North America Luxury Appliance Market Trends

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.