Smart Small Home Appliances Market - Growth, Trends, Covid-19 Impact and Forecasts (2021-2026)

Small Smart Home Appliances are the class of next-generation connected equipment that are designed to be controlled with the help of commands from a central system or communicate with other appliances in a network and make certain decisions for the owner. The concept of Smart small home appliances, which allow the user to manage everyday home appliances, such as air purifiers, vacuum cleaners, humidifiers, smart coffee makers, etc. with the use of some kind of network, is highly fascinating.

However, the market faces some challenges which are hampering its growth of the market. Some of the major challenges faced by the industry are a lack of consumer awareness and rising privacy threats. Whereas, the market growth would be further supported by various market trends like cloud technology, rising artificial intelligence technology, surging adoption of the Internet of Things (IoT).

The market was impacted by COVID-19 due to reduced manufacturing because of the lockdown being imposed and thus halt in logistics and production in the factories or their assembling. Shift in demand from the residentials because of downfall in one's earnings to the people who were undergoing the Work from Home (WFH)culture and thus demanded smart small home appliances which were making their living and work space easy going together.

Key Market Trends

Per Capita Spending on Home Appliances Witnessing the Growth of the Market

The per capita spending on Home Appliances signifies the growth in Smart Small Home Appliance Marrket as it directing the spending of people in developed and developing countries over the smart appliances and the home appliances are in upward trend from past 5 years and also because of COVID-19, the sales of smart home appliances boost like anything because of the work place shifted at hoem only and thus, enhancement of the comfort level at one's place. This growth in home appliance per capita spending has led the Smart Small Hoem Appliance Market to grow significantly and expected to grow through the forecast period as well.

Asia to Witness Significant Growth Rate in the Market

The biggest Market for Smart Small Home Appliances in the Asia Pacific due to considering the factors of increase in rising disposable income, dual-income households, and lifestyle changes, has enabled household customers in China to buy AI-based smart small home appliances. China is one of the largest markets for home appliances products, which is also making it an attractive region for smart small home appliances too. Followed by Japan, one of the major investors in smart small home appliances products in the region. It has increased investment in connected home products and high penetration of smart small home appliances resulting in the high growth in market size there as AI has penetrated the market and smart vacuum cleaners with the sound system embedded in them has proven a big market penetration in Japan smart small home appliance market.

Other small and developed or developing countries, like Singapore, Hong Kong, etc. have a high penetration rate but are comparatively small markets compared to India.

Competitive Landscape

The Smart Small Home Appliances Market is consolidated and particularly led by some top technologically advanced electrical brands which are offering the most innovative and user-friendly products. With technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets

Some of the world’s most prominent consumer electronics companies, such as Whirlpool, GE Appliances, LG, etc. are making their mark in the smart home appliances market by producing smart technology devices. Having shifted their focus from mature businesses like smartphones and televisions, these companies are at an advantage owing to their early entry into the market. This has increased the competition among the electric industry with new innovations and improvisation in existing appliances by introducing smart small appliances for the same purpose fulfillment.

On top of that, the vendors struggle to define the value proposition for the smart small home appliances and properly market the products to spread awareness in prospective customers. Furthermore, the price of smart small home appliances is very high and can be afforded by only the elite strata of the society which limits the customer-base of the small smart home appliances market. However, the vendors are investing in advertising and awareness campaigns which will help them position their brands in the market and at the same time, entice customers to purchase the products giving a fine edge to competitive landscape amaong the brands for giving awareness to public about their products.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support