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The South America smart home market is projected to grow at a CAGR of 20.2% during the forecast period. The global smart home market is projected to grow from USD 80.21 billion in 2022 to USD 338.28 billion by 2030.
South America is expected to showcase healthy growth during the forecast period due to factors such as increasing urbanization, rising disposable income, and growing consumer interest in home automation. This growth is also fueled by increasing adoption of smart appliances, such as smart refrigerators, washing machines, and air conditioners, which can be controlled and monitored remotely using a smartphone or tablet. Furthermore, the integration of artificial intelligence and machine learning technologies in smart appliances for energy efficiency and data analysis is expected to boost the demand for these products in the region.
The market research report covers the following countries – Brazil, Argentina, and the Rest of South America.
Surging Integration of AI for Data Analysis to Accelerate Market Growth
Increasing use of Artificial Intelligence (AI) and Machine Learning (ML) in smart home devices and rising demand for personalized automation experiences at home are fueling the market growth. Smart appliances that use AI and ML are able to grasp users' behavioral patterns, preferences, and interoperate between networked devices, enabling them to automate tasks and make personalized suggestions.
For instance, in June 2022, Infineon, a German semiconductor manufacturer, launched their smart alarm system, which enhanced energy efficiency by implementing AI and machine learning to learn user analytics and apply to conserve electricity. The company also included restrictions to noise, resulting in reduction of false alarms.
These factors will increase the demand for smart home appliances over the coming years.
Rapid Urbanization and Increased Disposable Income to Bolster Market Dynamics
According to a report by McKinsey, in Brazil, 100% of households have fridges and 90% have washing machines, reflecting high consumer demand (and credit) during the boom period. This growth in the middle class segment represents a substantial increase in disposable income, which is likely to fuel the demand for smart appliances. Additionally, according to World Data Population Sheet 2020 of IISD, urban areas are home to highest percentage of the population in South America, with 84% residing in cities. Rapid urbanization is also driving the demand for smart appliances that make life hassle-free and more convenient in urban environments. Consumers are increasingly looking for appliances that aid in saving time, energy, and money while also providing greater control and convenience.
This scenario will expand the South America smart home market size over the coming years.
Lack of Technological Awareness to Impede Market Growth
Many consumers in South America are not aware of the potential benefits of smart appliances as there is a lack of education and training on effective utilization. The range of smart appliances available in South America is still relatively limited as compared to other regions, which can limit consumer choice and slow the adoption rate.
Such factors might hamper the market growth by reducing the usage and deployment of smart home technologies and appliances.
Leading Players Dominate the Market through Strategic Expansion
The South America market consists of leading players such as Electrolux AB, LG Electronics Inc., Samsung Group, and Robert Bosch GmbH. These major firms are broadening their operations by adopting business strategies, such as collaborations, mergers, acquisitions, product launches, and partnerships.
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The research report provides a comprehensive analysis of the market including qualitative and quantitative insights, as well as a detailed evaluation of the size and growth rate of all potential market segments. It also presents an in-depth analysis of the market dynamics, emerging trends, company market share analysis, and competitive landscape.
2019 - 2030
2023 - 2030
2019 - 2021
CAGR of 20.2% from 2023 to 2030
Value (USD billion)
By Device Type, Housing Type, and Country
By Device Type
By Housing Type
Registering a CAGR of 20.2%, the market will exhibit steady growth during the forecast period of 2023-2030.
Rapid urbanization and increased disposable income will drive the market growth.
Electrolux AB, LG Electronics Inc., Samsung Group, Smart Homy, and Robert Bosch GmbH are the major players in the South American market.
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