World Smart Home Appliances—Market Opportunities and Forecast,
2014–2020, forecasts that the world smart home appliances market, would garner
revenue of $38.35 billion by 2020, registering a CAGR of 16.6% during the
forecast period of 2015–2020. The demand of smart home appliances has triggered
owing to growing concerns of energy costs and availability of innovative and
affordable smart appliances. North America is leading the global market, with
about 35% of the market share followed by Europe. However, Asia-Pacific region
would emerge as a market leader by 2018. Wi-Fi, RFID and ZigBee are the most
sought technologies in the smart home appliances market.
The market players offer products as well as associated and after sale
services to the customers. Among the products segment, smart washing machines
would occupy the largest market share among all the appliances, due to wide
adoption and higher prices. However, Air conditioners would exhibit the fastest
growth rate, due to the increasing demand coupled with innovative product
launches by the leading market players. Smart home appliances operate through a
range of wireless technologies, including Wi-Fi, RFID, ZigBee and Bluetooth and
others technologies. Improving internet access levels and easy operability from
remote locations, via Wi-Fi technology, would contribute to the market growth.
North America is leading the global market owing to technological
advancements and widespread awareness. However, Asia Pacific region is expected
to surpass the North American and European markets by 2018, owing to the
increasing demand of smart appliances, from countries such as China and India.
Key findings of the study:
- The global market for smart home appliances, is expected to grow due to availability of innovative and affordable smart appliances and increasing awareness among the populace during the forecast period (2015-2020)
- Wi-Fi, RFID and ZigBee are the most preferred technologies in the smart home appliances market
- North America, on account of tech-savvy end users and government incentives for smart appliance manufacturers, constituted the highest market share in 2014, followed by Europe
Asia-Pacific would surpass the North American and European markets by
2018, emerging as the market leader
World smart home appliances market comprises renowned players such as
LG Electronics, Panasonic Corp., Samsung, Whirlpool Corp. and Haier, offering a
wide range of products to the customers. The players are consistently
introducing new smart appliances and associated applications in order to
increase their market share, thereby making product launch as one of the
majorly adopted growth strategies. Besides
product launch, the players are also acquiring smaller players to widen their
customer base.
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