With 17.7% CAGR, Smart Appliances Market Growth to Surpass USD 76.4 billion

The global smart appliances market size is estimated to be USD 33.8 billion in 2021 and projected to reach USD 76.4 billion by 2026, at a CAGR of 17.7% during the forecast period. The market for smart appliances has experienced significant growth, primarily due to the increasing demand for smart kitchen equipment, and the availability of wireless solutions is also expected to significantly boost the smart appliances market in the near future. 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 refrigerator in the product segment to account for the largest share of the smart appliances market by 2026

The market for smart refrigerators likely to account for the largest share in terms of value from 2021 through 2026. Smart refrigerators are enabled with Wi-Fi and voice recognition technologies. Smart refrigerators have touch screen interface, internal cameras, and more flexible cooling options and can be connected to other smart appliances in the house. Smart refrigerators offer various features, including linear compressor, linear cooling feature, custom chill pantry, and fresh air filter. Smart refrigerators can keep track of how often their doors have been opened and the change in cooling efficiency over time. For instance, LG Electronics (South Korea) has introduced the InstaView range of smart refrigerators which have additional features such as Craft Ice maker that automatically makes batches of three or six slow-melting craft ice and 2nd generation LG InstaView ThinQ. It streamlines the user experience and has more entertainment features. The company's apps send alert to users about the expiration dates of the items such as milk, butter, bread in the refrigerators, helps to browse recipes, create shopping lists, weather, and temperature. Moreover, it can suggest recipes based on the food inventory and notify a user when something is about to perish. Samsung Electronics (South Korea), Whirlpool (US), Panasonic (Japan), and LG Electronics (South Korea) are some of the major manufacturers of smart refrigerators.

The indirect sales channel is projected to capture the largest market share during the forecast period.

Market share of smart appliances is dominated by indirect sales channels. Smart appliances are primarily sold through indirect channels or third-party service providers. In order to provide services to their end users, most players in the market have strong sales channels and distribution networks. Sales of smart appliances through indirect channels include both online and offline sales. The offline sales channel consists of third-party cellular network carriers, wholesalers, retailers, and value-added resellers. E-commerce platforms are used for online sales channels. COVID-19 caused indirect sales channels to be used more frequently in response to the pandemic. People are increasingly using online websites due to lockdowns in various countries around the world. Since the outbreak of the pandemic, online channels have become more popular. Customers can purchase products online with little or no hesitation because companies provide product setup and installation services. As a result, third-party delivery providers have begun taking extra precautions in order to encourage consumers to buy without concern about getting infected.

The residential segment likely to be the largest and fasted growing market during the forecast period

Over the forecast period, residential devices are forecast to grow at a significant rate; they will hold the largest market share in 2020. As digitalization has grown across the world, the demand for smart appliances has increased significantly. Growing internet penetration and easy accessibility of smart appliances are also contributing to market growth. Smartphones allow home appliances to be controlled anywhere in the world, which is why consumers prefer smart appliances. Additionally, it increases the safety of the house. One of the biggest reasons for the increase in demand for smart appliances is that smart appliances give consumers peace of mind and elevate their comfort level.

APAC is projected to be the fastest growing market for smart appliances market during the forecast period

Smart appliances market in APAC is expected to grow at the highest CAGR during the forecast period. Presence of some of the prominent smart appliance manufacturers in APAC is driving the market growth. Companies such as Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), and LG Electronics (South Korea) are some of the major players in APAC region which focusses on technological innovation. APAC is expected to witness tremendous growth in the coming years due to high demand of smart appliances products from countries such as China, Japan, South Korea, and India. China is one of the major manufacturing hubs worldwide and offers attractive opportunities for smart appliances market players. The demand for refrigerators and other smart appliances in India has increased in recent years due to rising disposable income of people in the country.

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A few of the key players in the smart appliances market are Samsung Electronics (South Korea), LG Electronics (South Korea), Panasonic (Japan), Whirlpool (US), Haier Smart Home (China), Electrolux (Sweden), Koninklijke Philips (Netherlands), BSH Hausgerate (Germany), Xiaomi (China), and Miele & Cie. KG (Germany).

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This release was published on openPR.