The rapid adoption of internet of things (IOT) technology is driving growth within the small household appliances sector, according to a new report from ResearchAndMarkets.com.
The report states that the small household market in the US was valued at approximately €24.6 billion ($24.64 billion) in 2021. That figure is estimated to reach around €33 billion ($33.05 billion) by 2027.
The adoption of IOT technology, along with rising consumer awareness about said products, is predicted to drive demand for the small household appliance market in the US. ResearchAndMarkets.com forecasts that the US small household appliances market will have a compound annual growth rate of 5.01% from 2022 to 2027.
The report explains that the US small household appliances market is made up of ten product types: small kitchen appliances, vacuum cleaners, grills and roasters, coffee machines, microwave ovens, irons, hair clippers, toasters, hair dryers and electric kettles.
There are a number of market drivers leading to a rising demand in small household appliances. One of the drivers is the desire from consumers to have a residence with advanced facilities, such as a dishwasher or coffee machine. As well as this, there is a perceivable increase in single-person households, urban populations and smart homes too. Also driving growth within this market segment is the rising millennial population.
Among the trends in the small household appliances market is cloud technology: “the evolvement and rise in cloud technology have supported and enriched the smart home technology,” the report notes. Other significant trends include the widespread adoption of internet of things (IOT), the rising prevalence of social media, along with innovations within artificial intelligence technology.