Smart Home Appliances Market Overview:
According to the Organization for Economic Co-operation and Development (OECD), the electricity consumption in 2016 was measured to be 10,533,117 GW-H, and global electricity production is increasing year on year since 1974. Evidently, the world is in dire need for reducing the electricity consumption in order to minimize the usage of fuels and also allows to monitor the energy usage by each and every appliance used in the household. While governments are taking initiatives pertaining to the application of renewable resources, the implementation of smart home appliances is proving to be a blessing in terms of energy conservation. The fact that these appliances save a significant amount of energy is leading to an expansion in the smart home appliances market size which had a value of $32.68 billion as of 2018. Furthermore, the augmenting application of smart home appliances in smart houses worldwide is estimated to observe a substantial compound annual growth rate (CAGR) of 15.40% during the forecast period of 2019 to 2025.
The most lucrative smart home appliances regional marketplace was found to be North America in 2018, which accounted for 31.57% demand share. This is specifically attributed to the developed economies in the region where people can afford smart homes and the associated appliances. Evidently, the smart homes have gained prominence in the US and some other regions of North America which had further driven the revenues generated in the smart home appliances market in the region.
Smart Home Appliances Market Outlook:
Smart home appliances are installed in a smart house and work on home automation technology that uses electric power transmission where the signals have short radio frequency. These utilize open source software, proprietary software, and distributed denial-of-service attack (DDoS). Smart home appliances find applications throughout the house. The main idea behind the concept is the comfort of customers and instill better user experience in the residential real estate sector. Smart home appliances enable to execute the mundane household operations on the go.
The key application in the smart home applications that is poised to witness a remarkable growth is gauged to be home appliances such as refrigerator, washing machine, and others, which can be controlled by using a smart device, and at the same time, incorporating smart systems in these appliance enable energy monitoring and exuded comfort. The home appliances application segment in the smart home appliances market is estimated to escalate with a healthy CAGR of 17.89% through to 2025.
Smart Home Appliances Market Growth Drivers:
· The Growth Influx in the Automation Solutions Market –
The automation solutions market is witnessing a demand influx and evidentially so when the market size was gauged to be $160.29 billion in 2018, and the demand is estimated to increase with a CAGR of a superlative 9.23% over the forecast period of 2019 to 2025. This is much attributed to the advancements in the home smart home appliances which is leading to a disruption in the home appliances market. The future is envisioned to see major developments in home automation which will further flourish the smart home appliances market. This can be further fathomed by the demand influx observed in the smart homes market which is exponentially expanding the smart home appliances market size.
· The Rise in Disposable Personal Income (DPI) World Wide –
The current lifestyle of the global population is surrounded by mobile devices that include remote control and smartphones in which a lot of daily tasks are executed. According to OECD, the disposable income is increasing, and the latest survey that was executed in 2016 had found that the DPI growth rate fell between 0.2% in Spain and 7.4% in Costa Rica, and other countries of Europe and North America are observing the growth that lies between the values. Evidently, APAC is observing a definite upsurge in DPI owing to the developments in the countries such as China and India. This increase in the income is coupled with the population’s preference for comfort-based products which is creating major opportunities in the smart home appliances market.
Smart Home Appliances Market Trends –
· The Emergence of Internet of Things (IoT) – The advancements in IoT are leading to changes in the smart home appliances. Various appliances such as lighting, home appliances, computers, and security cameras will be interconnected with each other due to the incorporation of IoT.
· The Penetration of Cleaning Robots in Smart Homes – In the future, cleaning robots market is poised to make strides and will penetrate the smart home sector. This robotic appliance will play an indispensable role in improving the user experience.
Smart Home Appliances Market Challenges –
Despite the growing popularity of smart homes across the globe, the vendors in the smart home appliances market still face challenges as the customers are still skeptical about the efficacy and durability of products. Owing to this, they dither to purchase smart home appliances, which is dwarfing the prospects in the market. On top of that, the vendors struggle to define the value proposition for the smart home appliances and properly market the products to spread awareness in prospective customers. Furthermore, the price of smart home appliances is very high and can be afforded by only the elite strata of the society which limits the customer-base of the smart home appliances market. However, the vendors are investing in advertising and awareness campaigns which will help them position their brands in the market and at the same time, entice customers to purchase the products.
Smart Home Appliances Market Key Players Perspective –
The major players crusading for greater smart home appliances market share are LG Electronics, Panasonic Corp., Samsung, Whirlpool Corp, Haier, Microsoft, Broadcom, GE, Electrolux, and Robert Bosch GmbH and Voltas Limited.
Smart Home Appliances Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the smart home appliances market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The smart home appliances market research report also analyses the application of smart home appliances in home appliances and kitchen appliances.
Smart Home Appliances Market Report: Industry Coverage
This report also documents the product demand on the basis of connectivity that include NFC, Bluetooth, ZigBee, WiFi, EnOcean, cellular, and RFID.
The smart home appliances market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Smart Home Appliances Market Report
Is the market demand for smart home appliances growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the smart home appliances market?
A Few Focus Points Of This Research Are Given Below:
Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for current and future global smart home appliances market during the forecast 2019–2025Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures