This market research report includes a detailed segmentation of the global smart home appliances market by product type (home appliances [smart home security system, smart lighting, smart speaker, smart plugs, smart thermostat, others], kitchen appliances [smart microwave/oven, smart refrigerators, smart dishwashers, smart washer/dryers, others]), by technology (Wi-Fi, Bluetooth, RF technology, Zigbee, cellular technology, near field communication), and by region (North America, Europe, APAC, and RoW). The market research report identifies Samsung, LG, GE Appliances, Electrolux, Panasonic, Philips, Whirlpool, and BSH as the major vendors operating in the global smart home appliances market.
Overview of the Smart Home Appliances Market
Infoholic’s market research report predicts that the global smart home appliances market will grow at a CAGR of around 32% during the forecast period 2019–2025. The demand for smart home appliances is increasing due to several factors such as increased digitalization, growing consumer awareness of smart hubs, rising living standards, growing consumer purchasing power, and increased consolidation & sustainability.
The shift in consumer buying power is one of the major drivers contributing to the growth of the smart home appliances market. Increase in demand for energy-efficient appliances is anticipated to create new business opportunities for smart home appliances vendors. Advancement in IoT is one of the key factors for smart homes & home automation, which is driving the smart home appliances market. Wider availability of financing options, increasing nuclear families, changing lifestyles, and launch of new & advanced models are few factors leading to the growth of the smart home appliances market.
There are certain challenges being faced by smart home appliances vendors, which may hinder the market growth. Few challenges in the smart home appliances market include concerns about device security, efficiency & durability of products, and high product costs of home appliances. Complete usability & interoperability of connected devices is also one of the factors that can create issues when consumers want to integrate a smart solution from one vendor into the smart hub offered by a different vendor.
According to the smart home appliances industry analysis, North America accounts for the largest share of the global smart home appliances market in 2019. Drivers supporting the growth of the smart home appliances market in North America include increased focus of consumers toward home security and growing demand for energy management devices. The number of smart homes in the US is expected to increase significantly during the next few years due to growing number of connected devices. The Asia Pacific region is expected to witness the fastest growth rate during the forecast period due to the increasing presence of home appliances vendors in this region. With strong economic growth in this region, domestic as well as foreign manufacturers & retailers of home appliances witness potential opportunities for expansion in the APAC market.
Smart Home Appliances Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global smart home appliances market. Major vendors across different verticals are planning for high investments in this market, and as a result, the smart home appliances market is expected to grow at an impressive rate in the coming years. The key players in the market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.
Few of the Key Vendors in the Smart Home Appliances Market Research:
- GE Appliances
Consumer electronics companies, including Samsung and LG, have shifted their focus toward smart technology devices, which could benefit them in their home appliances business. Traditional appliances companies, i.e., Electrolux, BSH, and Whirlpool, have also become key players by acquiring significant capabilities in the smart appliances segment.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Smart Home Appliances Market Research By Product Type
- Home Appliances
- Smart Home Security System
- Smart Lighting
- Smart Speaker
- Smart Plugs
- Smart Thermostat
- Kitchen Appliances
- Smart Microwave/Oven
- Smart Refrigerators
- Smart Dishwashers
- Smart Washer/Dryers
The home appliances segment is estimated to hold the largest market share and the kitchen appliances segment is expected to witness significant growth at the highest CAGR during the forecast period 2019–2025.
Smart Home Appliances Market Research By Technology
- RF Technology
- Cellular Technology
- Near Field Communication
Wi-Fi technology is estimated to hold the largest market share in 2019 as it is preferred as connectivity for remote control & monitoring, and cellular technology is expected to grow at the highest rate during the forecast period 2019–2025.
Smart Home Appliances Market Research Benefits
The report provides an in-depth analysis of the smart home appliances market. Globally, the adoption of smart home appliances is expected to increase significantly during the next few years. The report discusses the market in terms of product type, technology, and regions. Further, the report provides details about the major challenges impacting the market growth.