Northbrook, IL 60062 -- (SBWIRE) -- 03/20/2023 -- Smart appliances market share is projected to reach USD 76.4 billion by 2026, growing at a CAGR of 17.7% during the forecast period.
In recent years, the market for smart appliances has experienced significant growth, primarily due to the increasing demand for smartphones, and the availability of wireless solutions is also expected to significantly boost the market in the near future. These factors will drive market growth through the end of the forecast period. Moreover, intensifying consumer focus on convenience, cost reduction, and energy conservation will drive the demand of smart appliances in the near future.
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Smart appliances market for smart ovens segment is anticipated to grow at the highest CAGR
A variety of products are offered by the smart appliance. An oven is an appliance used in the kitchen for cooking and heating food. The same work is done by smart ovens, but with additional features such as a touch screen door, a multifunctional range of cooking, and built-in cameras for checking food without opening the door. With smart ovens, you can connect to Wi-Fi and use voice recognition. Smartphones and tablets can be used to set timers, monitor cooking status, and preheat food in NFC-enabled ovens. The self-cleaning of an oven can also be monitored by the user. The smart oven allows users to choose a recipe from pre-programmed recipes, control the cooking time and temperature remotely, download favorite recipes, and assist with grocery shopping. LG Electronics (South Korea), Samsung Electronics (South Korea), and Panasonic (Japan) are major manufacturers of smart ovens. Thus, smart ovens are driving the growth of the smart appliances market.
Residential segment to dominate smart appliances market during the forecast period due to significant increase in demand during recent years
In 2020, the residential sector held the largest size of the smart appliances market; it is expected to witness significant growth during the forecast period. The demand for smart appliances has seen a significant increase in recent years—mainly due to the rise in digitalization across the world. In addition, increasing internet penetration and easy accessibility of smart appliances are furthering creating a supportive dais for the market growth. Consumers prefer smart appliances due to the convenience offered by them; with the help of smartphones, home appliances of the entire home can be controlled from anywhere. It also increases the safety of the house.
Smart appliances market in North America accounted for the largest market share of global smart appliances
In 2020, North America accounted for the largest share of the smart appliances market, and a similar trend is likely to be observed during the forecast period. High demand for smart appliances from the residential sector is one of the major factors leading to the dominant position of North America in the market. Additionally, various grants from the US Government for smart grid projects are also driving the market growth in this region. The market in APAC is expected to grow at the highest CAGR in the market. The APAC is home to major smart appliance manufacturers, namely Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), and LG Electronics (South Korea), which always focus on technological innovations. Also, China, Japan, South Korea, and India are potential high-growth markets for smart appliances.