Global smart home appliances market size was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during forecast period.
Smart home appliances are the home appliances which can connect to user’s household Wi-Fi network via devices such as tablets and Smartphone’s. It can handle from every corner of the house, with the help of any software applications or smart devices like Alexa. The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Improving lifestyle of people across the world is major driving factor behind the growth of market. Smart home appliances offer some benefits such as managing all home appliances from any place, flexibility for new devices and appliances, increased home security, remote control of home functions, increased energy efficiency, improved appliance functionality and home management insights are ultimately improving the market growth. Furthermore, technological advancement in smart devices, demand of IoT based devices and high adoption of wireless communication technology is further expected to propel market growth during forecast period. The idea of connected devices, which permit user to handle daily home appliances, such as refrigerators, ovens, stoves, vacuum cleaners, air conditioners, washing machines and more, is driving the market growth across all regions.
However, high initial cost is the major restraining factor that could hamper the growth of market. Also dependency on internet, low bandwidth issues, learning curve for non-tech savvy people and lack of awareness among personal consumer could hinder the growth of market.
Global Smart Home Appliances Market: Segmentation Analysis
By product, smart washing machines and lighting devices segments dominated the market in 2019 and are expected to maintain their dominance at CAGR of XX% during forecast period. Smart washing machine is a next generation smart innovative appliances which can connect to a network via Wi-Fi, like tablets or Smartphone’s. It allows user to control washing machine functions by using software application on mobile devices. The demand of new Wi-Fi enabled smart washing machines is driving the market growth. Smart washing machines provides some benefits such as start, stop and wash using Smartphone’s or smart voice assistant such as Alexa, automatic program selection, high capacity, auto-dosing, extra safety and detecting maintenance jobs and some other issues are ultimately propelling the growth of market.
By technology, Wi-Fi segment dominated the market in 2019 and is expected to grow at CAGR of XX% during forecast period. The demand of Wi-Fi based technologies is driving the growth of market. Wi-Fi enabled smart home appliances allows user to switch on and off home appliances even when user is on move. Each smart home appliance has sensors and is linked through Wi-Fi as a result user can handle them from Smartphone whether user is at home, or miles away.
Global Smart Home Appliances Market: Regional Analysis
Region wise, Asia Pacific held the largest market share in 2019 and is expected to keep its dominance at CAGR of XX% during forecast period. The developing countries such as China, India, Japan and South Korea are major key contributors behind the growth of market. The growth is attributed to the massive presence of electronics companies such as Samsung, LG and more which are continuously working towards development of new smart home appliances.
In Dec 2019, LG Electronics announced to deliver a better cooking experience at home with its new LG InstaView ThinQ Range with Air Fry. The complete cooking solution integrates air frying and the company’s popular InstaView technology with AI-powered advanced customer service and connectivity to smart cooking platforms in a seamless package that inspires users to create nutritious meals in the comfort of their own homes.
Global Smart Home Appliances Market: Key Developments
In Jan 2020, LG Electronics (LG) unveiled its most advanced innovation in laundry, deploying artificial intelligence to deliver precision washing for optimal results without the guesswork. Winner of a coveted 2020 CES Innovation Award, the new LG ThinQ front-load washing machine features an Artificial Intelligent Direct Drive (AI DD) motor along with the company’s AI-powered Proactive Customer Care service.
In Feb 2019, Samsung Electronics Co. Ltd announced the debut of the next generation QuickDrive front load washing machines WW70M64FOP and WW90M64FOPW. Equipped with Samsung’s unique QuickDrive technology, the latest models can reduce the time for laundry by half, in only 39 minutes to complete the whole laundry process, but without compromising washing performance.
The objective of the report is to present a comprehensive analysis of the Global Smart Home Appliances Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Smart Home Appliances Market dynamics, structure by analyzing the market segments and projects the Global Smart Home Appliances Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Smart Home Appliances Market make the report investor’s guide.
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The Scope of Global Smart Home Appliances Market
Global Smart Home Appliances Market, By Product
• Washing Machine
• Air Conditioner
• Security Devices
• Lighting Devices
Global Smart Home Appliances Market, By Technology
• Radio Frequency Identification
• Cellular Technology
Global Smart Home Appliances Market, By Application
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