Smart Home Appliances Market Is Reaching A Value Worth $92.72 Billion By 2027 | Grand View Research, Inc – Press Release
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According to report published by Grand View Research, the global smart home appliances market size was valued at USD 32.30 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.1% from 2020 to 2027.
The global smart home appliances market worth USD 92.72 billion by 2027, at a CAGR of 14.1%, according to a new report by Grand View Research, Inc. Growing urbanization and demand for electrical appliances is likely to propel a huge demand in the upcoming years. In addition, increase in competition for manufacture of production of innovative home appliances is expected to play a pivotal role in shaping the market growth in the forthcoming years.
The demand for smart home appliances such as smart air purifiers, smart lights, smart washing machines, and others is likely to enhance the market growth. Rise in disposable income and rapidly changes in the lifestyle have been the major trends in the past. In addition, the rise in millennial population is expected to have a significant impact on market development in the coming years.
Besides, the environmental regulations are getting stringent as SMART appliances have to comply with the norms. For instance, in European countries, the production and packaging guidelines for smart appliances should comply with toxicology regulations and need to go through several studies.
Technology is responsible for providing effective energy saving solutions, which are backed by various initiatives and favorable reforms undertaken by the government bodies in developed regions, including Europe and North America. High-end devices, coupled with technologically advanced features, such as IP and Bluetooth, render a large proportion of the overall population with unaffordable technology, which, in turn, is expected to drive demand.
Increasing spending on home improvement projects or home remodeling is boosting the product demand owing to rising home and mortgage prices. In addition, rapid developments and advancements in the IT infrastructure and wireless communication enable easy assimilation of the home appliances compatible with mobile devices, such as smartphones, laptops, and tablets. As a result of which, it allows the consumers to control and optimize the operations of the refrigerators from remote locations.
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Effect of Covid-19:
Amid the spread of coronavirus pandemic and economic slowdown in 2020, the smart home appliances market witnessed slow demand in the first quarter. However, as economies resumed, the demand has gained a traction. It is also predicted that the market will revive as consumers spending is high for home appliances and this will be an ongoing trend. The covid-19 effect on smart home appliances market can be witnessed in terms of growing demand through e-commerce. As retail chains are resuming with utmost precautions, consumer are preferring cash on delivery services for online orders.
Key Takeaways from the report:
- Growing scope of digital media, IoT infrastructure, and demand for connected devices have impelled robust market growth in the past few years
- Smart home penetration is likely to witness an upsurge in the years to come due to the high adoption
- Flexibility in government norms pertaining to environmental regulations have strengthened the market demand
- U.S. and Asia Pacific are likely to witness a high competition in their respective regional markets attributing to the government policies, availability of resources, and wide scope of end-use markets
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- Koninklijke Philips N.V.
- Xiaomi Corporation
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Grand View Research has segmented the global smart home appliances market by product, distribution channel, and region:
Smart Home Appliances Product Outlook (Revenue, USD Million, 2016 – 2027)
- Smart Refrigerators
- Smart Washing Machines
- Smart Air Purifiers
- Smart TVs
Smart Home Appliances Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
Smart Home Appliances Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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