The global smart dishwasher market size is anticipated to reach USD 5.0 billion by 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research. Growing home remodeling and renovation, the rising popularity of smart home appliances, an uplift in living standards, and increasing consumer spending on household products are likely to drive the market over the forecast period.
Smart dishwashers are gaining popularity over standard versions due to added features that offer a high level of convenience and flexibility to consumers. The appliance is more efficient and known to address various cleaning issues such as food particle deposition on utensils. Also, enhanced features such as wireless connectivity allow consumers to incorporate the appliance with smart home design. With the growing prominence of connected home appliances among new constructions, and being an integral part of the kitchen, the appliance is likely to witness significant traction in the coming years.
Continuous expansion in the residential construction sector has also paved the way for smart appliances. Consumers, especially in developed countries are more inclined towards experiencing convenience and flexibility through home automation. As per the trading economics, the homeownership rate in the European Union was 69.3% in 2018 and foreseen to increase in the coming years.
It is likely to create an optimistic outlook for the growth of the market. In addition, the rising adoption of connected kitchen appliances in commercial spaces including restaurants, hotels, and cafes to efficiently clean loads of dishes and utensils is likely to propel its demand over the period.
By product type, the built-in dishwasher segment is foreseen to witness maximum CAGR owing to its rising adoption in household applications. The appliance type has advanced features as compared to the free-standing type including a specialized wash cycle, spray arm, and targeted spray arm for hard-to-clean utensils such as baking dishes and pans. In addition, it fits beneath the countertop, flush to kitchen cabinets. These factors are expected to generate significant market growth over the forecast period.
The built-in dishwasher product segment is expected to reach USD 2.2 billion by 2027, expanding at a CAGR of 9.5% from 2020 to 2027.
Europe is foreseen to remain at the forefront in terms of market share by accounting for over 40.0% of revenue share till the end of 2027. The continuous increment in the smart household, as well as remodeling projects across the region, is foreseen to drive the market over the forecast period. Asia Pacific is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 11.7% from 2020 to 2027.
The key stakeholders of the market include Robert Bosch, LG, Samsung, Whirlpool, Panasonic Corporation, Arcelik Group, Haier Group Corporation, Miele & Cie, and Electrolux.