26-Oct-2018 | Zion Market Research
With the presence of a large pool of participants, the global smart appliances market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Electrolux AB, General Electric Company, Samsung Electronics, Koninklijke Philips N.V., Panasonic Corporation, BSH Hausgerate GmbH, and LG Electronics are some of the key vendors of smart appliances across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the smart appliances market study.
This review is based on a report by Zion Market Research, 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.”- Report at https://www.zionmarketresearch.com/report/smart-appliances-market
As estimated in this report, the global smart appliances market stood at US$ 18.82 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this smart appliances market is expected to reach US$ 49.12 billion by the end of the forecast period. The main products available in this smart appliances market are home appliances and kitchen appliances.
Scarcity Of Power Supply To Augment Smart Appliances Market Revenue
“Need for reducing power consumption along with growing cost of electricity are the key factors that are likely to impact the growth of smart appliances market in the years ahead,” says the author of this study. Apart from this, rising penetration of IoT along with massive use of novel technologies such as RFID, Bluetooth, ZigBee, Wi-Fi, and NFC is likely to lucratively benefit the smart appliances market size. In addition, meteoric developments witnessed in the topology of wireless communications and IT is expected to boost smart appliances market earnings over the years ahead.
Wide Commercialization Of Smart Home Systems To Boost Regional Dominance
Regionally, Asia Pacific has been leading the worldwide smart appliances market and is anticipated to continue on the dominant position in the years to come, states the smart appliances market study. Rise in the disposable incomes of the people, high standard of living and extensive penetration of high-speed internet is the main factor behind the dominance of the Asia Pacific smart appliances market. Growing commercialization of smart home systems and ease of availability of these systems in APAC is another significant factor that is supporting the growth of this regional smart appliances market. For the record, Japan and China are the key regional revenue pockets and leading business destinations for smart home & kitchen appliances.
The global smart appliances market is segmented as follows:
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