Smart appliance purchase rates were strong in 2021 but may experience a regression in 2022. Smart appliance adoption and purchase rates earned three-year highs in 2021 with strong growth across all categories. 2022 needs to be a year of tempered expectations as purchase intentions across smart appliance categories have sharp decreases from 2021.

The rate of adoption is relatively consistent across appliances, with smart refrigerators and clothes washers experiencing the highest adoption rates, and smart ranges/cooktops the lowest. Notably, many households may own a smart-capable appliance but are unaware of the connected functionality. 

Consumer Trends

• Consumers still see smart appliances as an expensive purchase, with almost half reporting price as one of the major reasons for not purchasing a smart appliance.
• To entice consumers into their expensive purchases, manufacturers would be wise to offer extended warranties, as a segment of consumers reported that would increase their likelihood of purchasing a smart appliance. This may infer consumers are willing to spend money on smart appliances if they are assured the appliance will be working properly for a long time.
• Samsung and LG dominate the smart appliance market with the majority of owners of smart refrigerators, smart clothes washers, smart dryers, smart ranges, smart ovens, smart dishwashers, and smart air conditioning units reporting owning either a Samsung or LG brand appliance.

With economic instability and low purchase intentions signaling a slower 2022 for smart appliance purchases, manufacturers should look for ways to either reduce their prices or extend their warranties for smart appliances. Consumers want assurance that their device will work as advertised long after being purchased, especially when they come at high price points in times of economic uncertainty.

This is an excerpt from Parks Associates Smart Appliances Market Assessment. Smart Product Market Assessments provide a comprehensive and deep analysis of a single smart product market. Parks Associates analysts identify key market drivers and barriers and assess market growth via topline market forecasts.

This research also includes consumer data for smart appliances, including trending data across years and deep-dive questions on smart appliances usage, pain points, and preferences.

Key questions addressed in this study:

1. What are the key brands in the smart appliances market?
2. What are the top connected platforms across appliance categories?
3. How do smart appliances impact energy usage and consumer health?
4. What are the adoption trends for smart appliances since 2019?
5. What is the buyer journey and purchase intentions for smart appliances?
6. What are consumers’ feature preferences and their user experience with smart appliances?

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