Smart Home Appliances Market Growth & Trends
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.
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.
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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.
Smart Home Appliances Market Segmentation
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
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
List of Key Players of Smart Home Appliances Market
- Koninklijke Philips N.V.
- Xiaomi Corporation
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.