DUBLIN, January 27, 2022--(BUSINESS WIRE)--The "Smart Home Appliances - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Home Appliances Market to Reach US$73.1 Billion by the Year 2026
The global market for Smart Home Appliances estimated at US$33 Billion in the year 2020, is projected to reach a revised size of US$73.1 Billion by 2026, growing at a CAGR of 13.9% over the analysis period.
The market for smart home appliances is registering healthy growth, driven by the increasing number of smart homes globally, the advancements in home automation, and the rising inclination of people to cook at home. Further, the increasing number of home remodeling or home improvement projects especially in the West is spurring the use of smart appliances in households. Smart home appliances are also becoming easy to use with the addition of various functionalities, which is attracting user attention.
Also, various developments in wireless communication and IT infrastructure that facilitate easy integration of such appliances, and innovations and advancements by leading companies are boding well for the market. The rise of IoT is also facilitating the growth of the market. With the use of IoT, various appliances will be able to interconnect with one another.
Further, growing urbanization, better lifestyles, increasing disposable income levels and the need for convenience are driving interest in smart home appliances.
Smart Washing Machines, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$25.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Air Purifiers segment is readjusted to a revised 15.4% CAGR for the next 7-year period. This segment currently accounts for a 20% share of the global Smart Home Appliances market.
Smart washing machines lead the market, supported by the growing Internet and smartphone penetration. The convenience and luxury associated with such appliances is driving their demand. Smart air purifiers are likely to register strongest growth due to considerable focus having clean air, mainly due to the Coronavirus pandemic. Deteriorating quality of air and growing awareness of the benefits of air purifiers are fostering demand for these appliances.
Smart TVs Segment to Reach $18 Billion by 2026
In the global Smart TVs segment, USA, Canada, Japan, China and Europe will drive the 13.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.8 Billion in the year 2020 will reach a projected size of US$14.8 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026.
The U.S. Market is Estimated at $8.6 Billion in 2021, While China is Forecast to Reach $15.7 Billion by 2026
The Smart Home Appliances market in the U.S. is estimated at US$8.6 Billion in the year 2021. The country currently accounts for a 23.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$15.7 Billion in the year 2026 trailing a CAGR of 17.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 13.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12% CAGR while Rest of European market (as defined in the study) will reach US$6.1 Billion by the end of the analysis period.
Asia-Pacific holds the lion's share of the market, due to the growing accessibility to the Internet and technological developments in countries such as India and China. The North American market is stimulated by significant disposable incomes, rising interest in such appliances, improving lifestyles of customers, and growing environmental concerns.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Pandemic on the Smart Home Appliances Market
COVID-19 Pandemic Significantly Elevates Role-Play of Smart Air Purifiers
Impact of COVID-19 on the Construction Sector Tones Down Near-term Growth Prospects
An Introduction to Smart Home Appliances
Advantages of Smart Home Appliances
Global Market Prospects & Outlook
Analysis by Product Type
Analysis by Distribution Channel
Players in the Smart Air Purifiers Market
Recent Market Activity
Select Innovations & Advancements
2. FOCUS ON SELECT PLAYERS (Total 80 Featured)
Miele & Cie
3. MARKET TRENDS & DRIVERS
Proliferation of Smart Homes at an Accelerating Pace Throws Abundant Opportunities
Return to Economic Normalcy Reignites Growth in Smart Homes to Push Opportunities for Smart Home Appliances
Robust Home Networking: Global Smart Homes Market by Category in US$ Billion for the Years 2020 and 2022
Consumer Spending on Smart Home Technologies Gathers Steam
IoT at the Heart of the Connected Self-Aware Environment Epitomized by Smart Cities, a Driver for Smart Homes
Role of Internet & Enabling Technologies Critical for Driving Robust Growth into E-commerce Sector
The Current State of the Internet & the World Wide Web
Smartphones & Tablets Emerge as High Growth Devices to Operate Smart Devices
Exponential Increase in Urban Population Expands Opportunities
Rising Affluence of Middle Class Consumer Segment
Improving Standards of Living
Smart Air Purifiers: The Fastest Growing Segment of Appliances
Major Indoor Pollutants and their Impact on Health: Brief Details of Pollutant, Source, and Impact on Health
Rising Air Pollution Levels Trigger Demand for Smart Air Purifiers
Air Purifiers are Getting Smarter, Smaller, and More Innovative
Advent of Novel Software Propels Demand for Smart Home Appliances
Introduction of Innovative Technologies Fuel Demand for Smart Home Appliances
Challenges and Issues Associated with Smart Home Appliances
Shorter Lifespan of Smart Home Appliances to Impact Consumer Demand
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/3rzzcp
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005609/en/
Laura Wood, Senior Press Manager
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