Rising Internet Penetration Drive Sales of Smart Home Appliances

In 2021, the smart home appliances market contributes $34.8 billion, and it is projected to contribute $139.0. billion in 2030, advancing at a rate of 16.6% in the coming future. The growing penetration of the internet and smartphones, technological advancements, and rising standards of people's lifestyles contribute to the industry proliferation.

The rising expenditure of the people on remodeling projects or home renovations result in rising expenditure in mortgage-associated rates, and prices of the residential property. Thus, it significantly increases the home value and equity of the homeowner over the five years. It thus makes owners richer and encourages them to invest in home improvement.

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In addition, home specialists' project leads accounted for a 58% rise in June 2020, according to a home remodeling website. Similarly, the kitchen and bathroom projects also witnessed an increase of 40% in the same period, signifying the extensive rise in sales of various smart home appliances.

Wi-Fi is the most convenient technology for the operations of smart devices. The Wi-Fi-connected smart devices contribute around $16 billion in revenue, they are expected to generate $68 billion in 2030. Wi-Fin networks come with a pre-built infrastructure to manage the massive data by default. Such appliances can be controlled by a personal computer through Wi-Fi. Moreover, the rising internet penetration and the advent of technological automation such as IoT drive the revenue of the industry.

Moreover, the key players in the industry are increasingly spending on the R&D for development of advanced products. For example, Whirlpool Corporation, Panasonic, Samsung Electronics Co. Ltd, and others are focusing on the development of Wi-Fi-enabled appliances, it includes dryers, refrigerators, washing machines, and smart air purifiers.

It is projected that smart home appliances will experience a significant rise in sales in the coming future. It is ascribed to the growing trend of digitization, and expansion of the e-commerce sector led by the growing preference of young individuals for online shopping. Therefore, the revenue generated by online channels is projected to experience a surge in near future. In addition, online channels provide numerous benefits to customers. It includes start-up e-retailers, e-commerce websites, year-ending sales benefits, home delivery, and numerous other options.

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The extensively rising demand for smart home appliances generates significant revenue from the residential sector. Moreover, smart home appliances in the residential sector contribute 70% of revenue to the industry. The increasing awareness of the consumers in the latest technologies and their eagerness in investing in connected home solutions enhance living space.

Products such as water purifiers offer TDS monition in real-time and reflect the real-time status. In addition, smart washing machines equipped with sensors detect if clothes are dirty and allow users for the washing duration control by utilizing an application that can be operated through a computing device.

In addition, the death caused by both outdoor and interior air pollution accounts for 7 million premature deaths every year. Among those, 3.8 million succumb to death due to indoor air pollution. In the coming future, the sales of smart air purifiers are projected to drive by worsening air quality levels across regions, and rising awareness of the advantages of air purifiers usage.

Therefore, internet penetration drives the sales of smart home appliances enabling remote access to such devices connected with Wi-Fi, by an application on computing equipment.

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This release was published on openPR.