Smart Home Appliances Market - Global Industry Developments and Growth Strategies by 2024
The promise of added convenience when using these devices, the amount of time saved as compared to when manually operating them, and the reduction in power and energy achieved are some of the major factors leading to the increased popularity of smart home appliances on a global scale. Over the report’s forecast period, the market for smart home appliances is projected to flourish.
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Some of the major product types in the global smart home appliances market that currently have smart connectivity features are washing machines, vacuum cleaners, refrigerators, microwave ovens, air conditioners, coffee makers, lighting systems, television sets, sound systems, garage doors, hot water systems, and gates.
The major connectivity platforms used in the market include Wi-Fi, Bluetooth, NFC, ZigBee, and Z-Wave.
Smart Home Appliances Market: Key Trends and Opportunities
The global market for smart home appliances is driven by factors such as the rising adoption of mobile devices and technologically advanced products worldwide; the expanding network of high-speed Internet; the energy-efficient nature of smart home appliances; technological advancements in the fields of connectivity mediums, sensors, microchips, and hardware products; and the declining prices of connectivity modules.
As the tech-savvy and connected consumer of the present day becomes more receptive to connected technologies and the new functionalities that the technology is bringing, device manufacturers are also increasingly shifting their focus to the smart appliances segment. Though the prices of these products are currently higher than traditional “nonsmart” appliances, the market will soon feature economic products as more device manufactures challenge themselves to include connectivity features in their appliances.
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Smart Home Appliances Market: Region-wise Outlook
China, which is the leading manufacturer of a variety of home appliances, is projected to be the leading market for the smart home appliances over the report’s forecast period. The market is also expected to see heightened demand for a variety of smart home appliances and systems from developed regions such as North America and Europe, primarily owing to the technologically advanced infrastructure, high disposable incomes, and easy availability of advanced products in these regions.
Demand for smart home appliances is also expected to rise in the developing parts of Asia Pacific owing to strengthening economies and the rising disposable incomes of the people living therein, continuous expansion of high-speed Internet in the regions, the rising commercialization of smart home systems, and the easy availability of these systems in the region.
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