Smart Home Appliances Market Estimated to Bring Sky-high Returns for Investors by the End of Forecast to 2031 – mbu timeline – mbu timeline
The global smart home appliances market size was valued at USD 26.01 billion in 2020 to USD 79.47 billion by 2027, at a CAGR of 17.3% from 2021 to 2027. The Internet of Things has been growing day by day across smart home applications. It is expected to become more customizable to give more control to the users and enhance the appliance of the operating functions. As per a 2019 survey of the National Kitchen & Bath Association, 83% of consumers in North America are demanding smart devices. Useful notifications, energy-efficient appliances, Wi-Fi-enabled features, smart home kitchen-based appliances are upgraded with added functionality. For example, smart microwaves can now scan barcodes on food items and download cooking instructions with seamless integration, with AI voice assistants, for a completely hands-free experience. This, in turn, has led the voice assistant providers to go one step further by including Cooking APIs on their platforms. This ensures control over selected appliances by giving voice functionality to critical functions, such as specifying temperature to the cook and cooking food until it reaches a given internal temperature.
Major appliance manufacturers started reaching out to voice assistant providers for a collaborative development environment. For instance, in late 2018, Electrolux expanded its collaboration with Google to integrate its connected kitchen products with Google Assistant. With the launch of the same in early 2019, the market penetration of voice assistants was already high. This benefited the consumers, as they were demanding added functionalities with the technology. Similar lifestyle changes have been aided by technology. Appliances are being designed to have the functionality to make them easy to use. This is one of the signs that drivers the adoption and development of smart and connectable appliances. Increased interest in cooking over the years has been contributing toward the growing adoption. Xiaomi launched its MIJIA range, a high-end washer and dryer featuring a quieter, more stable user experience. The company has worked to make its smart range compatible with its XiaoAI smart voice assistant.
Similarly, at CES 2020, the smart home segment featured increasing small appliance (coffee-makers, vacuum and mowing products, etc.) product highlights overlooking consumer-led healthy lifestyle products. The allied smart kitchen appliances featured capabilities that assisted consumers in improving cooking speed and accuracy, making informed choices for meal preparation, enhancing wellness, and simplifying cleaning chores, among others. For instance, Whirlpool Corp.’s Yummly Smart Thermometer featured a dual-temperature thermometer with a recipe app and a subscription service with access to video lessons by chefs. This effort has been a part of the previous collaboration activity conducted by Whirlpool.
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Global Smart Home Appliances Market Dynamics
Drivers: Growing Household Income Combined with Increased Awareness Among Consumers
The growing consumer propensity toward the adoption and usage of connected devices is augmenting the demand for the market studied. KB Home, a home builder company in the United States, released data indicating a 44% increase in smart appliance selection by its clients. Also, the app-enabled appliances from companies such as Whirlpool and Moen have been among the top-selling brands on its list. Whereas the existing penetration of smart devices in an average household is increasing, allied appliances’ awareness and purchase intention is also growing. As per alarms.org, 70% of consumers who already have one smart home appliance plan to purchase another one. Moreover, 81% of surveyed people who currently use such appliances suggested that they would prefer to buy a house with some smart gadgets already installed.</…….
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