LONDON--(BUSINESS WIRE)--According to the latest market research report released by Technavio, the global smart home appliances market is expected to accelerate at a CAGR of more than 50% during the forecast period. Product innovation in terms of technology, performance, features, and design is one of the key factors triggering the growth of the market.
This research report titled ‘Global Smart Home Appliances Market 2018-2022’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global smart home appliances market into the following products:
- Smart washing machines and dryers market
- Smart air conditioners
- Smart refrigerators
- Smart microwave ovens
- Smart dishwashers
The smart air conditioners product segment is expected to be the highest growing product segment, accounting for around 79% of the global market during the forecast period. Since the time smart AC was introduced in the market, the prices of the product have come down, which made the product available at a premium price, thereby increasing its adoption. Also, the perceived value and need for connectivity is the highest in this product compared to other products.
Global smart home appliances market: Top emerging trend
Introduction of additional features in smart home appliances is an emerging trend in the smart home appliances market space. As the availability of ample space is a major issue for most consumers living in compact homes, players are trying to come up with appliances that have the connectivity feature, as well as sleek designs and other attractive features. For instance, LG Electronics and Mitsubishi Electric are focusing on introducing smart air conditioner accessories. Startups are also trying their hand at manufacturing smart gadgets or accessories instead of manufacturing smart air conditioners. One such startup launched a smart accessory called Sensibo in 2015, which not only connects to an app on a consumer’s smartphone, but also remotely controls the settings of the unit and automates the home climate control with intelligent features, including location-based activation, time settings, and others, saving up to 40% on home heating and cooling bills.
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Technavio’s report provides expert market research on the following topics:
Executive Report
- Market Outline
- Global Smart Home Appliances Market Overview
Market Insights
- Market Sizing and Forecasts
- Market Growth
- Market Drivers and Challenges
- Key Emerging Trends
Market Segmentation Analysis
- Regional comparison (APAC, Americas, and EMEA)
- Key leading countries
- Market segmentation by product (smart washing machines and dryers market, smart air conditioners, smart refrigerators, smart microwave ovens, and smart dishwashers)
Vendor Landscape
- Vendor classification
- Market positioning of vendors
- Competitive scenario
- Analysis of top vendors (Electrolux, Haier, LG Electronics, Samsung Electronics, and Whirlpool)
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