The smart appliances market is growing at a rapid pace. Factors such as vast advances in sensors & technologies, smart connected devices, and substantial R&D investments drive the market growth. Wide availability of wireless solutions and rapid economic growth worldwide are major driving forces behind the smart appliances market growth.
Besides, the growth Influx in the automation solution market, vast smartphone penetration, and increasing internet speed play a causal role in market development. The high adoption of communication technologies like Bluetooth, RFID, Wi-Fi, Zigbee, NFC, and Z-Wave positively impacts the market growth.
While 2020 is being an extremely eventful year for data analytics due to COVID-19 breakthrough, the Global Smart Appliances market 2020 is screening some positive instincts, when studied by Market Research Future. As per COVID-19 impact analysis, the market has the potential to show immense growth, which is recorded at a rate of 17% and is capable of reaching a towering valuation by 2027. The growth period has been approximate from the years 2017 to 2027.
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Geographically, the smart appliances market is studied among different regions, namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to have remarkable growth in the smart appliances market. The United States and Canada are chief countries in the region, owing to the escalating adoption rate of IoT devices.
The Asia Pacific is also showing possibilities to become the fastest-growing region in the smart appliances market over the assessment period. India, South Korea, Japan, and China are the leading countries in the smart appliances market. This is attributed to the rising disposable income among the middle-income population, motivating the growth rate of the smart appliances market.
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The top key players of smart appliances market include Panasonic Corp. (Japan), Samsung (South Korea), Haier Co. Ltd. (China), Whirlpool Corp. (U.S.), BSH Hausgerate GmbH (Germany), Electrolux AB (Sweden), General Electric Co. (U.S.), LG Inc. (South Korea), Philips N.V. (the Netherlands), Miele & Cie. KG (Germany), and Groupe SEB (France).
The smart appliances market’s segmentation is conducted over the segments of component, technology, and end-user.
In terms of component segment, the market has included products and services. Among these, the product segment has included washing machine, dishwasher, refrigerator, air conditioner, lighting devices, security devices, and others. The services segment is classified among professional and managed services. The professional services include repairs & maintenance, consulting, system integration, and others.
In terms of the technology segment, the market includes Zigbee, Wi-Fi, RFID, Bluetooth, NFC, cellular technology, Z-Wave, and others.
In the last, the smart appliances market by end-user segment has included residential, government, and commercial.
Top Grossing Factors
Swelling demand for kitchen as well as home appliances has resulted in surged consumption of electricity, thus, possessing higher pressure on the electricity and power suppliers to swell the supply. The advent of smart appliances has extensively lessened electricity consumption. In the coming years as the energy cost are projected to surge, the ability of the smart appliances to function at relatively low electricity consumption is likely to boost its demand of smart appliances in the coming years.
High-level development and innovation in the home electronics and communications devices show a high possibility to broadly drive the market for smart appliances market to a great extent. The smart appliance market in the approaching years is likely to experience growth in interoperability of the appliances and devices—for instance, the use of voice control technology for altering settings in a refrigerator.
To add in this, the promise of added convenience when using these devices, the amount of time saved as compared to manually operating them, and the reduction in power and energy are some of the foremost factors leading to the swelled popularity of smart home appliances on a global scale. Over the report’s forecast period, the market for smart appliances is projected to flourish.
In fact, some main product types in the global smart home appliances market that currently have smart connectivity features are vacuum cleaners, washing machines, microwave ovens, refrigerators, hot water systems, coffee makers, air conditioners, television sets, lighting systems, garage doors, sound systems, and gates. Additionally, the significant connectivity platforms used in the smart appliances market include Bluetooth, Wi-Fi, ZigBee, NFC, and Z-Wave.
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