Global Smart Appliances Market to Grow at an Impressive CAGR of 24% Through 2020, Reports Technavio

LONDON--()--Technavio analysts forecast the global smart appliances market to grow at a CAGR of close to 24% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global smart appliances market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market. In addition, it discusses the challenges faced by vendors and the market as a whole. It also examines key emerging trends and their influence on current and future market scenarios.

Smart connected appliance manufacturers are focusing on four important areas which are sensing and troubleshooting issues, connectivity, analytics, and the promotion of these appliances on e-commerce websites.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart appliances market:

  • Increased convenience and functional value of remotely communicating with appliances
  • Use of connectivity as a differentiating feature by manufacturers
  • Energy efficiency as a motivating factor for consumers

Increased convenience and functional value of remotely communicating with appliances

According to Poonam Saini, a lead analyst at Technavio for home, kitchen and large appliances research, “Consumers have started to quickly adopt new technologies due to their fast-paced lifestyles and preference for convenience. The concept of controlling a home appliance via the internet and a smartphone has attracted considerable attention in recent times.”

To cater to this growing demand for convenient products, marketers are focusing on rapidly advancing technologies to develop smart appliances. By downloading the app on their mobile devices and connecting their appliances (like refrigerators, microwave ovens, washing machines, dryers, and air conditioners) through Wi-Fi, consumers can easily operate, monitor, and receive notifications on their smartphones from any remote location.

Use of connectivity as a differentiating feature by manufacturers

Wireless technologies like Wi-Fi, Bluetooth, and ZigBee can be used in or accessed by smartphones and tablets. But the inclusion of these technologies in home appliances (like air conditioners) is a means of product differentiation by manufacturers that is enticing tech-savvy consumers. Connectivity allows the exchange of information between the appliance and other appliances and systems.

The network benefits of wireless connectivity in home appliances are new functionality, higher product utilization and the development of capabilities that cut across and transcend traditional product boundaries.

Energy efficiency as a motivating factor for consumers

Energy efficiency is a key parameter for consumers making purchase decisions for large appliances like air conditioners, washing machines, and microwave ovens, owing to the rising concern about the high electricity consumption by these appliances.

According to the U.S. Energy Information Administration (EIA), the demand for global energy will grow 37% by 2035 due to an increase in energy requirement per household. Therefore, governments of many countries are taking steps to reduce energy consumption by encouraging the use of products such as smart thermostats, which result in lesser consumption of energy and are environment-friendly. Government regulations regarding energy consumption are also propelling the growth of the market. The regulations released by regulatory agencies such as ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), BEE (Bureau of Energy Efficiency), and DOE (Department of Energy) will benefit both the consumers and the environment at the same time.

The deployment of the smart grid could easily be one of the leading drivers for smart appliances over the next five to fifteen years. Consequently, even in its infancy, numerous companies are trying to figure out the best way to enter this fast-moving industry. “The growing demand for energy-efficient appliances will propel the sale of smart appliances during the forecast period,” says Poonam.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The research study covers the present scenario and growth prospects of the global smart appliances market for 2016-2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com