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.
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.
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.
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
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.