Vendor Insights
The smart home appliances market is fragmented and the vendors are deploying various growth strategies to compete in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- AB Electrolux
- General Electric Co.
- Koninklijke Philips NV
- LG Electronics Inc.
- Mitsubishi Electric Corp.
- Panasonic Corp.
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Sharp Corp.
- Whirlpool Corp.
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report.
Geographical Market Analysis
APAC will provide maximum growth opportunities in the smart home appliances market during the forecast period. According to our research report, the region will contribute 40% of the global market growth and is expected to dominate the market through 2025.
China and Japan are the key markets for the smart home appliances market in the region. Over the next five years, North America is likely to see a rise in the popularity and adoption of smart home technology, with the United States leading the way because of technological developments and increased consumer awareness of the benefits of using smart appliances. Also, due to the introduction of severe government laws and standards related to energy usage in the United States, demand for more energy-efficient smart connected washing machines is expected to be significant during the forecasted period.
Furthermore, countries such as North America, Europe, APAC, South America, and MEA are expected to emerge as prominent markets for the smart home appliances market during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/smart-home-appliances-market-industry-analysis
Key Segment Analysis
The smart home appliances market share growth by smart washing machines and dryers segment will be significant during the forecast period. The existing demand for smart washing machines and dryers is fueled by a growth in the number of smart homes worldwide, growing adoption of smart grids, enhanced R&D infrastructure of existing companies in the category, and higher product availability. The aforementioned factors are considered the key drivers that facilitate the growth of the segment. Smart washing machines are connected to smart grids via Bluetooth, NFC, or Wi-Fi.
One of the most significant advantages of utilizing a smart washing machine is the ability to manage it remotely. Multiple governments are encouraging the use of smart washing machines as they are energy-efficient and promote the use of smart grid technology. It includes washing, air-drying, and folding using Haier's smart products and technologies. The new product launches by major players in the category of smart home appliances will drive the market.
View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years.
Key Market Drivers & Trends:
Key market drivers such as the adoption of wireless connecting devices will drive the smart home appliances market during the forecasted period. Home appliance manufacturers are currently working on ongoing technological advances in the field of electronics to increase the value of their products and improve their functioning. In recent years, the concept of operating household appliances via the Internet and cellphones has received a lot of customer interest. Marketers are focused on quickly expanding technology to meet the growing demand for convenient items and build smart home gadgets. The rapidly evolving designs of household appliances will also catalyze the growth of the market during the forecast period.
The rise in disposable income of consumers is another key driver in the smart home appliances market. Because of the increased employment rate and rising income of the middle-class group, average household disposable income has exceeded GDP growth in many nations. As disposable income rises, so does the affordability of spending on high-end equipment, which drives the worldwide household appliance market's sales value.
Download a free sample for highlights on market Drivers & Trends affecting the smart home appliances market.
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Smart Home Appliances Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Decelerate at a CAGR of 16% |
Market growth 2020-2024 |
USD 31.66 billion |
Market structure |
Fragmented |
YoY growth (%) |
25.46 |
Regional analysis |
North America, APAC, Europe, South America, and MEA |
Performing market contribution |
APAC at 40% |
Key consumer countries |
China and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
AB Electasrolux, General Electric Co., Koninklijke Philips NV, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., and Whirlpool Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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