LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global smart home appliances market to grow at a CAGR of over 50% during the period 2018-2022, according to their latest report.
This market research report segments the global smart home appliances market into the following products (smart AC, smart fridge, smart WM&D, smart DW, and smart MO) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight product innovations in terms of technology, performance, features, and design as a key factor contributing to the growth of the global smart home appliances market:
Product innovations in terms of technology, performance, features, and design
Vendors who provide home appliances are at present concentrating on continuous technological innovations in the field of electronics to add more value to home appliances and to improve their functionality. The concept of controlling home appliances through the internet and smartphones has attracted considerable consumer attention in recent times.
According to a senior analyst at Technavio for home, kitchen and large appliances, “To cater to the increasing demand for convenient products and to develop smart home appliances, marketers are concentrating on rapidly advancing technologies. Users can download the relevant apps on mobile devices and can connect their appliances through Wi-Fi. By connecting their smart appliances with the internet, consumers can easily operate, monitor, and receive notifications about the appliances on their smartphones from any remote location. The rapidly developing designs of household appliances will also catalyze the growth of the market during the forecast period.”
Smart home appliances can also control and communicate with other smart appliances. Smart home appliances are equipped with cameras, sensors, and connectivity features to permit remote monitoring and control. The demand for smart home appliances is high in countries such as the US.
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Global smart home appliances market segmentation
Among all the products, smart AC is anticipated to be the highest growing segment. Over the years, since the smart AC was introduced in the market, the prices of the product have come down. The perceived value and need for smart connectivity is the highest in this product when compared with the others.
In terms of regional dominance, the Americas was the largest regional segment of the global smart home appliances market in 2017, accounting for a share of close to 41%. The increase in Internet penetration rate is propelling the demand for smart home appliances in all the regions.
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