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 “Smart Home Appliances Market”
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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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