Smart Appliances Market is Expected to Grow at a CAGR of 15.4% Between 2015 and 2020

PORTLAND, Oregon, November 3, 2015 /PRNewswire/ --

Smart appliances are the next generation of home appliances that have the ability to receive, interpret, and act on a signal received from a user, and then they automatically adjust their operation to save energy. They are equipped with different sensors and designed with connectivity features that can connect to handheld devices such as smartphones and tablets as well as other household appliances. The smart appliances market is expected to witness high growth in the near future due to technological advancements in smart appliances.

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A key driving factor for the growth of the smart appliances market is increasing energy prices. Besides, several other factors such as changing lifestyles and preferences of consumers, the availability of wireless connectivity, and enhanced government regulations regarding energy consumption are also propelling the growth of the market. However, some of the restraining factors for the growth of the smart appliances market include privacy concerns among end users and the lack of awareness about the benefits of smart appliances. The large scale digitization and emergence of machine to machine (M2M) communication are some of the key opportunities for the smart appliances market.

The smart appliances market report analyzes the market by type, end user, and technology. The smart appliances market has been segmented based on type into smart home appliances, smart kitchen appliances, and services. The end user segment includes residential and commercial end users. The technology covers Wi-Fi, NFC, and Bluetooth. Currently, smart appliances with Wi-Fi hold a large market share and the trend is expected to continue during the forecast period. Moreover, the market for smart appliances with Wi-Fi is expected to grow at a high CAGR of 16.0% between 2015 and 2020.

The report also provides the geographic view for major regions- the Americas, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). This report covers the drivers, restraints, and opportunities along with their impact on the smart appliances market. The Americas is the largest market for smart appliances; however, the market in APAC is estimated to grow at the highest CAGR between 2015 and 2020. The key players in the market include General Electric Co. (U.S.), Koninklijke Philips N.V. (Netherlands), BSH Hausgerate GmbH (Germany), LG Electronics Inc. (South Korea), Panasonic Corp. (Japan), Samsung Electronics Co. Ltd. (South Korea), and Whirlpool Corp. (U.S.) among others.

Key Takeaways: 

• The market for smart appliances market is expected to grow at a CAGR of 15.4% between 2015 and 2020.

• This report includes the market statistics pertaining to type, technology, end user, and geography along with their respective revenues.

• The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the smart appliances market.

• Major drivers, restraints, and opportunities for the smart appliances market have been detailed in this report.

• Illustrative segmentation, analysis, and forecast for the markets based on type, technology, end user, and geography has been conducted to give an overall view of the smart appliances market.

• A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.

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