According to the new market research report “Smart Appliances Market by Smart Home Appliances (Washer, Dryer, Air Conditioner, Vacuum Cleaner), Smart Kitchen Appliances (Refrigerator, Dishwasher, Freezer), Technology (Wi-Fi, NFC, Bluetooth), End User, and Region – Global Forecast to 2020”, the smart appliances market is estimated to reach USD 37.2 Billion by 2020, at a CAGR of 15.4% between 2015 and 2020.
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The smart appliances market is expected to grow at a CAGR of 15.4% between 2015 and 2020. With the help of smart appliances, consumers are able to shift their energy consumption to off-peak periods and can optimize their energy use. Consumers nowadays prefer energy-efficient smart appliances due to rising energy prices. Increased government regulations regarding energy consumption is also one of the factors driving the growth of the smart appliances market.
The smart appliances market has been segmented based on the type, technology, end user, and geography. Smart home appliances are expected to lead the market during the forecast period; they accounted for ~48% of share in 2014. This market is expected to grow at a CAGR of 16.8% between 2015 and 2020. However, due to growing advancements in kitchen appliances, the market for the same is expected to grow at a high CAGR of 14.6% between 2015 and 2020.
This report describes the drivers, restraints, opportunities, and challenges with respect to the smart appliances market. The factors which are driving the smart appliances market include the rising energy prices, availability of wireless solutions, and changing lifestyles and preferences of consumers. The restraining factors affecting the market include privacy concerns among end users and the lack of awareness about the benefits of smart appliances. Machine to machine (M2M) communication and large scale digitization are expected to provide new growth opportunities to players in the smart appliances market. High capital investments followed by a significant maintenance cost and linking disparate systems are the key challenges for the growth of this market.
This report provides a detailed view of the market across different regions, namely, the Americas, Europe, Asia-Pacific, and RoW. Americas accounted for the largest share of ~36% of the smart appliances market in 2014; the market in the region is expected to grow at a CAGR of 13.6% between 2015 and 2020. Major players involved in the development of smart appliances include General Electric Co. (U.S.), Koninklijke Philips N.V. (Netherlands), BSH Hausgerate GmbH (Germany), LG Electronics Inc. (South Korea), Panasonic Corp. (Japan), Samsung Electronics Co. Ltd. (South Korea), and Whirlpool Corp. (U.S.) among others.