The smart appliances market is growing at a rapid pace. Factors such as vast advances in sensors & technologies, smart connected devices, and substantial R&D investments drive the market growth. Wide availability of wireless solutions and rapid economic growth worldwide are major driving forces behind the smart appliances market growth.
Besides, the growth Influx in the automation solution market, vast
smartphone penetration, and increasing internet speed play a causal role in
market development. The high adoption of communication technologies like
Bluetooth, RFID, Wi-Fi, Zigbee, NFC, and Z-Wave positively impacts the market
growth.
Industry Insight
While 2020 is being an extremely
eventful year for data analytics due to COVID-19 breakthrough, the Global Smart
Appliances market 2020 is screening some positive instincts, when studied by
Market Research Future. Smart Appliances market is expected garner USD 96.2
Billion 2030 and to have around 17.20% CAGR over the forecast period 2022-2030.
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Top Grossing Factors
Swelling demand for kitchen as well as
home appliances has resulted in surged consumption of electricity, thus,
possessing higher pressure on the electricity and power suppliers to swell the
supply. The advent of smart appliances has extensively lessened electricity
consumption. In the coming years as the energy cost are projected to surge, the
ability of the smart appliances to function at relatively low electricity
consumption is likely to boost its demand of smart appliances in the coming
years.
High-level development and innovation
in the home electronics and communications devices show a high possibility to
broadly drive the market for smart appliances market to a great extent. The
smart appliance market in the approaching years is likely to experience growth
in interoperability of the appliances and devices—for instance, the use of
voice control technology for altering settings in a refrigerator.
To add in this, the promise of added
convenience when using these devices, the amount of time saved as compared to
manually operating them, and the reduction in power and energy are some of the
foremost factors leading to the swelled popularity of smart home appliances on
a global scale. Over the report’s forecast period, the market for smart
appliances is projected to flourish.
In fact, some main product types in
the global smart home appliances market that currently have smart connectivity
features are vacuum cleaners, washing machines, microwave ovens, refrigerators,
hot water systems, coffee makers, air conditioners, television sets, lighting
systems, garage doors, sound systems, and gates. Additionally, the significant
connectivity platforms used in the smart appliances market include Bluetooth,
Wi-Fi, ZigBee, NFC, and Z-Wave.
Regional Outlook
Geographically, the smart appliances
market is studied among different regions, namely North America, Asia Pacific,
Europe, and the Rest of the World.
North America is presumed to have
remarkable growth in the smart appliances market. The United States and Canada
are chief countries in the region, owing to the escalating adoption rate of IoT
devices.
The Asia Pacific is also showing
possibilities to become the fastest-growing region in the smart appliances
market over the assessment period. India, South Korea, Japan, and China are the
leading countries in the smart appliances market. This is attributed to the
rising disposable income among the middle-income population, motivating the
growth rate of the smart appliances market.
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Leading Segments
The smart appliances market’s
segmentation is conducted over the segments of component, technology, and
end-user.
In terms of component segment, the
market has included products and services. Among these, the product segment has
included washing machine, dishwasher, refrigerator, air conditioner, lighting
devices, security devices, and others. The services segment is classified among
professional and managed services. The professional services include repairs
& maintenance, consulting, system integration, and others.
In terms of the technology segment,
the market includes Zigbee, Wi-Fi, RFID, Bluetooth, NFC, cellular technology,
Z-Wave, and others.
In the last, the smart appliances
market by end-user segment has included residential, government, and
commercial.
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Top Players
The top key players of smart
appliances market include Panasonic Corp. (Japan), Samsung (South Korea), Haier
Co. Ltd. (China), Whirlpool Corp. (U.S.), BSH Hausgerate GmbH (Germany),
Electrolux AB (Sweden), General Electric Co. (U.S.), LG Inc. (South Korea),
Philips N.V. (the Netherlands), Miele & Cie. KG (Germany), and Groupe SEB
(France).
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.1.5 Bargaining Power Of Suppliers
4.2 Value Chain/Supply Chain Of Global Smart Appliances Market
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