate the smart appliances market and also contribute significantly to its growth.

Major players in the smart appliances market have primarily adopted product launch strategy to strengthen their position in the market.

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  • In January 2021, Samsung Electronics launched Bespoke Flex refrigerators, which include three models—Stainless Steel, Bespoke, and Family Hub. These refrigerators are equipped with Beverage Center and the Dual Auto Ice Maker.
  • In October 2020, Panasonic developed SG-P Series safety door switches that enable workers to see the open/closed state of the door of entire production equipment at a glance

Samsung Electronics (South Korea) ranked first in the smart appliances market in 2020. The company’s leading position in this market can be attributed to its strong smart appliances product portfolio consisting of various consumer electronics and computer peripherals. The consumer electronics segment offers products such as smart televisions, medical devices, monitors, printers, air conditioners, refrigerators, washing machines, and other home appliances. Samsung’s range of smart appliances includes refrigerators, washers, vacuum cleaners, air conditioners, ovens, dryers, IP cameras, and LED light bulbs. The company’s smart appliances are powered by the Tizen operating system. These devices are controlled and operated using the Samsung Smart Home app on iOS and Android smartphones or wearable devices through Wi-Fi or Bluetooth.

LG Electronics (South Korea) ranked second in the smart appliances market in 2020. LG Electronics is engaged in manufacturing and marketing consumer electronics, home appliances, and mobile communication devices worldwide. It offers a wide range of refrigerators, microwave ovens, dishwashers, washing machines, vacuum cleaners, water purifiers, and other products. Its smart appliances portfolio comprises smart refrigerators, smart ovens, smart dryers, washers, and smart vacuum cleaners, among others. These smart appliances can be controlled and monitored by using either audible diagnosis, Wi-Fi, or NFC Tag-on features through the company’s app called LG Smart Control, downloaded on a smartphone or tablet. Besides, LG also offers the LG Smart lamp, which works on Wi-Fi as well as Bluetooth.

Related Reports:

Smart Appliances Market with COVID-19 Impact Analysis by Offering, Products (Smart Washer, Smart A.C, Smart Dryer, Smart Refrigerator, Smart Cooktop, Smart ), Services, Technology, End-User-Industry, and Geography - Global Forecast to 2026

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Report Code
SE 3722
RI Published ON
7/9/2021
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