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 smart appliances market has been witnessing significant growth over the past years, mainly owing to the rising demand for convenience, cost reduction energy consumption by the users, increase in internet penetration is also key factor for driving the demand for smart appliances market.
During the forecast period, the smart appliances market's services sector is predicted to develop at the fastest rate.
Maintenance and repair services, system integration services, consulting services, and other services are included.
These services are adaptable since they may be customised and maximised. Many OEMs provide contract-based direct services. There are also managed service providers and value added resellers (VARs) who have partnered with various hardware and software vendors to offer entire solutions under their own brand names. Continuous support and service ensure that enterprises run smoothly, leading the smart appliances market for services to flourish.
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Smart washers experience a huge demand from both the residential and commercial segments. They have the ability to shift their usage from peak to off-peak periods, thus saving energy and cost. Thus, the demand for smart washers is high in the smart appliances market. The market for smart washers in APAC is expected to grow at the highest CAGR during the forecast period. In 2020, North America held the largest share of the smart washers market.
Based on the end-user industry, the residential segment accounted for the largest size of the smart appliances market. The shift to remote working has increased the demand for smart appliances in user’s houses. Further, smart appliances companies are investing more in resources and providing the highest quality of services, which is indirectly helping boost the adoption of more smart appliances products.
The smart appliances market in APAC is expected to grow at the highest CAGR during the forecast period. China, Japan, India, and South Korea are some of the key countries driving market growth in APAC. Samsung Electronics (South Korea) and LG Electronics (South Korea) are the key player operating in the smart appliances market.