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Smart Appliances Market (Technology - Bluetooth, Wi-fi, and Near Field Communication; Product Type - Smart Kitchen Appliances, and Smart Home Appliances; End-user - Commercial, and Residential): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : ICT1380

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on smart appliances market provides in-depth analysis of segments and sub-segments in the global as well as regional smart appliances market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart appliances market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of global smart appliances market. According to the report, the global smart appliances market is projected to grow at a CAGR of 16.7% over the forecast period of 2020-2026.

 

Market Insight

The appliances that are operated through connected devices such as smartphones, tablets or computer, to provide more information and control are considered smart appliances. Communication with tablets or smartphones enables users to control these appliances remotely. Smart appliances also share and exchange data with the smart grid, by providing consumers with reminders and alerts to use them during off-peak periods. Moreover, the advanced smart appliances send notifications and alert the user to switch off or on depending on their requirements. Furthermore, smart appliances are developed and designed to be energy efficient features and allow the users to operate the appliances conveniently with low power consumption. Additionally, smart appliances can be controlled with the help of commands from a central system or communicate with other appliances in a network and make certain decisions for the owner.

 

The concerns over the spread of coronavirus are creating a huge impact on the smart appliances market. COVID-19 pandemic affected the global smart appliances market by hindering production and demand, by disrupting supply chain and electronics market disruption, and by its impact on firms and the financial industry. On the other hand, the profit of most of the market players is decreased due to the minimal sale in coronavirus outbreak. Furthermore, the demand for the smart appliance has decreased from the end-users. However, over the long term, growth is likely to remain stable, as many of the countries are given permission for reopening manufacturing plants and have cut down travel restrictions. As the pandemic conditions get under control, the economic uncertainties are expected to diminish. This is expected to encourage consumers to spend more on home appliances such as smart appliances.

 

The growing adoption of wireless connecting devices and the Internet of Things (IoT) is driving the growth of the smart appliances market. The Internet of Things (IoT) helps to connect people and devices to each other via the Internet. Furthermore, the need for energy-efficient appliances provides a growing demand for the market. The rising concern about the high consumption of electricity and the look-out for energy-efficient alternatives will drive the growth of the smart connected appliance market. Smart appliances are designed and developed for efficiently using energy by connecting them with smart grids to ensure the appliance is operating during off-peak hours when energy prices are cheaper. Additionally, the increased government support for promoting smart homes and smart appliances is another major growth driver for the global smart connected appliance market. Most government bodies are now motivating manufacturers to develop and consumers to adopt domestic appliances that use smart grids. However, the high cost of smart appliances is a major restraining factor that will likely affect their adoption, and in turn, the growth of the market. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular appliances with the smart connected variety. Moreover, rapid technological advancement is provided significant growth opportunities for the market. The need for convenience is one of the most important factors that necessitate the development of products that can reduce manual labor.

 

In terms of geography, Asia-Pacific generated the largest revenue in the global smart appliances market. Moreover, Asia-Pacific is expected to grow at the fastest rate over the forecast period. The Asia-Pacific market is largely driven by technological advancements and internet penetration rates in developing economies, such as China and India. Furthermore, the adoption of smart homes and growing urbanization with a significant rise in household luxury spending augment the revenues in the smart appliances industry in the Asia-Pacific region. On the other hand, Europe holds the second-largest market share for the smart appliances market. Additionally, the major smart appliances manufacturers present in the European region. This, in turn, is expected to boost the market growth for the smart appliances market in Europe.

 

Segment Covered

The report on global smart appliances market covers segments such as technology, product type, and end-user. On the basis of technology, the sub-markets include bluetooth, wi-fi, and near field communication. On the basis of product type, the sub-markets include smart kitchen appliances, and smart home appliances. On the basis of end-user, the sub-markets include commercial, and residential.

 

Companies Profiled:

The report provides profiles of the companies in the market such as AB Electrolux, Samsung Electronics Co Ltd, LG Corporation, Koninklijke Philips N.V., Whirlpool Corporation, Robert Bosch GmbH, Panasonic Corporation, Siemens AG, General Electric Company, and Haier Group.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart appliances market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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