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Five Major Appliances Trends to Watch in 2024

Veronika Kandusova Profile Picture
Veronika Kandusova Bio
Tim Chuah Profile Picture
Tim Chuah Bio

The major consumer appliances market saw a challenging 2023 in volume sales terms as consumers continued to scale back amid inflation and economic uncertainties. However, industry innovations kept many interested, helping keep the major appliances market healthy in terms of value. Innovations in AI, advances in interoperability between appliances, and energy efficiency are set to positively impact the industry. Premiumisation prospects are also coming from wider personalisation, claims about durable and repairable appliances, and expanding on services rather than focusing on sales of products.

The next stage for the smart home is all about cross-operability and active use of smart functions

The adoption of smart appliances has been moderately fast but pushed by manufacturers rather than consumers.

In 2023, almost one in five consumers globally own at least one smart appliance

Source: Euromonitor International 

One of the biggest barriers in consumer appliances, however, continues to be interoperability between devices, where industry standards HCA and Matter are expected to make a difference provided manufacturers proactively release compatible models. Both Matter and HCA protocols are envisioning the smart home, where you don’t have to worry if your appliances are from different brands and compatible with your smart home app or in-home assistance device such as Alexa.

AI-powered appliances are on the rise. To attract consumers’ interest in smart tech and promote actively seeking it, marketing on AI-powered appliances offers a viable premiumisation strategy, if explained how it can ease everyday chores.

72% of customers globally state that they use technology to improve their day-to-day life

Source: Euromonitor Voice of the Consumer: Lifestyles Survey, fielded Jan-Feb 2023

As both advancements and concerns around AI are at the forefront of attention, AI offers a window of opportunity for both innovations and marketing strategies.

As consumers are more open to new forms of services, manufacturers test “Home as a Service”

Selling hardware is no longer enough, as manufacturers race to have the best accompanying software and services to bring further revenue. While this is already a norm in electronics, it’s a fairly new trend in consumer appliances, referred to as “Home as a Service”. We can see a growing number of service initiatives from manufacturers, eg appliances rentals. Blue Movement from Bosch, for instance, is seeing a growing number of subscribers, while LG, as another example, has reported generating around USD650 million from its rental business in 2022 in South Korea alone.Chart showing survey responses to the question Do you currently use any of the following types of subscription services?

Korean LG is one of the leading proponents of Home as a Service, looking to transform from a hardware company into a platform-based service, with a vision to bring more revenue via content and services. According to LG, the plan is to evolve its LG ThinQ UP appliances line-up with customer personalisation options including subscription services. Subscribed customers will get access to services such as smart home services, specialised laundry services, and services for ordering detergent and fresh foods, among others. As we see growing acceptance of subscriptions outside of media entertainment, this admittedly offers potential in appliances.

Personalisation goes beyond design with AI and assistive tech

Personalisation is becoming a much wider theme in appliances, going beyond simply allowing design choices such as the ability to choose the colours or materials of appliances. The spread of AI-enabled functions opens doors to fully personalised programmes, learning patterns of usage and adjusting the programmes to the needs of the individual.

For instance, Samsung Food, that was presented at IFA23, is a new food integration platform using AI to provide a personalised food experience. Samsung Food, which has access to over 160,000 recipes, will, in connection to Samsung devices, offer recommendations on recipes based on the contents of your fridge, detected by an AI-powered camera. This can be followed by automatic programming of the oven based on the recipe. Samsung Food and Samsung Health can also be linked to provide recommendations based on health preferences​ and physical activity.

Samsung Food Advert

Source: Samsung 

Assistive technologies are also an emerging trend within personalisation, making consumer appliances more accessible for the elderly and consumers with disabilities.

27% of consumers in developed countries were over 60 years old in 2023

Source: Euromonitor International

Appliances manufacturers have a great opportunity in this area, as the average lifespan lengthens.

Learn more about this topic in our briefing, World Market for Major Appliances, to explore more trends in major appliances to watch out for in 2024!

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