Smart Home Appliances Market is Forecast to Grow at a CAGR of 12.1% until 2028 | BlueWeave Consulting – GlobeNewswire
New Delhi, June 02, 2022 (GLOBE NEWSWIRE) — The smart home appliances market is growing at a high CAGR because of the expanding internet penetration, rapid technology breakthroughs, wireless communication, and greater smartphone use along with fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global smart home appliances market was worth USD 31.8 billion in the year 2021. The market is forecast to grow at a CAGR of 12.1%, earning revenue of around USD 73.1 billion by the end of 2028. The growth of the global smart home appliances market is attributed to expanding internet penetration, rapid technology breakthroughs, wireless communication, and RISING smartphone use. Furthermore, the market is benefiting from the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, high risks associated with data privacy and cybersecurity may act as a huge restraining factor for market growth.
Rising Demand For Home Automation Is Driving The Smart Home Appliances Market
The demand for home automation or ‘Smart Home’ in general is gaining huge popularity among consumers. The increasing demand for remote operating convenience and energy-efficient systems is significantly fueling the demand for smart home appliances in the market. Several smart home appliances such as smart TVs, lighting solutions, refrigerators have already made themselves a place in the market due to changing lifestyles of consumers. With increasing launches of different other smart home appliances, the market is anticipated to proliferate in the forecast period.
Rising Shift Towards Online Sales Channel is Propelling the Smart Home Appliances Market Growth
Based on the sales channel, the smart home appliances market is segmented into direct sales channels and indirect sales channels. The indirect sales channels hold the largest share in the smart home appliances market. The sales of smart home appliances are most common among wholesalers, retailers, and distributors. The online sales channels under indirect sales are anticipated to register the highest growth rate during the forecast period post the COVID-19 period as various consumer goods websites emerged during this period.
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Smart Home Appliances Market – By End-User
Based on end-user, the smart home appliances market is segmented into residential and commercial. The residential segment accounts for the largest market share owing to the rising demand for home automation among consumers. Furthermore, prominent and regular use of various home appliances in homes also acts as a major driving factor for the market growth. However, smart home appliances are anticipated to gain significant traction in the commercial segment during the forecast period.
Smart Home Appliances Market – Regional Insights
Geographically, the smart home appliances market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Due to rising consumer disposable income and increased expenditure on smart home appliances, the Asia-Pacific region dominates the smart home appliances market. Furthermore, rising buying power is expected to stimulate demand for smart home equipment during the projection period, resulting in increased internet penetration and homeownership.
Impact of COVID-19 on Smart Home Appliances …….