According to a research report titled ‘Global Smart Home Appliances Market Size study, by Product (Smart Washing Machines, Smart Refrigerators, Smart air Purifiers, Smart TV, others), Distribution Channel (Online , Offline) and Regional Forecasts 2020-2027’, available with Market Study Report, global smart home appliances market was valued at USD 32.5 billion in 2019 and is expected to grow at a compound annual rate of 14.1% during 2020-2027, subsequently reaching a valuation of USD 93.36 billion by the end of the forecast timeframe.
 

As per report findings, upsurge in number of home improvement and remodeling projects, proliferating adoption of wireless networks and internet services, and integration of smartphones with home appliances are catalyzing global smart home appliances market growth.
 

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For the record, credible sources cite that revenue generated by the home improvement market in India is anticipated to increase from USD 800 million in 2018 to over USD 1,120 million by 2025. In this context, the growth of home improvement in other economies will positively impact the industry dynamics.
 

Furthermore, growing preference for increased energy efficiency as well as reduced electricity costs, along with favorable government policies are likely to stimulate global smart home appliances market expansion in the upcoming years.
 

For the unversed, smart home appliances are automation devices used in homes or buildings to control features such as heating, lighting, and entertainment systems. Smart home appliances come in various product types such as smart refrigerators, smart washing machines, smart tv, smart air purifiers, and others.
 

Elaborating on the factors impeding global smart home appliances market progression, high manufacturing and purchase costs associated with smart appliances are anticipated to impede business development in the forthcoming years.
 

On the regional front, the research analyzes key regions such as Europe, Asia Pacific, Latin America and North America. Europe currently accounts for majority of the market share due to rapid increase in house remodeling activities and new household infrastructure development.
 

Meanwhile, Asia-Pacific smart home appliances industry size is projected to record a hefty growth rate during the forecast period. Factors such as rising incidences of thefts, improvements in household infrastructure, and increasing disposable income are favoring the regional market growth.
 

Key contenders in global smart home appliances market sphere are Samsung Group, General Electric Company, BSH Hausgeräte GmbH, Electrolux AB, Koninklijke Philips N.V., Panasonic Corporation, Xiaomi Corporation, Whirlpool Corporation, LG Electronics Inc. and Haier Group Corporation.