Smart Home Appliances Industry Growth Drivers, Top Players, and Global Demand
The factors that propel the growth of the market include increasing acceptance of IoT and rising demand for smart homes, improving the lifestyle of people, technological advancements, development in electronics and communication technologies, and increasing buying power.
smart home appliances market(firmenpresse) - Global smart home appliances market is anticipated to witness an exponential growth in the forecast period. Smart home appliances provide connectivity via diverse interactive wireless procedures such as Wi-Fi, Bluetooth, and NFC. They are mostly connected through microcontrollers. The factors that propel the growth of the market include increasing acceptance of IoT and rising demand for smart homes, improving the lifestyle of people, technological advancements, development in electronics and communication technologies, and increasing buying power.
On the other hand, there are factors that may hamper the growth of the market including the high cost of appliances and lack of consciousness regarding the use of sophisticated appliances and technologies. Smart home appliances market is anticipated to expand at a significant CAGR of 50.24% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market could be explored by product type, technology, application and geography. The market could be explored by product type as Refrigerator, Washing machine, Air conditioner, and Dishwasher. The “Refrigerator” segment led the smart home appliances market in 2017 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes increased innovation in terms of technology and high usage in homes.
Based on technology, the market could span Radio Frequency Identification (RFID), Wi-Fi, ZigBee, Bluetooth, Cellular Technology, Z Wave, EnOcean, HomeRF, and Insteon. The “Wi-Fi” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes an effective technology to work a large number of home appliances from isolated locations. The key applications that could be explored in the smart home appliances market include Commercial and Residential.
North America accounted for the major share of the smart home appliances market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include strong research and development in the field, high presence of a large number of industrial companies, penetration of Internet of Things and others. North America is followed by Asia-Pacific region owing to increasing consciousness among individual, growth of technology in the region, and rising demand of smart home appliances, rising disposable income has led to change lifestyle among individuals.
Some of the key players that fuel the growth of the smart home appliances market comprise Panasonic Corporation, General Electric Company, LG Electronics, Inc., Electrolux AB, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Haier Electronics Group Co., Ltd., Apple, Inc., BSH Hausgerate GmbH, Whirlpool Corporation, and Miele & Cie. KG. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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