The global smart home appliances market size is expected to grow rapidly due to automation enhancements and lifestyle advancements. Furthermore, rapid investments in smart appliances by several households is expected to enhance market growth. Fortune Business Insights™ provides this information in its report titled “Smart Home Appliances Market, 2024-2032.”
Read More: https://www.fortunebusinessinsights.com/smart-home-appliances-market-106267
Top Company in the Smart Home Appliances Market:
- Haier Group Corporation (Qingdao, China)
- Electrolux (Stockholm, Sweden)
- Samsung Group (Suwon-si, South Korea)
- G. Electronics, Inc. (Seoul, South Korea)
- Whirlpool Corporation (Michigan, U.S.)
- Fujitsu General Limited (Japan)
- Dacor (California, U.S.)
- Voltas Limited (Mumbai, India)
- Panasonic Corporation (Osaka, Japan)
- Robert Bosch GmbH (Gerlingen, Germany)
COVID-19 Impact
Closure of Manufacturing Industries Negatively Affected Industry Growth
This market was negatively affected during the COVID-19 pandemic because of the closure of manufacturing activities. Further, the rapid spike in COVID infections led to the imposition of stringent restrictions against manufacturing. Moreover, the global semiconductor shortage is restricting the market’s progress. However, the resumption of activities post the pandemic has enabled market players to function smoothly. The adoption of digitization and automated production techniques is expected to enhance the adoption of the product.
Segmentation
By product type, the market is segmented into washing machine, air conditioners (A.C.s), refrigerator, dishwashers, and other smart appliances. As per technology, it is classified into Wi-Fi, Bluetooth, cellular technology, and radio frequency identification (RFID). Based on distributional channel, it is bifurcated into offline and online. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Driving Factors
Increasing Smart Homes to Enhance Market Growth
Smart home appliances consist of washing machines, dishwashers, smart cameras, locks, refrigerators, and others. These appliances save time and enhance the comfort of consumers. Rising smart homes are likely to enhance the adoption of smart home appliances. Furthermore, the increasing demand for technologically advanced products are likely to enhance the demand for the product. Moreover, the robust demand for premium electronics such as smart speakers, air conditioners, refrigerators, and dryers/washers is expected to enhance the smart home appliances adoption. In addition, rising development of smart and green buildings is expected to boost appliance sales. These factors may drive the smart home appliances market growth.
However, high cost associated with smart devices may hinder the industry’s growth.
Regional Insights
Rising Internet Penetration to Propel Market Progress in North America
North America is expected to dominate the smart home appliances market share because of rising internet penetration and technological advancements. Furthermore, improvements in wireless communication technologies and novel product developments may bolster the demand for the product. These factors are likely to foster the market’s growth in the region.
In Europe, the rising adoption of smart appliances and strong demand for energy-efficient products is expected to enhance smart home appliance adoption. In addition, the demand for smart security solutions is expected to enhance smart home appliance adoption. These factors may influence industry growth.
In Asia Pacific, rising per-capita income and evolving lifestyles are expected to enhance the product’s sales. Furthermore, the rapid development of 5G infrastructure and increasing digitization may bolster industry growth.
Competitive Landscape
Players Enter Collaborations to Enhance Brand Image
The prominent companies operating in the market enter collaborations to enhance their brand image. For example, Apple, Google, Amazon, and Zigbee Alliance collaborated with smart appliance companies for the development and promotion of compatible smart home products in December 2019. This development may allow companies to enhance their brand image. Furthermore, companies adopt expansions, partnerships, acquisitions, mergers, and novel product launches to enhance their market position.
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