Smart Home Appliances Market to Witness 14% YOY in 2022| 32% of the growth to originate from North America | 17,000+ Technavio Reports – PR Newswire
Smart Home Appliances Market 2022-2026: Driver and Challenge Insights
The product innovation in terms of technology, performance, features, and design is notably driving the smart home appliances market growth. Smart home appliances are equipped with cameras, sensors, and connectivity features to enable remote monitoring and control. For instance, Samsung Electronics offers a Counter Depth 4-Door French Door Refrigerator with Family Hub Recessed Handles. Many smart home appliances can shop online without any intervention from the end-users. In addition, another key factor driving the global smart home appliances market growth is the introduction of additional features in smart home appliances. As the availability of ample space is a major issue for most consumers living in compact homes, players are now trying to come up with appliances that have connectivity features, as well as sleek designs and other attractive features.
However, one of the key challenges to the global smart home appliances market growth is the high cost of smart home appliances. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular home appliances with the smart connected variety. The technology used in smart home appliances is complex and needs in-depth R&D activities, for which huge investments are required. These factors, therefore, are expected to be an obstacle to market growth during the forecast period.
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Smart Home Appliances Market 2022-2026: Key Segment Highlights
- Distribution Channel
The offline distribution channel segment held the largest smart home appliances market share in 2021. The segment will continue to account for the highest share during the forecast period due to the increase in preference by consumers for the purchase of smart home appliances owing to growing urbanization, increasing middle-class income population, and the rapid growth of developing countries.
- Smart Washing Machines And Dryers
The smart washing machines and dryers product segment held the largest market share in 2021. The segment will continue to account for the highest share during the forecast period as these machines can be controlled by remote-control features. In addition, multiple governments are encouraging the use of smart washing machines as they are energy-efficient and promote the use of smart grid technology. Furthermore, smart dryers are connected to the customers smartphone or tablet. Such dryers are incorporated with features that detect the timings associated with low energy rates. Thus, they are considered cost-efficient and energy-efficient devices. These advantages will drive the segment’s growth during the forecast period.
- Smart Air Conditioners
- Smart Refrigerators
- Smart Microwave Ovens
- Smart Dishwashers
- North America
North America emerged as the largest revenue-generating regional segment of the market. An increase in the popularity and adoption of smart home technology is expected in North America over the course of the next five years, with the US exhibiting high demand owing to technological advancements and growing consumer awareness of the benefits of using smart appliances. The region will contribute to 32% of the overall market’s growth during the forecast period owing to …….