Smart home appliances market to reach $38.35 billon by 2020
Allied Market Research has released a new report forecasting that the world smart home appliance market will garner a revenue of $38.35 billion and register a CAGR of 16.6% during the forecast period of 2015-2020. The report, titled, “World Smart Home Appliances- Market Opportunities and Forecast, 2014-2020” looks at the state of the market now, how it is expected to grow and what changes are likely to take place over the next years.
Allied Market Research is a full-service market research and business consulting wing of Allied Analytics LLP. They provide global enterprises as well as medium and small businesses with Market Research Reports and Business Intelligence Solutions.
The report states that the demand for smart home appliances has increased along with growing concerns of energy costs and availability of innovative and affordable smart appliances. Smart home appliances operate through a range of wireless technologies including Wi-Fi, RFID, ZigBee, Bluetooth and others. The improvement of global Internet access via Wi-Fi will be a contributing factor to market growth.
North America, followed by Europe, is currently leading the global market with 35% of the market share. However, by 2018, the Asia Pacific market will surpass both the European and North American markets thanks to factors like increasing Wi-Fi access and an overall higher demand of smart appliances from countries like China and India.
Key findings from the report include:
- The global market for smart home appliances is expected to grow due to the availability of innovative and affordable smart appliances and increasing awareness between 2015 and 2020
- Wi-Fi, RFID and ZigBee are the most popular technologies in the smart home appliances market
- North America, on account of tech-savvy end users and government incentives for smart appliance manufacturers, constituted the highest market share in 2014
- The Asia-Pacific market will likely surpass the North American and European markets by 2018
The world smart home appliances market consists of companies including LG Electronics, Panasonic Corp., Samsung, Whirlpool Corp. and Haier. Among their product segment, smart washing machines will occupy the largest market share among all the appliances, due to wide adoption and higher prices. Air conditioners are expected to have the fastest growth rate due to the increasing demand and innovative product launches by the industry’s leading companies.