Smart Appliances Market is expected to grow at fastest rate during 2021-2026

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 smartphones and increase in internet penetration. Rise in the availability of wireless solutions is also expected to considerably boost the smart appliances market in the coming years.

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Smart ovens in product segment for smart appliances market to grow with highest CAGR during the forecast period.

Based on offering, smart appliance includes a variety of products. Ovens are appliances used in the kitchen for cooking and heating food to the desired temperature. Smart ovens are used to do the same work with additional features such as touch screen door, multifunctional range of cooking, and built-in cameras that help to check food inside the oven without opening the door. Smart ovens have Wi-Fi connectivity and voice recognition features. NFC-enabled ovens allow users to set timers, check the status of cooking, and preheat food from anywhere through their smartphones or tablets. A user can also monitor the self-cleaning of an oven. These smart ovens help users reduce the time required for cooking; they enable a user to choose a recipe from pre-programmed recipes, along with controlling the cooking time and temperature remotely, downloading favorite recipes, and assisting with the grocery list. Major manufacturers for smart ovens are LG Electronics (South Korea), Samsung Electronics (South Korea), and Panasonic (Japan). These factors thereby driving the growth of smart ovens in smart appliances market.

Wi-Fi technology is expected to continue for the largest size during the forecast period.

Wi-Fi technology is estimated to account for the largest size of the smart appliances market during the forecast period. This is mainly because various appliance manufacturers such as Whirlpool (US), Samsung Electronics (South Korea), LG Electronics (South Korea), Electrolux (Sweden) are majorly developing Wi-Fi technology-based appliances. With the consolidating trend of home automation, appliances such as smart washers, dryers, refrigerators, dishwashers, and air conditioners are being designed with the feature of Wi-Fi connectivity.

Indirect sales channel is expected to capture the largest market share during the forecast period.

The indirect sales channel segment accounted for the larger share of the smart appliances market. Indirect sales channels or third-party service providers hold a major share of the smart appliances market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sale of smart appliances through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic resulted in a rise in the use of indirect sales channels. Due to lockdowns in various countries across the world, people have started using online websites frequently. The demand for online channels has been increased post the outbreak of the pandemic. Companies offer product setup and installation services that help users to buy products online without any hesitation. Moreover, third-party delivery providers have started undertaking extra precautions in order to encourage consumer to buy without reservations of getting infected.

APAC to grow with highest CAGR during the forecast period.

The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is home to major smart appliance manufacturers, namely Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), and LG Electronics (South Korea), who always focus on technological innovations. Also, China, Japan, South Korea, and India generate massive demand for smart appliances. Thus, the market in APAC is projected to witness tremendous growth in the coming years.

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Key Market Players

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) are among the key players operating in the smart appliances market.

Impact of COVID-19 on Smart Appliances Market:

The COVID-19 outbreak has resulted in a decline in the growth rate of the smart appliance market, especially in 2020 and 2021. The COVID-19 pandemic has affected both positively and negatively the smart appliances market. The demand for smart appliances such as refrigerators, washing machines, and more has increased due to the COVID-19 pandemic, as most of the population is working from home, thus spending more time at home requires many appliances that can complete tasks fast as compared to traditional methods. However, amid the coronavirus pandemic, people are majorly focusing on basic amenities. According to a research conducted by BDRC Continental Ltd (UK) on US consumers, 64% of American consumers are worried about their financial conditions and will spend on cleaning products rather than any other non-essential products during this pandemic. Thus, such consumer buying sentiment is expected to negatively affect the retail industry, and thereby the smart appliance market. Additionally, due to the COVID-19 pandemic, the manufacturing capabilities of all regions have been affected owing to halted production, and the supply of products from manufacturers to end users has declined drastically.