NEW YORK, July 22, 2021 /PRNewswire/ -- Consumer robotics and smart appliance vendors will continue to benefit from the boost in consumer spending on home technology in 2021, building on the uplift that started in the second half of 2020. Global tech market advisory firm ABI Research finds the consumer robotics and smart appliance market will generate US$80 billion in revenues in 2021, up 40% on 2020 revenues.
Growth comes as two dynamics combine. "The uplift in consumer investment in their home environments that started in the second half of last year continues. Aging appliances are being replaced and crucially upgraded as the value of improving the home environment remains high. At the same time, appliance manufacturers are seeing increasing value in adding communications into their product lines and that embedded capability is reaching further into their product portfolios and not just in the highest tier products. It is the combination of increased consumer awareness, greater product availability and better price points that will see strong growth continue throughout the decade," explains Jonathan Collins, Smart Home Research Director at ABI Research.
The maturing consumer robotics market is increasingly a key category within the smart appliance space. ABI Research has extended and combined its research coverage of both market segments to emphasize the commonality of the two markets, as well as their growing integration into the smart home market. "In the maturing robotics space, we see leading appliance vendors including Bosch, Siemens, Samsung and Haier increasingly invested in both the robotics and the smart home space," Collins adds.
Growing demand for smart appliances and consumer robotics comes as a level of standardization has come to smart home. "Vendors across the most prevalent smart home devices will be able to leverage the Matter smart home specification to open single products across the largest smart home ecosystems. "Although appliances and robotics remain beyond the first specification, initiatives such as Home Connect are bringing cross-vendor interoperability and smart home control to these markets," Collins concludes.
These findings are from ABI Research's Consumer Robotics and Smart Appliances market data report. This report is part of the company's Smart Home research service, which includes research, data, and ABI Insights. Market Data spreadsheets are composed of deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight where opportunities lie.
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SOURCE ABI Research