In a recent published report, Kenneth Research has updated the market report for Smart Home Appliances Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Home Appliances Market products.
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Factors such as the growing trade on services across nations worldwide, backed by increasing urbanization and development of several new micro, small and medium enterprises are anticipated to promote towards the growth of the MARKET throughout the forecast period. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States recorded to be the largest exporters of international trade in services amongst all the OECD nations with a value worth USD 827 billion in the year 2018.
The report titled Smart Home Appliances Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2020-2025.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Report Title: Smart Home Appliances Market By Product Type (Home Appliances [Smart Home Security System, Smart Lighting, Smart Speaker, Smart Plugs, Smart Thermostat, Others], Kitchen Appliances [Smart Microwave/Oven, Smart Refrigerators, Smart Dishwashers, Smart Washer/Dryers, Others]), By Technology (Wi-Fi, Bluetooth, RF Technology, Zigbee, Cellular Technology, Near Field Communication), and By Region (North America, Europe, APAC, and RoW) – Global Forecast up to 2025
This market research report includes a detailed segmentation of the global smart home appliances market by product type (home appliances [smart home security system, smart lighting, smart speaker, smart plugs, smart thermostat, others], kitchen appliances [smart microwave/oven, smart refrigerators, smart dishwashers, smart washer/dryers, others]), by technology (Wi-Fi, Bluetooth, RF technology, Zigbee, cellular technology, near field communication), and by region (North America, Europe, APAC, and RoW). The market research report identifies Samsung, LG, GE Appliances, Electrolux, Panasonic, Philips, Whirlpool, and BSH as the major vendors operating in the global smart home appliances market.
Overview of the Smart Home Appliances Market
Infoholic’s market research report predicts that the global smart home appliances market will grow at a CAGR of around 32% during the forecast period 2019–2025. The demand for smart home appliances is increasing due to several factors such as increased digitalization, growing consumer awareness of smart hubs, rising living standards, growing consumer purchasing power, and increased consolidation & sustainability.
The shift in consumer buying power is one of the major drivers contributing to the growth of the smart home appliances market. Increase in demand for energy-efficient appliances is anticipated to create new business opportunities for smart home appliances vendors. Advancement in IoT is one of the key factors for smart homes & home automation, which is driving the smart home appliances market. Wider availability of financing options, increasing nuclear families, changing lifestyles, and launch of new & advanced models are few factors leading to the growth of the smart home appliances market.
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There are certain challenges being faced by smart home appliances vendors, which may hinder the market growth. Few challenges in the smart home appliances market include concerns about device security, efficiency & durability of products, and high product costs of home appliances. Complete usability & interoperability of connected devices is also one of the factors that can create issues when consumers want to integrate a smart solution from one vendor into the smart hub offered by a different vendor.
According to the smart home appliances industry analysis, North America accounts for the largest share of the global smart home appliances market in 2019. Drivers supporting the growth of the smart home appliances market in North America include increased focus of consumers toward home security and growing demand for energy management devices. The number of smart homes in the US is expected to increase significantly during the next few years due to growing number of connected devices.
The Asia Pacific region is expected to witness the fastest growth rate during the forecast period due to the increasing presence of home appliances vendors in this region. With strong economic growth in this region, domestic as well as foreign manufacturers & retailers of home appliances witness potential opportunities for expansion in the APAC market.
Smart Home Appliances Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global smart home appliances market. Major vendors across different verticals are planning for high investments in this market, and as a result, the smart home appliances market is expected to grow at an impressive rate in the coming years. The key players in the market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.
Few of the Key Vendors in the Smart Home Appliances Market Research:
• GE Appliances
Consumer electronics companies, including Samsung and LG, have shifted their focus toward smart technology devices, which could benefit them in their home appliances business. Traditional appliances companies, i.e., Electrolux, BSH, and Whirlpool, have also become key players by acquiring significant capabilities in the smart appliances segment.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Smart Home Appliances Market Research By Product Type
- Smart Home Security System
- Smart Lighting
- Smart Speaker
- Smart Plugs
- Smart Thermostat
- Kitchen Appliances
- Smart Microwave/Oven
- Smart Refrigerators
- Smart Dishwashers
- Smart Washer/Dryers
- The home appliances segment is estimated to hold the largest market share and the kitchen appliances segment is expected to witness significant growth at the highest CAGR during the forecast period 2019–2025.
- Smart Home Appliances Market Research By Technology
- • Wi-Fi
- • Bluetooth
- • RF Technology
- • Zigbee
- • Cellular Technology
- • Near Field Communication
- Wi-Fi technology is estimated to hold the largest market share in 2019 as it is preferred as connectivity for remote control & monitoring, and cellular technology is expected to grow at the highest rate during the forecast period 2019–2025.
- Smart Home Appliances Market Research Benefits
- The report provides an in-depth analysis of the smart home appliances market. Globally, the adoption of smart home appliances is expected to increase significantly during the next few years. The report discusses the market in terms of product type, technology, and regions. Further, the report provides details about the major challenges impacting the market growth.
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About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.
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