Research Nester published a report titled “United States (U.S.) Smart Home Appliance Market: Demand Analysis & Opportunity Outlook 2024” which delivers detailed overview of the United States (U.S.) smart home appliance market in terms of market segmentation by product category, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The United States (U.S.) smart home appliance market is segmented on the basis of product category into smart appliances, smart range hood, and others, out of which, in the year 2019, the smart appliance segment registered the largest market share of 73%. The segment is further divided on the basis of buyer type into builders and consumers, out of which, the consumers segment is projected to occupy the largest market share during the forecast period. The consumers segment is further anticipated to attain a market revenue of USD 3226.8 Million by 2024.
The United States (U.S.) smart home appliance market is anticipated to grow with a CAGR of 15.4% during the forecast period, i.e., 2020-2024. The market is thriving on account of the increasing disposable income of individuals and the increasing adoption of smart home appliances, along with the increasing number of households in the nation with access to the internet. The Organization for Economic Co-operation and Development (OECD), stated in one of its statistics that the household disposable income of the individuals in the U.S. reached USD 53,202/capita in the year 2018 by growing from USD 40,623/capita in the year 2010. The market, which registered a market revenue of USD 2,877,000.0 thousand in 2019, is further anticipated to attain USD 5,330,308.2 thousand in 2024.
Regionally, the United States (U.S.) smart home appliance market is segmented into four major regions including South U.S., West U.S., Midwest U.S., and Northeast U.S., out of which, the South U.S. smart home appliance market is estimated to hold the largest market share of 32.99% by the end of 2024. The growth of the market in the region can be attributed to the increasing availability of households which has enhanced internet connectivity, especially in the states, such as such as Florida, Texas, Georgia, Virginia, Tennessee, and others, coupled with the increasing adoption of advanced technologies, such as the internet of things (IoT). According to the statistics by the U.S. Census Bureau, the percentage of households with a broadband internet subscription in Florida, Texas, Georgia, Virginia, and Tennessee, between the period 2015 and 2019 recorded as 83.0%, 81.9%, 81.3%, 83.9%, and 78.4% respectively.
Growing Living Standards and the Need for Smart Appliances
The World Bank, in one of its statistics, stated that the gross national income (GNI) per capita (in current US$) in the U.S. reached USD 65,850 in 2019 from USD 48,990 in 2010.
The standard of living in the U.S. has surged significantly over the past few years, backed by the increasing income of the individuals. As a result, the need for luxury goods amongst the citizens of the country has also grown significantly. Moreover, with the increasing advancements in technology of home appliances, along with the increasing internet penetration in the country, there is a growing demand for smart products that can be controlled via different hand-held devices or through voice. On the other hand, with the limitations in floor spaces of homes, there is a growing need for smart home appliances that are designed ergonomically. Such factors are anticipated to drive the growth of the market in the coming years.
However, the concern for the high cost of smart home appliances is expected to operate as a key restraint to the growth of the United States (U.S.) smart home appliance market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the United States (U.S.) smart home appliance market for builders which includes company profiling of Lennar Corporation, PulteGroup, Inc., Toll Brothers, Inc., Taylor Morrison, Inc., D.R. Horton, Inc., Meritage Homes Corporation, Coventry Homes, Loudermilk Homes, Tri Pointe Homes, Inc., and others. The report also provides information on the key players of the market for manufacturers, and includes company profiling of Honeywell International Inc. (Resideo Technologies, Inc.), Schneider Electric, Samsung Electronics Co., Ltd., Whirlpool Corporation, Robert Bosch GmbH, General Electric, AB Electrolux, Amazon.com, Inc., Panasonic Corporation, Haier Group, LG Electronics, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the United States (U.S.) smart home appliance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.