Smart Home Appliances Market Highlights:
In this rapidly changing world of technology, smart home appliances market is projected to show major growth prospects during the forecast period. Changing consumer preferences and increasing demand for innovations are the major factors driving the growth of smart home appliances market.
As compared to other regions, the smart home appliances market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart home appliances market. This is owing to the presence of large number of established key players and investments in smart grid projects in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of smart home appliances market. Increasing government initiatives for the adoption of energy efficient devices is another factor contributing to the growth of Smart Home Appliances Market COVID – 19 Analysis.
The smart home appliances market is growing rapidly over 23% of CAGR and is expected to reach at approx. USD 33 Billion by the end of forecast period.
Major Key Players:
MRFR enlisted some of the prominent companies which are operating in the global Smart Home Appliances Market. They are; Dacor (U.S.), Electrolux (Sweden), LG Electronics, Inc. (Korea), Haier Group Corporation (China), Whirlpool Corporation (U.S.), Fujitsu General Limited (Japan), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Voltas Limited (India), Samsung Group (Korea), and others.
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The growing need for monitoring home from a remote location is anticipated to intensify the growth of the global smart home appliances market. Smart home appliances allow their users to effectively manage household activities from any corner of the house using electronic gadgets is likely to boost the global smart home appliances market. Smart home appliances curb down energy and power consumption.
This feature is aiding the high adoption rate of smart home appliance, which is likely to intensify its market growth. The availability of robust network connection and hike in the sales of smart phones are other factors, which are likely to surge the growth of the global smart home appliances market. The growing implementation of HVAC solutions, smart kitchenware, and smart furniture is anticipated to push the global smart home appliances market growth.
The global smart home appliances market has been studied on the basis of product and technology. The segmental insights of the market helps in the identification of new growth opportunities.
- Based on the product, the global smart home appliances market has been segmented into dishwasher, refrigerator, lighting devices, washing machine, security devices, air conditioner, and others. The increasing sales of consumer electronic items is expected to bolster the growth of the product segment.
- Based on the technology, the global smart home appliances market has been segmented into ZigBee, Wi-Fi, Bluetooth, radio frequency identification, cellular technology, and others.
Regionally, the global smart home appliances has been studied across North America, South America, Asia Pacific, Europe, and the Rest of the World (RoW). The growing demand for innovative smart home products in emerging economies such as China, Japan, and India and the hike in disposable income of people are factors, which are likely to surge the APAC smart home appliances market. The firm technical infrastructure in North America is also likely to contribute to the smart home appliances market growth.
In Europe, the smart home appliances market is expected to register an impressive growth over the forecast period. The high standards of living in countries like France, Germany, and the UK is encouraging the adoption of smart homes products among people, which is expected to bolster the European smart home appliances market growth.
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