The smart home appliances market has been segmented on the basis of product and technology. The product segment comprises of dishwasher, washing machine, air conditioner, refrigerator, security devices, lighting devices and others. Smart home appliances accounts for the major share in the smart appliances market.
Smart home appliances are devices connected to other devices via different wireless protocols such as bluetooth, Wi-Fi, NFC etc. which can interact. They are basically connected through microcontrollers. Networking home appliances together, and combining their controls and key functions is the latest trend. This helps in proper energy distribution and proves to be very efficient in managing the resources. As the appliances have the ability to measure and control the energy usage, they are also referred to as intelligent devices. Due to the increasing adoption of IoT, smart home appliances have gained immense popularity.
Major factors driving the Smart Home Appliances Market are the increasing adoption of IoT and growing demand for smart homes. This is owing to the growing demand for innovative products and improved standards of living.
The global smart home appliances market is expected to grow at approx. USD 33 Billion by 2023, at 23% of CAGR between 2017 and 2023.
Major Key Players:
- Electrolux (Sweden)
- Haier Group Corporation (China)
- LG Electronics, Inc. (Korea)
- Samsung Group (Korea)
- Whirlpool Corporation (U.S.)
- Dacor (U.S.)
- Fujitsu General Limited (Japan)
- Panasonic Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Voltas Limited (India)
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The regional analysis of smart home appliances market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in smart home appliances market in North America is attributed to the increasing investments in the smart grid projects and changing preferences of consumers in that region.
Smart Home Appliances Market Segmentation:
The smart home appliances market has been segmented on the basis of product and technology. The product segment is further bifurcated into refrigerators, dish washers, air conditioners and others.
Out of these, the refrigerators segment is expected to dominate the smart home appliances market. This is owing to the key players in smart home appliances market emphasizing on development of next generation refrigerators.
Market Research Analysis:
The global smart home appliances market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global smart home appliances market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, smart home appliances market is projected to contribute faster to the growth of revenue backed by increasing demand for innovative products and growing demand for smart homes in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of smart home appliances market. In Europe, the high standards of living of people have led to an increase in investments in smart homes and hence is the major driving factor for the growth of smart home appliances market. The presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries are other factors driving the market growth of smart home appliances market.
Smart Home Appliances Market (MRFR) Research Analysis:
Smart home appliances market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Smart home appliances market in Middle East and Africa occupies a relatively smaller pie of the global Smart home appliances market.
Smart home appliances market can be segmented on the basis of product and technology. The product segment comprises of refrigerators, air conditioners, dish washer and washing machines. The refrigerator segment, being the most commonly used, has dominated the market share of smart home appliances market. Whereas, the washing machines segment is expected to generate the highest revenue in the smart home appliances market. Reduction in energy consumption is the major driving factor in the growth of smart home appliances market.
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