Smart Home Appliances Industry Key Players, Trends, Growth Opportunities and Industry Forecast till 2025
“The factors that propel the growth of the market include increasing acceptance of IoT and rising demand for smart homes, improving the lifestyle of people, technological advancements, development in electronics and communication technologies, and increasing buying power.”
Global smart home appliances market is anticipated to witness an exponential growth in the forecast period. Smart home appliances provide connectivity via diverse interactive wireless procedures such as Wi -Fi, Bluetooth, and NFC. They are mostly connected through microcontrollers. The factors that propel the growth of the market include increasing acceptance of IoT and rising demand for smart homes, improving the lifestyle of people, technological advancements, development in electronics and communication technologies, and increasing buying power. On the other hand, there are factors that may hamper the growth of the market including the high cost of appliances and lack of consciousness regarding the use of sophisticated appliances and technologies. Smart home appliances market is anticipated to expand at a significant CAGR of 50.24% in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market could be explored by product type, technology, application and geography. The market could be explored by product type as Refrigerator, Washing machine, Air conditioner, and Dishwasher. The “Refrigerator” segment led the smart home appliances market in 2017 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes increased innovation in terms of technology and high usage in homes.