The smart appliance market is projected to grow at a CAGR of 24.36% to reach US$153.974 billion by 2026, from US$33.472 billion in 2019.
Smart appliances essentially include intelligence and communications that enable automatic control based on the preferences of users. It is a great way to make the home efficient, safer, and sleeker. One can easily connect the smart appliance with a smartphone or tablet for better control, experience, and information. It can additionally be controlled by various applications. The common smart appliances include Dishwashers, Televisions, Refrigerators, Coffee makers, Ovens and microwaves, and Security cameras.
A major reason for the growth of this market is the rise in the number of smartphone and internet users.
The number of smartphones and internet users has increased across the globe. The Smart Appliances market holds tremendous potential growth due to an increase in the acceptance of smartphones and easy access to the internet. Many companies are focusing on undertaking partnerships and acquisitions. North America constitutes the highest penetration of smartphone users. Smart appliances need to be connected to the internet in order to deliver smart features to the users. Moreover, the number of smartphone users has increased substantially. Users are conveniently able to monitor smart appliances through smartphones. An increase in the number of smartphone and internet users will lead to growth in the smart appliances market.
The rise in the demand for Ovens is expected to drive the demand for this market in the forecast period.
The oven market is witnessing steady growth over the years, owing to rapid urbanization, particularly in developing economies. The oven had definitely become a standard appliance in most households. Many households are using ovens for cooking and heating food. Recently, ovens have become slightly more technologically advanced. They come up with additional features such as touch screen doors and an in-built camera. They have WiFi connectivity and voice recognition features. Also, they can be connected to smartphones so that the food can be preheated from anywhere. The global market is expected to witness a rise in demand for smart ovens.
The rapid technological developments are anticipated to fuel the growth of this market.
The technology in the smart appliance market has witnessed a significant change in recent years. The wave of wireless technology has created significant opportunities for advanced smart appliances. Various technologies such as WiFi, Bluetooth, and NFC are incorporated in the smart appliance market. The growing technological advances are expected to contribute to the growth of the smart appliances market globally.
The improving lifestyle of people across the globe is also projected to positively impact the sales of smart appliances.
The lifestyle of people across the globe is witnessing a constant revolution. People are turning toward the more technologically advanced method. The per capita income is expected to rise globally. The economies of the developing countries are expected to grow significantly faster than the developed countries. The inequality in per capita income is also expected to be reduced considerably. The absolute reduction in economic poverty is also expected to fall. These trends indicate that the market demand for smart appliances is expected to rise.
The share of different regions in the global market.
The Asia Pacific region is expected to dominate the smart appliances market. Countries like China, India, Japan, and South Korea are generating massive demand for the same. Moreover, the majority of smart appliances manufacturers are located in the Asia Pacific region. Some of the key companies include General Electric Company, LG Electronics, Samsung Electronics, Whirlpool Corporation, and Panasonic Corporation. In addition, Many nations are undergoing urbanization and are expected to fuel the smart appliances market.
The outbreak of the COVID-19 pandemic has severely affected the production of almost all industries across the globe. The government has imposed strict restrictions on the movement. It has affected the entire market from both sides- it has created supply chain disruptions and has increased financial pressure on households. On the other hand, most people are working from home. Spending more time at home has created a demand for many appliances. With the onset of coronavirus, the smart appliances market is expected to experience sluggish growth.
|Market size value in 2019||US$33.472 billion|
|Market size value in 2026||US$153.974 billion|
|Growth Rate||CAGR of 24.36% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Technology, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||General Electric Company, LG Electronics, Panasonic Corporation, Samsung Electronics, Whirlpool Corporation, Electrolux AB, Koninklijke Philips N.V., Haier Group Corporation, BSH Hausgerate GmbH, Miele & Cie. Kg|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global smart appliance market?
A1. Smart Appliance Market was valued at US$33.472 billion in the year 2019.
Q2. What will be the smart appliance market size by 2026?
A2. The smart appliance market is projected to reach a market size of US$153.974 billion by 2026.
Q3. What are the growth prospects for the smart appliance market?
A3. The global smart appliance market is projected to grow at a CAGR of 24.36% over the forecast period.
Q4. What factors are anticipated to drive the smart appliances market growth?
A4. A major reason for the growth of the smart appliance market is the rise in the number of smartphone and internet users.
Q5. Which region holds the maximum market share of the smart appliance market?
A5. The Asia Pacific region is expected to dominate the smart appliances market.
General Electric Company
Koninklijke Philips N.V.
Haier Group Corporation
BSH Hausgerate GmbH
Miele & Cie. Kg
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