Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Smart Home Appliances Market size is expected to reach $49.9 billion by 2028, rising at a market growth of 8.7% CAGR during the forecast period.
The Online segment has shown the growth rate of 10.5% during (2022 - 2028). The rapid rise of the e-commerce industry and emerging digitization, particularly in developing countries, can be attributed to the rising growth of the online segment. Additionally, the online sales of smart home appliances are increasing due to the growing popularity of online shopping as well as smart & connected devices, especially among millennial, and the younger population.
The Smart Washing Machines segment acquired maximum revenue share in the Global Smart Home Appliances Market by Product in 2021 thereby, achieving a market value of $14.6 billion by 2028. The usage of smart gadgets in homes has substantially expanded as a result of people being more aware of new technology, supporting segment growth. In addition, shifting lifestyles, increased per capita income, along with the growing need to reduce total energy costs are all expected to increase product demand.
The North America market dominated the Global Smart Home Appliances Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $17.1 Billion by 2028.The Asia Pacific market is exhibiting a CAGR of 9.1% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 8.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Apple, Inc., Panasonic Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Robert Bosch GmbH, LG Electronics, Inc. (LG Corporation), Whirlpool Corporation, Electrolux AB, Haier Smart Home Co., Ltd., Koninklijke Philips N.V., and Miele & Cie. KG.
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