LONDON--(BUSINESS WIRE)--The smart home appliances market is expected to grow by USD 31.66 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The popularity of wireless technologies is encouraging many home appliance manufacturers to introduce more advanced smart connected products. A wide range of home appliances today come with wireless connectivity technologies such as NFC, Wi-Fi, Bluetooth, and ZigBee. For instance, smart washing machines enable users to pair them up with their smartphones and download additional programs. This feature also helps in instantly troubleshooting problems with the machine. Hence, the growing adoption of wireless connecting devices and IoT is one of the key factors driving the growth of the market.
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As per Technavio, the introduction of additional features in smart home appliances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Home Appliances Market : Introduction of Additional Features in Smart Home Appliances
Vendors in the market are introducing smart appliances with sleek designs and intelligent features to attract customers. For instance, manufacturers of smart air conditioners are launching smartphone apps that enable users to remotely control the settings of the unit and automate home climate control with intelligent features such as location-based activation, timer settings, and others. Such innovative features offered by vendors are expected to boost the growth of the global smart home appliances market during the forecast period.
“Partnerships with other companies and increasing M&A activities will further boost market growth during the forecast period,” says a senior analyst at Technavio
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Smart Home Appliances Market: Segmentation Analysis
This market research report segments the global smart home appliances market by product (smart washing machines and dryers, smart air conditioners, smart refrigerators, smart microwave ovens and smart dishwashers), distribution channel (offline and online), and geography (North America, APAC, Europe, South America and MEA).
North America led the smart home appliances market share in 2019, followed by Europe, APAC, South America and MEA. This growth is attributed to the growing adoption of energy-efficient smart connected household appliances in the US. However, APAC is expected to register the highest incremental growth due to factors such as increasing disposable income, expanding middle-class population, rising standards of living and growing rate of urbanization.
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Some of the key topics covered in the report include:
- Smart washing machines and dryers
- Smart air conditioners
- Smart refrigerators
- Smart microwave ovens
- Smart dishwashers
Distribution Channel Segmentation
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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