Technavio reports the smart home appliances market potential growth difference is likely to reach USD 34.31 million from 2021 to 2026, as per the latest market analysis report published by Technavio. The report also identifies the market to witness a progressing growth momentum at a CAGR of 15% during this period.
Product innovation in terms of technology, performance, features, and design is notably driving the smart home appliances market growth. Smart home appliances are equipped with cameras, sensors, and connectivity features to enable remote monitoring and control. For instance, Samsung Electronics offers a Counter Depth 4-Door French Door Refrigerator with Family Hub Recessed Handles. Many smart home appliances can shop online without any intervention from the end-users. In addition, another key factor driving the global smart home appliances market growth is the introduction of additional features in smart home appliances. As the availability of ample space is a major issue for most consumers living in compact homes, players are now trying to come up with appliances that have connectivity features, as well as sleek designs and other attractive features.
One of key challenges reported to the global smart home appliances market growth is the high cost of smart home appliances. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular home appliances with the smart connected variety. The technology used in smart home appliances is complex and needs in-depth R&D activities, for which huge investments are required. These factors, therefore, are expected to be an obstacle to market growth during the forecast period.
