Global Smart Home Appliances Market Report 2022: Market to Reach $73.1 Billion by 2026 – Advent of Novel Software Propels Demand for Smart Home Appliances – Yahoo Finance

February 13, 2022 by No Comments

DUBLIN, Jan. 27, 2022 /PRNewswire/ — The “Smart Home Appliances – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Research and Markets Logo

Global Smart Home Appliances Market to Reach US$73.1 Billion by the Year 2026

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.

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.

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 for a 20% share of the global Smart Home Appliances market.

Smart washing machines lead the market, supported by the growing Internet and smartphone penetration. The convenience and luxury associated with such appliances is driving their demand. Smart air purifiers are likely to register strongest growth due to considerable focus having clean air, mainly due to the Coronavirus pandemic. Deteriorating quality of air and growing awareness of the benefits of air purifiers are fostering demand for these appliances.

Smart TVs Segment to Reach $18 Billion by 2026

In the global Smart TVs segment, USA, Canada, Japan, China and Europe will drive the 13.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.8 Billion in the year 2020 will reach a projected size of US$14.8 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026.

<…….

Source: https://finance.yahoo.com/news/global-smart-home-appliances-market-163000072.html

Tags:

Leave a Comment

Your email address will not be published. Required fields are marked *