Smart Appliances - United States

United States

Revenue in the Smart Appliances market is projected to reach €10.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.83%, resulting in a projected market volume of €16.7bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 49.2m users by 2029.
Household penetration will be 15.2% in 2024 and is expected to hit 34.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €0.50k.

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Analyst Opinion

The Smart Appliances market in United States is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in the United States are increasingly embracing smart appliances due to their convenience, energy efficiency, and advanced features. With the rise of smart homes and connected devices, consumers are seeking appliances that can be controlled remotely through smartphones or voice assistants. Additionally, there is a growing demand for appliances that can optimize energy consumption and reduce utility bills. As a result, smart appliances such as refrigerators, washing machines, and thermostats are becoming more popular among American households.

Trends in the market: One of the key trends in the Smart Appliances market in United States is the integration of artificial intelligence (AI) and machine learning capabilities. Smart appliances are now equipped with AI algorithms that can learn and adapt to user preferences, optimizing their performance over time. For example, smart refrigerators can track food inventory and suggest recipes based on the available ingredients. This trend is driven by advancements in AI technology and the increasing connectivity of devices. Another trend in the market is the focus on sustainability and eco-friendliness. Consumers in the United States are becoming more conscious of their environmental impact and are seeking appliances that are energy efficient and environmentally friendly. Smart appliances are designed to minimize energy consumption and reduce waste, aligning with the growing demand for sustainable products. This trend is also influenced by government regulations and initiatives promoting energy efficiency and environmental conservation.

Local special circumstances: The United States has a highly developed infrastructure and widespread internet connectivity, which creates a conducive environment for the adoption of smart appliances. The availability of high-speed internet and reliable wireless networks enables seamless communication between smart appliances and other connected devices. Additionally, the presence of tech-savvy consumers and a culture of early technology adoption contributes to the growth of the Smart Appliances market in United States.

Underlying macroeconomic factors: The growing Smart Appliances market in United States is also influenced by macroeconomic factors such as increasing disposable income and urbanization. As the economy improves, consumers have more purchasing power to invest in smart appliances. Urbanization trends, with more people living in apartments and smaller homes, also drive the demand for compact and space-saving smart appliances. In conclusion, the Smart Appliances market in United States is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing adoption of smart appliances is driven by convenience, energy efficiency, and advanced features, with a focus on AI integration and sustainability. The United States' advanced infrastructure and tech-savvy consumer base further contribute to the market's growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.