United States (U.S.) Smart Home Appliance Market Highlights Over 2019-2024
The United States (U.S.) smart home appliance market is estimated to garner a revenue of USD 5,330,308.2 thousand in 2024 from USD 2,877,000.0 thousand in 2019 by growing at a CAGR of 15.4% over the forecast period, i.e., 2020 – 2024. The growth of the market can be attributed to the growing adoption of smart home appliances in the nation, backed by the rising disposable income of individuals, and the need for comfort and convenience among the consumers. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the household disposable income of the individuals in the U.S. grew from USD 40,623/capita in 2010 to USD 53,202/capita in 2018.
Moreover, increasing number of households in the nation, and their need for home appliances, is also anticipated to contribute to the market growth in the coming years. According to the statistics by the United States Census Bureau, the total number of households in the U.S. grew from 117,538 thousands in 2010 to 128,579 thousands in 2019.
Further, growing living standards of individuals, along with the rising internet penetration across the country, are some of the additional factors anticipated to drive the market growth. According to the statistics by the World Bank, the gross national income (GNI) per capita (in current US$) in the U.S. grew from USD 48,990 in 2010 to USD 65,850 in 2019. CLICK TO DOWNLOAD SAMPLE REPORT
United States Smart Home Appliance Market Regional Synopsis
Regionally, the United States smart home appliance market is segmented into four major regions including South U.S., West U.S., Midwest U.S., and Northeast U.S. The market in the South U.S. region is estimated to hold the largest market share of 32.99% by the end of 2024 on the back of growing adoption of advanced technologies, such as the internet of things (IoT), along with the availability of numerous households in the region with internet connectivity. Moreover, the South U.S. region is also home to a large population with physical disability, who are also one of the prime target customer group for smart home appliances. According to the statistics by the U.S. Centers for Disease Control and Prevention (CDC), 61 million adults in the nation live with a disability. Moreover, the statistics also stated that the South U.S. region held the highest percentage of people living with disabilities. Additionally, the leading states in the southern region of the U.S., including states such as Florida, Texas, Georgia, Virginia, Tennessee, and others, have increased accessibility to the internet, which is also anticipated to contribute to the growth of the market in the region during the forecast period. In other statistics by the U.S. Census Bureau, the percentage of households with a broadband internet subscription between the period 2015 and 2019 in Florida, Texas, Georgia, Virginia, and Tennessee, recorded as 83.0%, 81.9%, 81.3%, 83.9%, and 78.4% respectively.
Growth Drivers and Challenges Impacting the Growth of the United States Smart Home Appliance Market
Growth Drivers
- Growing Adoption of Smart Devices in the U.S.
- Increasing Number of Users Accessing the Internet and the Presence of a Strong Internet Network
Challenges
- High Cost of Smart Home Appliances
- Security Concerns for Using Smart Devices
United States Smart Home Appliance Market Segmentation Synopsis
The U.S. smart home appliance market is segmented on the basis of product category into smart appliances, smart range hood, and others. Amongst these segments, the smart appliance segment registered the largest market share of 73% in the year 2019. The smart appliance segment is further divided by buyer type into builders and consumers. Out of these, the consumers segment is anticipated to hold the largest market share and reach a value of USD 3226.8 Million by 2024 by growing at a CAGR of 15.9% during the forecast period. On the other hand, the builders segment can further be divided on the basis of project type into new construction and renovation, out of which, the new construction segment is anticipated to grow with the largest CAGR of 17.4% throughout the forecast period. Further, the new construction segment is divided on the basis of application into residential and commercial. Out of these segments, the residential segment is anticipated to hold the largest market share by the end of 2024 and grow with a significant CAGR during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the U.S. smart home appliance market for builders that are included in our report are 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. Some of the prominent industry leaders in the U.S. smart home appliance market for manufacturers that are included in our report are 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.
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