Global Smart Home Appliances Market 2018-2022
About Smart Home Appliances
A smart home appliance can be connected to the user's smartphone, tablet, or computer. Smart home appliances send alerts to users once an activity is completed. Users can control such home appliances from remote locations. Smart home appliances are considered as energy-efficient devices.
Technavio’s analysts forecast the global smart home appliances market to grow at a CAGR of 50.24% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart home appliances market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Home Appliances Market 2018-2022
Technavio recognizes the following companies as the key players in the global smart home appliances market: Electrolux, Haier, LG Electronics, Samsung Electronics, and Whirlpool.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is introduction of additional features in smart home appliances. Connectivity alone cannot compel consumers to opt for smart home appliances. Customers want additional features to support the connectivity function. As the availability of ample space is a major issue for most consumers living in compact homes, players are now trying to come up with appliances that have the connectivity feature, as well as sleek designs and other attractive features.”
According to the report, one driver in the market is product innovation in terms of technology, performance, features, and design. Vendors that offer home appliances are currently focusing on continuous technological innovations in the field of electronics to add more value to home appliances and to enhance their functionality. The concept of controlling home appliances through the Internet and smartphones has attracted considerable consumer attention in recent times.
Further, the report states that one challenge in the market is high cost of smart home appliances. The high cost of smart home appliances is hindering the growth of the global smart home appliances market. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular home appliances with the smart connected variety.