ResearchAndMarkets.com, in a report forecasting the U.S. small appliance market from 2022-2027, predicts a 5.02% compound annual growth rate for the forecast period.
ResearchAndMarkets.com is a global market research company based in Dublin, Ireland.
The rapid adoption of IoT technology driving smart small household appliances, as well as increased consumer knowledge regarding the evolution and use of technology, will enhance the prospects of items such as humidifiers and should have an influence on demand for small household appliances market in the coming years, ReseachandMarkets.com stated.
In addition, increasing wealth and gains in disposable incomes will likely lead to an increase in the number of single-person households in the U.S., according to the report. With the rise in income, consumers will be able to afford more expenses on their own, so the firm expects an increasing number of people will choose to live alone. The young generation is focusing on education and career, which ResearchandMarkets.com expects to delay marriage and increase the number of adults living alone, which should exert great influence on the advanced household appliances industry. Because busy single people have less time for cooking, they will look for appliances that make the task easier. At the same time, the evolution of cloud technology will support and enrich smart home technology.
One challenge to the small household appliance sector could be tariffs on raw materials such as steel and aluminum, which can drive up costs and retail prices.
ResearchandMarkets.com added while the COVID-19 outbreak harmed the U.S. small household appliance sector in 2020, the dip was not as severe as in some other businesses. The market recovered in 2021 as a result of factors including increased consumer spending, additional single-person households and the launch of new businesses, the report concluded. The market is likely to grow in the future based on companies introducing novel, mini household appliances and the sector making extensive use of artificial intelligence and cloud computing to enhance convenience.
