Global smart appliances market 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 next generation which are equipped with advanced features for receiving, processing, and transmitting information using laptops, smartphones, and tablets.
Sarasota, FL -- (SBWIRE) -- 07/10/2018 -- 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.
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Smart appliances are conventional home appliances of 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.
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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Regionally, the market for smart appliances is segmented into the Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. 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 Asia Pacific is witnessing growth due to rising disposable incomes of the people living, strengthening economies, and also due to the expansion of high-speed internet in the region. The rising commercialization of smart home systems and the ease of availability are also some of the driving factors for market growth in this region. The market is also expected to see heightened demand for a variety of smart systems and appliances from developed regions of Europe and North America, owing to the highly technologically advanced infrastructure, easy availability of advanced products, and high disposable incomes in these regions.
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
Smart Air Conditioner
Smart Lighting Devices
Smart Vacuum Cleaners
Smart Security Devices
Smart Water Heaters
Smart Coffee Maker
Smart Dish Washers