The global SDA market is likely to develop a CAGR of 5.8% during the forecast period, from 2020 to 2030, according to new research.
Transparency Market Research said the global SDA market is estimated to reach €61.8 billion by 2030.
The research firm said factors such as expanding middle class population, discretionary money, and better goods are likely to drive the global SDA market in the years to come.
Anurag Singh, CEO at Transparency Market Research, said urbanisation and rapid industrialisation play an important role in boosting economic growth all over the world.
“The trend of adopting multifunctional appliances to replace conventional appliances is likely to support the growth of the global SDA market,” Mr Singh said.
“With the development of artificial intelligence in floor care applications, the small home appliance industry is undergoing substantial transformation. AI recognises typical robot trapping barriers and the smart robot technology in vacuum cleaners allows users to clean floors with fewer concerns than before.”
Mr Singh added that cold-pressed juices are becoming increasingly popular among millennials, and they are one of the main growth drivers for the global SDA market.
“As a result, SDA manufacturers are beefing up their R&D capabilities in order to provide strong engines in juicers that save energy.”