Smart Home Appliances Market to Grow With an Impressive CAGR During the Forecast Period
Rapid emergence of internet of things
to drive the growth of Global Smart Home Appliances Market in the forecast
period, 2022-2026.
According
to TechSci Research report, “Global Smart Home Appliances
Market By Product (Washing
Machine, Refrigerators, Television, Air Conditioner, Vacuum Cleaners, Others), By
Distribution Channel (Online, Multi Branded Electronic Stores, Supermarket/Hypermarket,
Others), By Region, Competition Forecast & Opportunities, 2026”,
the global smart home appliances market is projected to grow at an impressive
CAGR in the forecast period, 2022-2026. The market attributes responsible for
the growth of the market are rapid increase in the demand for the internet
enabled and faster efficiency home appliances. The modernization, urbanization
has influenced the consumers to purchase smart appliances for their smart
homes. Moreover, technological advancement in the home appliances has led to a
surge in the demand for these appliances. Furthermore, the market players
already have a built up brand value in the market that has influenced the
consumers to buy various appliances from the same brand thereby creating the
cut throat competition among the market players.
Home
improvement projects have multiplied recently in the last five years. With
consumers spending lavishly over these remodeling projects and reverberations
of the homes by incorporating smart home appliances, the market is anticipated
to boom in the forecast period. Real estate industry is expected to experience
a positive shift in growth in upcoming years that will support the smart home
appliances market’s growth. The upsurge in the need for push-button control and
energy preservation, shifting demographic preferences, and need to safeguard
the global environment from polluting effluents, such as greenhouse gasses and
toxic wastes, are expected to result in significant market growth.
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Smart Home Appliances Market"
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The global smart home appliances market is
segmented by product, distribution channel, competitional landscape, and
regional distribution. Based on distribution channel, the market is further
bifurcated into online, multi branded electronic stores, supermarket/
hypermarket, and others. Online distribution channel is anticipated to register
the fastest growth with an impressive CAGR in the upcoming five years. The
online availability of the smart home appliances on sale has increased the revenue shares of this segment rapidly
in the market. The online segment is also booming on the backbone of the
extravagant door-step delivery with the needed transportation and handling
care. The consumers are able to compare the prices and features of the
appliances at a single platform and make their decision effectively and
conveniently. Moreover, recent outbreak of COVID-19 pandemic has affected the
offline sources drastically. While all the offline distribution channels suffered
due to the lockdown imposed for months, online segment experienced a sudden
growth in the demand, this demand is anticipated to continue and thus support
the growth of the global smart home appliances market in the future five years.
Although multi-branded stores are expected to hold
the largest shares of the market due to availability of the wide range of the
products with different brands, different appliances, and different category of
the appliances under one roof that influences the consumer’s shopping pattern
thus influencing the market growth in the future market.
Holding
the largest shares of the market, a partial list of the market players includes
Samsung Electronics Co., Ltd., BSH Hausgeräte GmbH, General Electric Company,
Whirlpool Corporation, LG Electronics Inc., Panasonic Corporation, Haier Group
Corporation, Electrolux AB, Breville Group Limited, Voltas Limited, among
others. Market players are actively involved with the research and development
of the technologically advanced products that satisfies the consumer demand. The
competitive landscape often is involved in the manufacturing and supply of
multiple smart home appliances and the brand name popular in the market might
create a tough spot and difficult point of entry for the new market players.
Strategic recommendations may instigate partnerships or acquisitions among the
market players and the new players.
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“Asia Pacific has registered the peak
growth in the last five years and is expected to be the promising region for
the market in the future on the grounds of increasing internet penetration and
technological advancements in the developing economies like India, and China.
Research and development and production of technologically advanced products
are actively carried out in the countries like China, Japan, and South Korea, while
countries like India and China provides the cheap labor therefore reducing
manufacturing costs. The region is also anticipated to dominate the market in
the future due to presence of giant market players in the region like Samsung,
LG, Panasonic, among others,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based Global management consulting firm.
“Global Smart Home Appliances
Market By Product (Washing Machine, Refrigerators, Television, Air Conditioner,
Vacuum Cleaners, Others), By Distribution Channel (Online, Multi Branded Electronic
Stores, Supermarket/Hypermarket, Others), By Region, Competition Forecast &
Opportunities, 2026,”
has evaluated the future growth potential of global smart home appliances
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global smart home appliances
market.
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