Global Smart Home Appliances Market to Reach US$73.1 Billion by the Year 2026 – GlobeNewswire
New York, Feb. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Smart Home Appliances Industry” – https://www.reportlinker.com/p06032907/?utm_source=GNW
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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 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.
The U.S. Market is Estimated at $8.6 Billion in 2021, While China is Forecast to Reach $15.7 Billion by 2026
The Smart Home Appliances market in the U.S. is estimated at US$8.6 Billion in the year 2021. The country currently accounts for a 23.7% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$15.7 Billion in the year 2026 trailing a CAGR of 17.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 13.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12% CAGR while Rest of European market (as defined in the study) will reach US$6.1 Billion by the end of the analysis period. Asia-Pacific holds the lion`s share of the market, due to the growing accessibility to the Internet and technological developments in countries …….