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.
Smart Home Appliances Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $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.
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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.
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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