Market Trends of North America Luxury Appliance Industry
This section covers the major market trends shaping the North America Luxury Appliance Market according to our research experts:
Demand For Smart and Connected Luxury Appliances is Driving the Market
Smart and connected home appliance is the key trend seen in the luxury appliance market which gives more value and benefits back to the user. In a Smart home, all the appliances are connected to the internet which provides better safety, connectedness, and energy consumption. The number of smart homes in North America has grown by 18.7% year on year. According to Berg Insights by 2024, there will be 78 million smart homes in North America about 53% of all households.
The trend of healthy living is also seen in the luxury appliances market. People are becoming more aware of health, diet, and other bodily hygiene. This will lead to increased demand for the luxury appliances such as steam ovens and multi-drum washers. There is also a growing trend for multi-functional and time-saving, auto-operated luxury appliances as more people are living in urban smaller areas and have less time for other household chores. Manufacturers are also combining multi-functionality into the singular appliance, helping consumers to save not only space but cost as well. A recent example is Amazon launching Alexa compatible Smart oven which was not only just a traditional oven but also an air fryer, microwave, and food warmer all in one.
The E-Commerce Sales of Luxury Appliance is on Rise
Global E-commerce sale for the appliance market is growing at a double-digit growth rate. The E-commerce sale of appliances in the US is also expected to grow by 12%. This trend experienced more growth during the pandemic as it resulted in more time spent at home which led consumers to allocate more of their budget to home improvement and appliances in the second half of 2020. The market demand for core appliances grew by 6% in the US. The spending in the appliance market in the e-commerce sector is also increasing. The use of online mediums to research the appliance increased by 24% whereas sales increased by 15% after the onset of the pandemic
