In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS· August 20, 2020: Robert Bosch GmbH announced the launch and availability of its new smart home security product called “Spexor”. The security device is a multi-sensor mobile alarm device that combines sound, pressure, and motion sensors to detect break-ins.
· January 8, 2018: Whirlpool Corporation announced the launch of Whirlpool Smart All-In-One Care Washer and Dryer, which is a compact washer and dryer combo, designed to occupy less floor space. The appliance can be controlled via voice or from a mobile device.
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
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.
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.
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.
FREQUENTLY ASKED QUESTIONS
Growing adoption of smart devices, along with the increasing availability of internet in the U.S. are some of the major factors anticipated to drive the growth of the market.
The market is anticipated to attain a CAGR of 15.4% over the forecast period, i.e., 2020-2024.
The high cost of smart home appliances is one of the major challenges estimated to hamper the market growth.
The Southern region in the U.S. is anticipated to hold the largest market share of 32.99% by 2024 and provide significant business opportunities during the forecast period.
The major players in the market are Lennar Corporation, PulteGroup, Inc., Toll Brothers, Inc., D.R. Horton, Inc., Honeywell International Inc. (Resideo Technologies, Inc.), Schneider Electric, Samsung Electronics Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product category, and by region.
The smart appliances segment is anticipated to hold largest market share of 73% in 2019 and display significant growth opportunities in the future.
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