The Smart Appliances Market is expected to grow from USD 33.8 billion in 2021 to USD 76.4 billion by 2026; it is expected to grow at a CAGR of 17.7% during the forecast period. The major driving factors for the growth of the smart appliances market include rising energy prices, changing lifestyles of consumers, increasing use of wireless connectivity, and increased government regulations to save energy. However, the COVID-19 outbreak has resulted in a decline in the growth rate of the smart appliance market, especially in 2020 and 2021.
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Product segment to account for largest market size during the forecast period
In 2020, the products segment dominated the smart appliances market and is also expected to witness significant growth during the forecast period. The growing need for energy-efficient devices and the rapid technological developments in smart appliances are key factors expected to drive the smart appliances market during the forecast period. Moreover, this market has huge growth potential, and there are many leading players investing in the design and development of smart appliances; the increased R&D activities are also fueling the market growth. Smart washers, smart dryers, smart air conditioners, smart refrigerators are some of the most demanded products in the smart appliance market.
Residential segment to dominate smart appliances market during the forecast period
In 2020, the residential sector held the largest size of the smart appliance 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—one of the key factors being the rise in digitalization across the globe. Internet penetration has been increased, and smart appliances are easily accessible. Consumers prefer smart appliance for their house as it provides convenience, with the help of smartphone entire home appliance can be controlled from anywhere.
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North America held the second-largest market share in 2020
In 2020, North America accounted for the second-largest share of the smart appliance 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 smart appliance market.