SMART HOME APPLIANCES MARKET - GROWTH, TRENDS, AND FORECAST (2019-2024)

The market is segmented By Product (Smart Washing Machines, Smart Air Conditioners, Smart Refrigerators, Smart Microwave Ovens, Smart Dishwashers and Others) By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, and Others), by Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa)

Market Snapshot

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Study Period:

2015-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

17%

Key Players:

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Market Overview

The demand for smart home appliances has triggered owing to growing concerns of energy costs and availability of innovative and affordable smart appliances.

  • 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. 
  • Increase in disposable income and improvements in rural electrification drive the industry.
  • In addition, rising affordability of the smart appliances and increased urbanization have fueled the demand for the market.
  • The big companies are focusing on introducing smart air conditioner accessories. Startups are also trying their hand at manufacturing smart gadgets instead of manufacturing smart air conditioners.

Scope of the Report

A complete background analysis of the Smart Home Appliances Market, which includes an assessment of the parental market, emerging trends by segments and regional markets, Significant changes in market dynamics and market overview is covered in the report. The report also features the qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

By Product
Smart Washing Machines
Smart Air Conditioners
Smart Refrigerators
Smart Microwave Ovens
Smart Dishwashers
Others
By Distribution Channel
Supermarkets/Hypermarkets
Specialty Stores
Online
Others
Geography
North America
Europe
Asia-Pacific
South America
Middle East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Smart Air Conditioner Segment is Expected to Grow at a Higher Rate

The smart air conditioner segment is expected to be the highest growing segment, accounting for a significant percentage of the global market during the forecast period. Since the time smart airconditioner 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 recognized value and need for connectivity are the highest in this product compared to other products.

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Asia-Pacific Region is Expected to Dominate the Market

Asia-Pacific region is expected to dominate the global market due to the high demand for these appliances in China, India, and Japan among others. The market witnessed rapid growth, as smart appliances have gained popularity owing to their compatibility and user-friendliness features. In addition, emerging economies in the region, rapid urbanization, and an expanding middle-class population drive the market. North America is the matured region owing to technological advancements and widespread awareness.

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Competitive Landscape

The report covers major international players operating in the Smart Home Appliances Market. The market is dominated by players such as LG Electronics Inc, Whirlpool Corporation, Haier Group Corporation, Electrolux, and others. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Major Players

  1. LG Electronics Inc.
  2. Electrolux Group
  3. Haier Group
  4. Hitachi, Ltd.
  5. Panasonic Corporation

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Key Deliverables of the Study

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Drivers

    3. 4.3 Restraints

    4. 4.4 Trends Shaping the Smart Home Appliances Market

    5. 4.5 Porter's Five Forces Analysis

    6. 4.6 Industry Value Chain Analysis

    7. 4.7 Regulatory Framework

    8. 4.8 Technological Innovations

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Smart Washing Machines

      2. 5.1.2 Smart Air Conditioners

      3. 5.1.3 Smart Refrigerators

      4. 5.1.4 Smart Microwave Ovens

      5. 5.1.5 Smart Dishwashers

      6. 5.1.6 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Specialty Stores

      3. 5.2.3 Online

      4. 5.2.4 Others

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 LG Electronics Inc.

      2. 6.1.2 Electrolux Group

      3. 6.1.3 Haier Inc.

      4. 6.1.4 Hitachi, Ltd.

      5. 6.1.5 Samsung

      6. 6.1.6 Whirlpool Corporation

      7. 6.1.7 Siemens AG

      8. 6.1.8 General Electric Company

      9. 6.1.9 Panasonic

      10. 6.1.10 Midea Group

      11. 6.1.11 Mitsubishi Electric*

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. APPENDIX

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