New York, NY, July 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Appliances Market by Product [Home Appliances (Smart Washer, Smart Dryer, Smart Air Conditioner, Smart Lighting Devices, Smart Vacuum Cleaners, Smart Security Devices and Smart Water Heaters) and Kitchen Appliances (Smart Refrigerators, Smart Coffee Maker, Smart Kettle, Smart Dish Washers, Smart Oven, Smart Cooker, Others)] and by Technology (Wi-Fi, Bluetooth and NFC): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global smart appliances market was valued at approximately USD 18.82 billion in 2017 and is expected to generate revenue of around USD 49.12 billion by end of 2024, growing at a CAGR of around 14.69% between 2018 and 2024.
Smart appliances are conventional home appliances of the next generation which are equipped with advanced features for receiving, processing, and transmitting information using laptops, smartphones, and tablets. Increasing use of appliances in kitchen and home has led to higher consumption of electricity, thereby, creating challenges for power companies to produce more electricity. According to the U.S. Energy Information Administration, the global energy demand is anticipated to reach nearly 38% by 2040. Rising cost of electricity bills is becoming a concern for the household consumers. Also, according to Hawaiian Electric in their recent study showed that appliances such as water heaters, refrigerators, air conditioners, home entertainment systems, and lighting fixtures consume a large amount of electricity. These rising costs are driving the consumers towards more energy saving options.
Browse through 45 Tables & 21 Figures spread over 110 Pages and in-depth TOC on "Global Smart Appliances Market Size & Share 2017: Industry Applications, Trends Analysis and Forecast, 2024”.
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The smart appliances market is segmented on the basis of product type which is bifurcated into smart home appliances and smart kitchen appliances. Smart home appliances are further divided into the smart washer, smart dryer, smart air conditioner, smart lighting devices, smart vacuum cleaners, smart security devices, and smart water heaters. The smart kitchen appliances are further categorized into smart refrigerators, smart coffee maker, smart kettle, smart dishwashers, smart oven, smart cooker, and others. Among the smart home appliances segment, the smart washing machine market is expected to generate the highest revenue. Since these appliances can be operated using various technologies, such as Radio Frequency Identification (RFID), Wi-Fi, ZigBee, Bluetooth, cellular technology, and others. Wi-Fi, Bluetooth, and NFC are the most widely used technologies in the market. Also, the increasing penetration of IoT (Internet of Things) has led to the widespread popularity of Wi-Fi technology.
Based on technology, the smart appliances market is segmented into Wi-Fi, Bluetooth, and NFC. Rapid developments in the topology of wireless communication and IT have been the major factors boosting the incorporation of smart appliances with devices such as laptops, smartphones, and tablets. Wi-Fi plays an important role in controlling and monitoring appliances from remote locations, in order to reduce electricity consumption. Wi-Fi technology is widely used in commercial establishments and homes as an alternative to wired LAN. Currently, this technology has emerged as an effective technology to operate a large number of home appliances from remote locations.
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The Asia Pacific is the largest market and is expected to register highest CAGR between 2018 and 2024 for smart appliances market. China and Japan are the leading markets for a variety of smart home and kitchen appliances and are anticipated to lead the market for smart appliances in the forecast period. The demand for smart appliances is anticipated to rise in the developing parts of Asia Pacific due to the increasing disposable incomes of the people living, the strengthening economies, and also due to the expansion of high-speed internet in the region. The increasing commercialization of smart home systems and the ease of availability are also some of the driving factors for market growth in this region.
North America and Europe hold the majority of the shares in the smart appliances market. North America is anticipated to hold maximum share, especially in the smart kitchen appliances segment. This is credited due to the changing consumer preferences along with the consequent rise in the purchasing power and increase in number of smart grid projects. Initiatives taken by the government for the use of energy-efficient devices is also one of the key factors driving market growth in Europe over the forecast period, due to changing lifestyles and increasing awareness in terms of benefits of these smart appliances.
Browse the full "Smart Appliances Market by Product (Home Appliances [Smart Washer, Smart Dryer, Smart Air Conditioner, Smart Lighting Devices, Smart Vacuum Cleaners, Smart Security Devices and Smart Water Heaters] and Kitchen Appliances [Smart Refrigerators, Smart Coffee Maker, Smart Kettle, Smart Dish Washers, Smart Oven, Smart Cooker, Others]) and by Technology (Wi-Fi, Bluetooth, and NFC): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/smart-appliances-market
Latin America and the Middle East and Africa held the least position in the smart appliances market in comparison to other regions. However, change in consumer perceptions, and a comparatively under-penetrated market will make smart appliances market good opportunity for manufacturers in these regions.
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Some of the key players in smart appliances market include as Electrolux AB, General Electric Co., Koninklijke Philips N.V., BSH Hausgerate GmbH, LG Electronics, Inc., Miele & Cie. KG, Panasonic Corp., Qingdao Haier Co. Ltd., Samsung Electronics Co. Ltd., and Whirlpool Corp.
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This report segments the global smart appliances market as follows:
Global Smart Appliances Market: Product Segment Analysis
- Home Appliances
- Smart Washer
- Smart Dryer
- Smart Air Conditioner
- Smart Lighting Devices
- Smart Vacuum Cleaners
- Smart Security Devices
- Smart Water Heaters
- Kitchen Appliances
- Smart Refrigerators
- Smart Coffee Maker
- Smart Kettle
- Smart Dish Washers
- Smart Oven
- Smart Cooker
- Others
Global Smart Appliances Market: Technology Segment Analysis
- Wi-Fi
- Bluetooth
- NFC (Near Field Communication)
Global Smart Appliances Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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