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.
North America accounted for the largest share of the smart appliances 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 market. Additionally, various grants from the US Government for smart grid projects are also driving the market growth in this region.
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The market in APAC is expected to grow at the highest CAGR in the market. The APAC is home to major smart appliance manufacturers, namely Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), and LG Electronics (South Korea), which always focus on technological innovations. Also, China, Japan, South Korea, and India are potential high-growth markets for smart appliances.
Include Samsung Electronics (South Korea), LG Electronics (South Korea), Panasonic (Japan), Whirlpool (US), and Haier Smart Home (China) are among the key players operating in the smart appliances market.
Smart appliances are relatively expensive as compared to conventional appliances. To connect all the appliances in the house, they must be connected via a common interface for communication. Installation costs can range from USD 50 to USD 1,000, depending upon the number of appliances and technology used.
Internet users and smartphone users are concerned about possible misuse of their personal information, such as names, email addresses, home addresses, dates of birth, and credit card numbers. Furthermore, smart appliances are mostly controlled through smartphone apps developed by companies; companies capture consumer data through these apps, which further increases consumer concerns over their privacy.
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