FACTS AT A GLANCE
Edition: 8; Released: November 2021
Executive Pool: 32
Companies: 80 – Players covered include BSH; Ecovacs; Electrolux; GE; Haier; Hisense; IRobot; LG; Midea; Miele & Cie; Neato; Panasonic; Philips; Samsung; Whirlpool; and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Smart Washing Machines, Smart Air Purifiers, Smart TVs, Smart Refrigerators, Other Product Types); Distribution Channel (Offline, Online)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Smart Home Appliances Market to Reach US$73.1 Billion by the Year 2026
Smart home appliances relate to the new-age connected systems which can be controlled by a central system through commands. They also have the capability of communicating with other appliances within a network and decide for the user. The market for smart home appliances is registering healthy growth, driven by the increasing number of smart homes globally, the advancements in home automation, and the rising inclination of people to cook at home. Further, the increasing number of home remodeling or home improvement projects especially in the West is spurring the use of smart appliances in households. Smart home appliances are also becoming easy to use with the addition of various functionalities, which is attracting user attention. Also, various developments in wireless communication and IT infrastructure that facilitate easy integration of such appliances, and innovations and advancements by leading companies are boding well for the market. The rise of IoT is also facilitating the growth of the market. With the use of IoT, various appliances will be able to interconnect with one another. Further, growing urbanization, better lifestyles, increasing disposable income levels and the need for convenience are driving interest in smart home appliances.
Amid the COVID-19 crisis, the global market for Smart Home Appliances estimated at US$33 Billion in the year 2020, is projected to reach a revised size of US$73.1 Billion by 2026, growing at a CAGR of 13.9% over the analysis period. Smart Washing Machines, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$25.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Air Purifiers segment is readjusted to a revised 15.4% CAGR for the next 7-year period. This segment currently accounts …….