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Plugging in to the smart appliances market

Plugging in to the smart appliances market

A smart appliance is a household appliance that offers more than basic features and functionality. They may also offer WiFi/Bluetooth connectivity, control via mobile device, self-monitoring system, and more.

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Washing machines, dryers, ovens, refrigerators and other household appliances have come a long ways over the years. No longer are they limited to a single function; they now boast some pretty impressive high-tech features, such as the ability to check your refrigerator's inventory via a mobile app.

These "smart appliances" are becoming more and more common in residential homes. They open the doors to a whole new world of possibilities, turning otherwise basic appliances into versatile high-tech devices.

According to the Global Smart Appliances Market 2016-2020 report by Research Beam, the global smart appliances market is expected to grow at a compound annual growth rate (CAGR) of 23.48%. Researchers cite the market's strong future growth as being an effect of the rise of middle-class economy, higher disposable income levels, increased labor costs, busier lifestyles, and the greater availability or smart appliances at low prices.

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For these reasons, researchers believe the global smart appliances market will experience strong and steady growth through 2020.

Of course, there are also restraints facing the global smart appliances market, such as the lack of high-tech exposure among the general population. The fact is that many people aren't even aware of the existence of smart appliances, let alone how to operate them. This could prevent some consumers from buying smart appliances -- at least until adoption increases. You can access a full list of market drivers and challenges by purchasing the report in the link above.

The Smart Home Appliances Market, by T… Forecast to 2022 report by Scalar Market Research is a second study on the global smart appliances market. It offers an in-depth analysis of the market, complete with market size, market share, market segments, geographic regions of interest, insights, technology trends and forecasts, key drivers, challenges and more. The report claims that the growing cost of energy and evolving lifestyle and standard of living are going to contribute to the smart appliance market's strong growth. Another key market driver is the increased availability of wireless connectivity technology, which is often used in conjunction with smart appliances.

Some of the key vendors profiled in this report include LG Electronics, Inc., Panasonic Corporation, General Electric, Miele & Cie. KG, BSH Housemate GmbH, Kinglike Philips N.V., Qingdao, Haier Co. Ltd., Whirlpool Corporation, Samsung Electronics Co. Ltd., and many others.

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Paul Hosking - Market Research NewsPaul Hosking
Category: New MediaCompany profile: Paul Hosking, founder of WhaTech writes from his experience with Market Research Reports. Sharing the latest and most interesting reports. Giving investors the "heads up" on what's next!