Smart Home Appliances Market size to grow by USD 39.91 billion from 2022 to 2027, North America to account for 32% of the global market growth

NEW YORK, May 9, 2023 /PRNewswire/ — The smart home appliances market size is expected to grow by USD 39.91 billion from 2022 to 2027, progressing at a CAGR of 14.45% as per the latest Technavio market research report. North America is estimated to account for 32% of the market’s overall growth during the forecast period. There will be a rise in the popularity and uptake of smart home technology over the next five years in North America, with the US showing the highest demand due to technological advancements and rising consumer awareness of the advantages of using smart appliances. Owing to the US’s strict government regulations and standards regarding energy usage, there will also be a high demand for washing machines that are more energy-efficient and smartly connected. Hence, such factors will influence the regional growth during the forecast period. For more insights on the market share of various regions- Download sample report in MINUTES

Smart Home Appliances Market: Product innovation in terms of technology, performance, features, and design to drive growth

• The growing adoption of wireless connecting devices and IoT is a major factor driving the market growth. 

• Global adoption of wireless connectivity devices is rising and it is a major component fueling the market’s expansion. Connectivity has become crucial in modern life, particularly since it enables consumers to perform necessary tasks remotely with mobile devices like smartphones and tablets that can reach or use wireless technologies like Wi-Fi, Bluetooth, and ZigBee.

• Manufacturers differentiate their products from others by including these technologies in home appliances (like air conditioners). This appeals to the tech-savvy customer market.

• Moreover, to create radio communication with smartphones and to bring them close together, NFC is used in many smart washing machines.

• Hence, such drivers fuel the growth of the market during the forecast period.

Story continues

Smart Home Appliances Market: Introduction Of Additional Features In Smart Home Appliances 

• The introduction of additional features in smart home appliances is an emerging trend in the smart home appliances market.

• Consumers cannot be forced to choose smart home appliances by connectivity alone when they want more features to help with connectivity.

• The majority of consumers who live in small homes struggle to have enough space, so manufacturers work to develop appliances with connectivity features in addition to sleek designs and other alluring features.

• For instance, LG Electronics and Mitsubishi Electric are focusing on introducing smart air conditioner accessories.

• Hence, such trends fuel the market growth during the forecast period.

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Some of the key Smart Home Appliances Market Players:

The smart home appliances market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

AB Electrolux, Apple Inc., BSH Hausgerate GmbH, General Electric Co., Godrej Appliances, Haier Smart Home Co. Ltd., Koninklijke Philips NV, MIDEA Group, Miele and Cie. KG, Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Videocon Industries Ltd., Whirlpool Corp., Xiaomi Communications Co. Ltd., Robert Bosch GmbH, Sharp Corp., and LG Electronics Inc. are some of the key players in the market.

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• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

• Global competitiveness and key competitor positions

• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report! 

Smart Home Appliances Market: Segmentation Analysis

This report extensively covers market segmentation by product (smart washing machines and dryers, smart air conditioners, smart refrigerators, smart microwave ovens, and smart dishwashers), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the smart washing machines and dryers segment will be significant for overall market growth during the forecast period. Wi-Fi, Bluetooth, and NFC are all used to connect smart washing machines to smart grids and the ability to control a smart washing machine remotely is one of its main benefits. Such washing machines don’t have particularly high price-performance ratios either but as smart washing machines are energy-efficient and support the use of smart grid technology, numerous governments have recently encouraged their use. Smart washing machines make it easier to schedule wash cycles automatically using time-based electricity programs. Hence, such washing machines help the user modify process times and wash/dry cycle lengths.

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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