Smart home appliances are the class of next-generation connected equipment that are designed to be controlled with the help of commands from a central system or communicate with other appliances in a network and make certain decisions for the owner. The concept of connected devices, which allow the user to manage everyday home appliances, such as ovens, refrigerators, stoves, air conditioners, vacuum cleaners, washing machines, etc. from any corner of the house, with the use of a mobile computing device, a simple app, and some kind of network that connects the user with the devices, is highly fascinating.
The promise of added convenience when using these devices, the amount of time saved as compared to when manually operating them, and the reduction in power and energy achieved are some of the major factors leading to the increased popularity of smart home appliances on a global scale. Over the report’s forecast period, the market for smart home appliances is projected to flourish.
Some of the major product types in the global smart home appliances market that currently have smart connectivity features are washing machines, vacuum cleaners, refrigerators, microwave ovens, air conditioners, coffee makers, lighting systems, television sets, sound systems, garage doors, hot water systems, and gates.
Smart Home Appliances Market: Key Trends and Opportunities
The global market for smart home appliances is driven by factors such as the rising adoption of mobile devices and technologically advanced products worldwide; the expanding network of high-speed Internet; the energy-efficient nature of smart home appliances; technological advancements in the fields of connectivity mediums, sensors, microchips, and hardware products; and the declining prices of connectivity modules.
As the tech-savvy and connected consumer of the present day becomes more receptive to connected technologies and the new functionalities that the technology is bringing, device manufacturers are also increasingly shifting their focus to the smart appliances segment. Though the prices of these products are currently higher than traditional “nonsmart” appliances, the market will soon feature economic products as more device manufactures challenge themselves to include connectivity features in their appliances.
Smart Home Appliances Market: Region-wise Outlook
China, which is the leading manufacturer of a variety of home appliances, is projected to be the leading market for the smart home appliances over the report’s forecast period. The market is also expected to see heightened demand for a variety of smart home appliances and systems from developed regions such as North America and Europe, primarily owing to the technologically advanced infrastructure, high disposable incomes, and easy availability of advanced products in these regions.
Demand for smart home appliances is also expected to rise in the developing parts of Asia Pacific owing to strengthening economies and the rising disposable incomes of the people living therein, continuous expansion of high-speed Internet in the regions, the rising commercialization of smart home systems, and the easy availability of these systems in the region.
Smart Home Appliances Market: Competitive Landscape
Some of the world’s most prominent consumer electronics companies, such as Whirlpool, Electrolux, GE Appliances, LG, and Samsung, are making their mark in the smart home appliances market by producing smart technology devices. Having shifted their focus from mature businesses like smartphones and televisions, these companies are at an advantage owing to their early entry into the market. The vast growth opportunities in the market have also lured technology giants such as Microsoft, Google, Cisco, Intel, Xiaomi, and Apple, which have either already ventured into or are planning to set foot in the global smart home appliances market soon.