Market Research Report
Smart Home Appliances
|Smart Home Appliances|
Published: July 1, 2022
Global Industry Analysts, Inc.
Content info: 272 Pages
Delivery time: 1-2 business days
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Global Smart Home Appliances Market to Reach US$73.1 Billion by the Year 2026
Smart home appliances relate to the new-age connected systems which can be controlled by a central system through commands. They also have the capability of communicating with other appliances within a network and decide for the user. 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.
Driven by their ability to improve efficiency as well as overall life quality, demand for smart home appliances is exhibiting a significant increase in China. At present, approximately 82.4% families are using a wide range of smart devices in the country. Driven by high growth prospects, companies are offering vacuum robots, locks, as well as music systems under their smart equipment product range. Innovation holds an important place in today`s highly competitive business environment and smart home appliances market is no exception to this. With an intention of gaining competitive advantage, companies are now designing artificial intelligence, 5G, and IoT-enabled smart home equipment. The advanced technologies are enabling firms to extend their reach to customers residing in tier-2 and tier-3 cities. Propelled by increasing popularity, market for smart home appliances in China is expected to witness significant growth.
Amid the COVID-19 crisis, the global market for Smart Home Appliances estimated at US$41.2 Billion in the year 2022, 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. 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.
The U.S. Market is Estimated at $9.6 Billion in 2022, While China is Forecast to Reach $15.7 Billion by 2026
The Smart Home Appliances market in the U.S. is estimated at US$9.6 Billion in the year 2022. 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.
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.
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