DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
The global smart home appliances market size is anticipated to reach USD 92.72 billion by 2027, 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.
Increasing spending on home improvement projects or home remodeling is boosting the product demand owing to the 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.
Smart Home Appliances Market Report Highlights
- 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.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Smart Home Appliances Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.6. Roadmap of Smart Home Appliances Market
3.7. Market Entry Strategies
Chapter 4. Consumer Behaviour Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Observations & Recommendations
Chapter 5. Smart Home Appliances Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2019 & 2027
5.2. Smart Washing Machines
5.3. Smart Refrigerators
5.4. Smart air Purifiers
5.5. Smart TV
Chapter 6. Smart Home Appliances Market: Distribution Channel Estimates & Trend Analysis
6.1. Distribution Channel Movement Analysis & Market Share, 2019 & 2027
Chapter 7. Smart Home Appliances Market: Regional Estimates & Trend Analysis
7.1. Regional Movement Analysis & Market Share, 2019 & 2027
7.2. North America
7.4. Asia Pacific
7.5. Central & South America
7.6. Middle East & Africa
Chapter 8. Competitive Analysis
8.1. Key global players, recent developments & their impact on the industry
8.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
8.3. Vendor Landscape
Chapter 9. Company Profiles
9.9. Koninklijke Philips N.V.
9.10. Xiaomi Corporation
For more information about this report visit https://www.researchandmarkets.com/r/1uct8z