Smart Home Appliance Manufacturers in North America are Witnessing a Steep Surge in Demand
The global smart home appliances market is expected to witness a CAGR of around 32% to exceed $50 billion revenue by 2025
Bangalore, India, July 23, 2019: With its recently published study “Global Smart Home Appliances Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for smart home appliances will continue to grow, basis the increasing consumer focus on smart home security systems and rising demand for energy-efficient appliances amongst the urban households.
Home appliances can be majorly split into 3 types viz. white goods, small appliances, and consumer electronics. The demand for home appliances and other household products has increased with the rise in living standards and per capita income. Strong economic growth in developing countries, such as China, India, and Middle East countries, is boosting the home appliances industry. With the growing smart home technology, kitchen appliances, including smart washer/dryers, smart refrigerators, and smart dishwashers, are expected to experience rapid growth during the forecast period. Smart kitchen appliances are changing the way of cooking by making it more professional and consumer-friendly.
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Advancements in IoT and growing investments in the home appliances sector are driving the smart home appliances market growth. This trend is anticipated to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of around 32% to surpass $50 billion revenue by 2025.
North America is maintaining the dominant position in the smart home appliances market, followed by Europe and APAC. North America’s dominance is mainly due to the changing needs of consumers and increase in demand for energy management devices such as smart lighting, smart thermostats, and many others.
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In terms of segmentation analysis, home appliances’ contribution is significant, and the kitchen appliances segment is expected to grow at the highest rate during the forecast period. Currently, Wi-Fi technology has a high share in the smart home appliances market, but cellular technology is expected to increase at the highest CAGR during the forecast period.
“Increasing adoption of smart home appliances is bringing in transformative changes in households, by creating more intelligent, secure, convenient, and personalized consumer experiences,” identified Sonam Chawla, Research Analyst, Infoholic Research.
Key Segments of the Report Include:
- Product Types
- Home Appliances
- Smart Home Security System
- Smart Lighting
- Smart Speaker
- Smart Plugs
- Smart Thermostat
- Kitchen Appliances
- Smart Microwave/Oven
- Smart Refrigerator
- Smart Dishwashers
- Smart Washer/Dryers
- Home Appliances
- RF Technology
- Cellular Technology
- Near Field Communication
- North America
- Rest of Europe
- Rest of APAC
- North America
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP