Our research team identified four market leaders in the US home appliances market. The home appliances market share in the US is dominated by Samsung which sold 19.5% units in 2017, LG with a market share of 15.7%, Whirlpool which has a market share of 15.4%, and GE which holds a market share of 14.5%. The total revenue in the US smart appliances segment is forecast to be US$6,712million in 2019, with an annual growth rate of 12.5% CAGR between 2019-2023. The products that constitute the smart appliances industry include home appliances such as the smart washer
and smart dryer, and kitchen appliances such as smart refrigerators and smart dish washers.
US SMART APPLIANCE INDUSTRY OVERVIEW
- The total revenue in the US smart appliances segment is projected to amount to US$6,712 million in 2019, with an annual growth rate CAGR between 2019-2023 of 12.5%, resulting in a market volume of US$10,752 million by 2023. In addition, the average revenue received from every smart home in relation to the smart appliances segment is currently US$383 million. In global comparison, most revenue is generated in the United States with $6,712 million.
- 'The market research report' by Reuters on the 'Global Smart Appliances Market' shares an overview on the smart appliances market for the global as well as the US market along with key players in the market, including Remote Technologies Inc, Samsung, Interface Inc., Haier Group Inc and others. The market was valued at approximately $18.82 billion in 2017 and is expected to grow at a CAGR of around 14.69%, around $49 billion, by the end of 2024. The North America region is the market holding the maximum market share in the segment.
- The products that constitute the smart appliances industry include home appliances such as the smart washer, smart dryer, smart air conditioner, and smart lighting devices. We also have kitchen appliances such as the smart refrigerator
, smart coffee maker, smart kettle, and smart dish washer.
HOME APPLIANCE MARKET LEADERS
- The home appliances market share in the US is dominated by Samsung which reached 19.5% of units sold in the country in 2017. The company gained the market share based on increased sales of its microwaves, premium refrigerators and washing machines. The company's market share in refrigerators was 22.7% in 2017, whereas its share in the premium segment reached 32.9% in 2017.
- Samsung American subsidiary is a part of the parent company and reports revenue from it main company. The Annual report of the company publishes consolidated revenues for the American region which was not product or segment based. LG holds a market share of 15.7% in the home appliances market in the US by units sold in the country in 2017.
- The company estimates that LG Electronics should pay some $4.7 million for tariffs, which is about 3.4% of the operating profit in its home appliance division. The Financial statements of the company reports the consolidated revenue for their home appliances division and their smart appliances specific market revenues for the US.
- Whirlpool holds a market share of 15.4% in the home appliances market in the US by units sold in the country in 2017. The company's smart appliances products include the connected washer & dryer, the smart counter-top oven, and other items in the smart cooking range.
- The company's financial report details the home appliances revenues including cooking appliances, laundry, and refrigerators, along with its market distribution in North America and Latin America.
- GE holds a market share of 14.5% in the home appliances market in US by units sold in the country in 2017. The company is aiming to top the US market in the next five years by increasing its targets production, distribution and connected products market in the segment.
Our first research strategy was to locate credible market and industry research reports on the smart appliances market from sources including Mordor Intelligence, Market Radar, EuroMonitor, Deloitte, Zion, and BusinessWire. As these reports are the primary resource for information on key industry players and at times also provide a ranked list based on revenues/market share, hence the idea was to garner any such available list from these reports related to the US smart appliance industry. However, most of the reports found were for the global smart appliances market. A further search through these global reports which also provided the US region insights on the key players in the smart appliances market, returned paid reports from Globe Newswire and Reuters which shared insights on the North America region holding the maximum market share and being a dominant region in the smart appliances market, along with references of the major players in the market, including Whirlpool, Samsung, LG, Electrolux and others. However, the findings were secured behind a paid wall and this search did not provide the relevant information needed. Additionally, data from Statista provided insights on the US smart appliances market which was valued at S$6,712m in 2019, and the US holding the maximum revenue generation in the segment globally. However, no further information on the market leaders based on their US market revenues or market share was available.
Our second strategy was to identify the relevant information through various media articles from credible sources including Businessnews, Businesswire, Bloomberg, Reuters, Live Mint, Global Newswire, and Asia Nikkei, on the smart home appliances market leaders in the US, along with company analysis from Seeking Alpha, BCG, Nielsen, and company databases sites such as Hoovers, Crunchbase, and Craft.Io. This was meant to find out whether they have any readily available lists of relevant industry players or any information on the best or leading smart appliances brands based on customer perception or feedback. Through the search, we found most of the information related to key market players based on market share for the overall home appliances segment in the US, not just for the smart appliances segment. The market leaders named such as Samsung (19.5%), LG (15.7%) and Whirlpool (15.4%), were ranked based on the units sold in the US Market in 2017, and the companies making a progressive leap in the premium/smart appliances segment in refrigerators, washing machines and microwaves, but insights on their leadership for specific smart appliances segment was not available.
For our third strategy, based on the available information identified through the above searches, we tried to triangulate the information by individually locating the companies extrapolated from the market reports and news articles that were identified as key leaders in the US region, such as Samsung, LG, Whirlpool, and GE(Electrolux), and further by individually searching each company's annual reports/financial statements identifying their market revenues in the US region for the smart appliances segment and further listing them accordingly. For the same, we looked through each company's official website and looked through their annual reports and financial statements to locate their smart appliances revenue from the US region. Through the search, it was found that Samsung America is the private subsidiary of parent company Samsung electronics and reports the revenues in consolidated form for its overall region and not based on product/division. Also, Whirlpool and LG reported their financial revenues based on the overall home application unit but not specific to smart appliances segment for the US. Hence, this search did not provide the required relevant information.
Our fourth strategy was to broaden the scope of the research beyond the standard Wonder's two-year source timeline rule. With this approach, we hoped to look for slightly outdated but useful information from any past surveys or research done around the topic which we could use as a proxy for the US smart appliance industry market leaders, based on their market share/market revenues from smart appliances. The idea was to use the past list as a starting point and check if these companies still hold the leadership positions. However, no relevant past surveys or research reports could be located around the topic. We therefore concluded that this information is not available.