Factors Driving the Smart Home Appliances Market
With the growing popularity of smart homes, the demand for smart and connected appliances is also growing, creating more intelligent, secure, convenient, and personalized experiences.
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Drivers supporting the growth of the smart home appliances market
- Increased consumer focus on home security: Home security is one of the major concerns of individuals, and smart home security systems, including smart locks, smart cameras, and smart video doorbell, are becoming an essential part of the smart home as notifications can be directly sent to mobile phones, enhancing the home security.
- Growing consumer awareness of smart hubs: Smart hubs, including Amazon Echo, Google Home, and Samsung SmartThings Hub, are increasingly gaining popularity amongst consumers. These hubs, by controlling other smart home devices, are expected to gain more attraction.
- Growing demand for energy-efficient appliances: The demand for energy-efficient and energy management devices (smart thermostat and smart lighting systems) has increased for efficient electricity consumption and reducing the electricity bills.
- Rise in the standard of living and disposable income: With the rapidly rising living standards of the consumers, several new households are investing in smart appliances as well as other household products. The demand for premium products, including washers/dryers, air conditioners, refrigerators, etc., has also increased.
- Increasing presence of smart home appliances vendors: Major international home appliance companies, including LG, Panasonic, Samsung, and Electrolux, witness significant potential in the smart home appliances market. These international brands, through joint ventures with local manufacturers, are strengthening the distribution channel.
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With the increasing number of households, the demand for electronics and appliances is also growing. The vision of IoT-enabled world is also fueling the market growth. Although the concept of smart home appliances is being adopted widely, there are certain challenges that might hold back the market growth. Market challenges include high product costs of home appliances, concerns about device security, and efficiency & durability of products.
– Sonam Chawla
ICT – Research Analyst