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Global Smart Home Appliances Market to Grow at a CAGR of 17.3% in the Forecast Period of 2022-2027, Aided by the Rising Demand for Smartphones

According to a new report by EMR titled, ‘Global Smart Home Appliances Market Report and Forecast 2022-2027’, the global smart home appliances market reached a value of about USD 28.2 billion in 2020. The industry is further expected to grow at a CAGR of about 17.3% in the forecast period of 2022-2027.

The global smart home appliances industry has witnessed significant growth owing primarily to rising smartphone demand and increased internet penetration. The convenience of monitoring smart appliances through smartphones or tablets attracts users to adopt smart appliances. The rise in wireless solutions' availability is also expected to boost the smart appliances market in the coming years considerably. North America and Asia Pacific smart home appliances markets are significantly supporting the growth of the global market. The largest consumer markets within the Asia Pacific region include India and China due to the increasing internet penetration and technology advancements in these developing economies. The main factors that drive the demand for smart appliances market in the regions are the adoption of cloud technologies, increase in awareness related to safety and security, disposable income of the people living therein, and increasing government investment in smart cities. Indirect sales channels hold a major share of the smart appliances market. It includes the sale of smart appliances through both online and offline modes.

The rising technological revolution towards developing the smart homes market creates a higher demand for connected appliances as a source of luxury and convenience. For instance, in January 2018, Whirlpool Corporation (NYSE: WHR) launched the Whirlpool Smart All-In-One Care Washer and Dryer, which is a compact washer and dryer combo designed to occupy less floor space. Voice or a mobile device can be used to control the appliance. These technological advancements and product innovations are helping the companies in increasing their market presence by securing new contracts and tapping new markets.

Market Analysis by Product Type and Regions:

  • The product type can be divided into smart ovens, smart dishwashers, smart refrigerators, smart cookware and cooktops, and smart scale and thermometers, among others.
  • The regional markets for smart home appliances include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Increasing penetration of the internet throughout the world has been driving the growth of the smart appliances market.
  • The market is expected to be driven by the increasing consumer preference for video doorbells, voice-assisted technologies, and surveillance systems.
  • The growing popularity of home improvement projects in Western countries is paving the way for various smart products for residential use.
  • The rising investments in smart grid projects and the acceptance of people are driving the market's significant expansion in the regions.
  • Advancement in IoT and rising standard of living is further accelerating the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global smart home appliances industry for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for product type and major regions of smart home appliances.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart home appliances industry include LG Electronics Inc., AB ELECTROLUX, Whirlpool Corporation, Samsung Electronics Co., Ltd., BSH Hausgeräte GmbH, and Panasonic Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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