Smart Home Appliances Market Will Grow Over CAGR around 16.6% Forecast 2020
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Factors such as increased compatibility of the appliances, enhanced internet penetration, evolving lifestyle patterns and growing concerns about energy prices, have fostered the increasing sales of smart home appliances. North American region is leading the global market due to the early adoption of these appliances, resulting in large market base. However, Asia Pacific region is expected to exhibit remarkable growth, driven by the emerging markets of countries such as India & China.
Wi-Fi technology is one of the most frequently used technologies owing to its long range operation capabilities. Besides Wi-Fi, technologies such as ZigBee, Bluetooth and RFID are used on account of their lower operation costs and lesser power requirements. Increasing demand for appliances such as smart air-conditioners, smart refrigerators, smart washing machines, smart dishwashers and others smart home appliances would boost the market for smart home appliance products. Market participants have introduced innovative smart appliances as well as novel apps in the recent past, in an effort to enhance the overall customer satisfaction.
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Key Findings of Smart Home Appliances Market:
• 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
Global 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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