Smart Home Appliances Market Size Worth $92.72 Billion By 2027: Grand View Research, Inc.
SAN FRANCISCO, Sept. 23, 2020 /PRNewswire/ — The global smart home appliances market size is anticipated to reach USD 92.72 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.1% from 2020 to 2027. The market is likely to witness significant growth in the years to come on account of the growing geriatric population, improved M-2-M communication systems, new product development, and improvements in the Internet of Things (IoT).
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.
Key suggestions from the report:
- By product, smart washing machines dominated the market with a share of 31.9% in 2019. This is attributed to greater penetration of smartphones and a wireless internet connection, which is helping increase the adoption rate of smart appliances, such as smart washing machines, across the residential sector
- In terms of revenue, offline distribution channel dominated the market with a share of 64.5% in 2019. This is attributed to the higher preference for convenience, specialty, and branded stores
- The smart air purifiers product category is expected to expand at the fastest CAGR of 17.9% from 2020 to 2027. Increased attention to the hygiene factor across the globe, especially as a resultant of the COVID 19 pandemic, is fueling the growth of the segment.
Read 80 page research report with ToC on “Smart Home Appliances Market Size, Share & Trends Analysis Report By Product (Washing Machines, Refrigerators, TVs, Air Purifiers), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/smart-home-appliances-market
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.
Moreover, the higher indulgence of Americans in smart devices and smart homes is ramping up the sales of smart washing machines owing to the increased prominence of connected devices. According to Digitized House Media, 3 out of 5 people in America buy smart home products in order to monitor their houses through their smartphones. According to a blog by NPS Publishing, smart home penetration was 7.5% in 2018, which is likely to hit 19.5% by 2022. Thus, increasing movement in the industry is widening the scope of smart appliances in households, which is expected to drive sales of smart washing machines.
Smart air purifiers are expected to witness the fastest growth in the years to come on account of increasing health consciousness and awareness regarding these purifiers. Stringent government regulations to improve the air quality standards, including the Clean Air Act established by the U.S. Environmental Protection Agency (EPA) in 1970, have been associated with establishing national air quality standards. In addition, the establishment of large commercial offices and buildings in countries, such as the U.S. and Canada, has increased the application scope of the product in the region. According to the WHO, in 2015, around 50% of global deaths caused by air pollution were registered in China and India. Moreover, 13 out of 20 most polluted cities in the world are located in India. According to a 2017 Greenpeace report, air pollution causes 1.2 million premature deaths in India every year.
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
List of Key Players of Smart Home Appliances Market
- Koninklijke Philips N.V.
- Xiaomi Corporation
Find more research reports on Electronic & Electrical Industry, by Grand View Research:
- Home Entertainment Devices Market – Consumer preference for systems such as televisions as a medium for entertainment is expected to be a crucial factor driving the growth of the market during the forecast period.
- Smart Bathroom Market– Rising evolution of IoT owing to high internet penetration across countries and regions in developing a wider application of digital technology into various bathroom fittings and fixtures, thereby growing popularity of smart bathrooms.
- Smart Washing Machine Market – Rising shift towards the adoption of water-efficient washers in order to maintain a healthy environment is anticipated to drive the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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