United States (U.S.) Smart Home Appliance Market Size, CAGR of 15.4% Throughout 2021-2024

Research Nester has released a report titled “United States (U.S.) Smart Home Appliance Market – Demand Analysis & Opportunity Outlook 2024” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.

The gross national income (GNI) per capita (in current US$) in the United States grew from USD 48,990 in the year 2010 to USD 65,850 in the year 2019, according to the statistics by the World Bank. Further, 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, according to the statistics by the Organization for Economic Co-operation and Development (OECD).

The statistics portray the growing income of the citizens of the United States, and therefore their need for luxury products. Smart home appliances, which are designed ergonomically and can be controlled by hand-held devices or voice, provide its users an ease of comfort. The demand for such products in the recent years has surged significantly owing to the high purchasing power of individuals, along with the growing need for efficient appliances that can save the user’s time. Moreover, limiting spaces across the residential customers, and the need for compact equipment, are also anticipated to drive the market growth in the coming years.

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, owing to the increasing number of households in the nation with access to the internet, along with the growing disposable income of individuals. The total number of households in the U.S. grew from 117,538 thousands in 2010 to 128,579 thousands in 2019, according to the statistics by the United States Census Bureau. The market is further anticipated to attain USD 5,330,308.2 thousand in 2024 from a market revenue of USD 2,877,000.0 thousand in 2019.

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 these segments, the smart appliance segment registered the largest market share of 73% in 2019. The segment is further divided on the basis of buyer type into builders and consumers. Among these segments, the consumers segment, which held the largest market share in 2019, is anticipated to attain a market revenue of USD 3226.8 Million by 2024.

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Based on region, 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. Among these regions, the market in the South U.S. is estimated to hold the largest market share of 32.99% by the end of 2024, on account of the growing adoption of advanced technologies, such as the internet of things (IoT), coupled with the presence of the states that have high accessibility to the internet. Between the period 2015 and 2019, the percentage of households with a broadband internet subscription in Florida, Texas, Georgia, Virginia, and Tennessee, recorded as 83.0%, 81.9%, 81.3%, 83.9%, and 78.4% respectively, according to the statistics by the U.S. Census Bureau.

However, the high cost of smart home appliances is projected to hamper 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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled United States (U.S.) Smart Home Appliance Market – Demand Analysis & Opportunity Outlook 2024″, analyses the overall United States (U.S.) smart home appliance industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the United States (U.S.) smart home appliance market in the near future.

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