Smart Home Appliances Market to Be Dominated By North America During the Forecast Period
Increasing
demand for connected devices, along with growing purchasing power and changing
lifestyle of consumers are the leading factors driving the global smart home
appliances market during the projected period.
According to TechSci Research report, “Smart
Home Appliances Market – Global Industry Size, Share, Trends, Competition,
Opportunities and Forecast, 2018-2028,” the Global Smart Home Appliances
Market is expected to project an impressive growth of 11.05% through 2028 to
reach USD79.10 billion by 2028 due to the rapid increase in the demand
for the internet enabled and faster efficiency home appliances. The
modernization and urbanization have led people to buy smart
home appliances for their homes. Additionally, the demand for these
appliances has increased due to technological advancements in home appliances.
Additionally, consumers have been influenced to purchase a variety of
appliances from the same brand by market players' established brand values,
fueling fierce competition among them.
The adoption of smart homes is
increasing globally, with more consumers looking for ways to automate and
control their homes. This trend has led to a growing demand for smart home
appliances. As smart home appliances are designed to consume less energy
compared to traditional appliances. They have features like automatic power off
and scheduling, which help in reducing energy consumption and saving money on
electricity bills. Moreover, smart home appliances allow users to personalize
their home environment according to their preferences. For example, smart
thermostats can adjust the temperature according to the user's schedule and
preferences. They can be integrated with other smart devices like smart
speakers, smart TVs, and smart assistants, providing a seamless and connected
experience to users. Many smart home appliances are now
incorporating artificial intelligence to offer personalized experiences to
users. This includes features like predictive maintenance, where appliances can
detect when they need maintenance or repair and suggest solutions to the user.
Thus, the trends in the smart home appliances market reflect the increasing
demand for convenience, security, and energy efficiency. As technology
continues to evolve, more innovations are likely to take place in the smart
home appliances market.
The smart home appliances market has
seen significant growth in recent years due to advancements in technology and
the increasing demand for convenience and automation in homes. However, there
are still several challenges that the industry faces, such as smart home
appliances being more expensive than
their traditional counterparts, which can make them less accessible to many
consumers. Manufacturers need to find ways to reduce the cost of production and
offer affordable products to reach a wider audience. Smart home appliances are
connected to the internet and collect a lot of data about the user's behavior
and preferences. This data can be vulnerable to cyber-attacks and data
breaches, which can compromise the user's privacy and security. Manufacturers
need to take steps to ensure that their devices are secure, and that user data
is protected. Thus, these kind of challenges are hindering the growth of the
smart home appliances market globally.
Additionally, smart home appliances can
also be designed to detect and diagnose issues before they become major
problems. For example, smart washing machines can detect when a part is about
to fail and notify the user to schedule a repair, reducing downtime and
maintenance costs. The commercial sector is also seeing an increasing demand
for smart home appliances, particularly in the hospitality industry. Hotels and
resorts are using smart appliances to provide guests with a more personalized
and convenient experience, such as smart TVs, smart lighting, and smart
thermostats. Overall, the demand for smart home appliances is expected to
continue to grow as more people become aware of their benefits and as
technology continues to advance.
Browse over 109 market data Figures spread through 155 pages
and an in-depth TOC on "Global Smart Home Appliances Market”
The global smart home
appliances market is segmented based on product type, sales channel, region and
competitive landscape.
The market is divided
into washing machine,
television, refrigerator, air conditioner, dishwasher, others (kitchen
appliances, air purifier, etc.) based on product type. Among which smart
washing machines and television have a significant share in the market due to
the advantages associated with them.
Based on the sales channel
the market is divided into supermarket/hypermarket, multi branded electronic
stores, exclusive store, online, others (wholesale, direct sales, etc.). Among
which the online segment is growing gradually owing to the rapid expansion of
e-commerce and budding digitalization, particularly across developing countries.
Based on regional
analysis the market is divided among North America, Europe, Asia-Pacific, South
America, and Middle East & Africa. Asia Pacific region is estimated to grow
at a fastest CAGR over the forecast period. This is attributed to the growing
implementation of increasing internet penetration, rising per capita income of
the regional population, escalating adoption of smartphones, changing
lifestyles, and continuous launch of government policies encouraging
digitalization.
Key market players in the global smart home appliances market include:
- LG Electronics Inc.
- Haier Smart Home Co., Ltd.
- Whirlpool Corporation
- Samsung Electronics Co. Ltd.
- Electrolux AB
- Panasonic Corporation
- BSH Hausgeräte GmbH
- Koninklijke Philips N.V.
- Xiaomi Corporation
- Voltas Limited
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“Throughout the
projected period, the increasing demand of smart home appliances is increasing
owing to the rising penetration of connected devices, increasing income level
and changing lifestyle of people, rising home improvement projects, and rapid
developments in IT and wireless communication. The demand for smart home
appliances is increasing across multiple segments, as consumers seek greater
convenience, efficiency, and security in their homes. Moreover, the
convenience, energy efficiency, security, personalization, and integration
offered by smart home appliances have contributed to their increasing demand during
the forecasted period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Smart Home Appliances Market
– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented
By Product Type (Washing Machine, Television, Refrigerator, Air Conditioner,
Dishwasher, Others (Kitchen Appliances, Air Purifier, etc.), By Sales Channel
(Supermarket/Hypermarket, Multi Branded Electronic Stores, Exclusive Store,
Online, Others (Wholesale, Direct Sales, etc.)), By Region, Competition,” has evaluated the future
growth potential of smart home appliances in the global market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended 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 present in the global smart home appliances market.
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