Smart Home Appliances Market: Introduction
- Smart home appliances are the class of next-generation connected equipment that are controlled with the help of commands from a central system or they can communicate with other appliances in a network and make certain decisions for the user. The concept of connected devices, which enable the user to manage everyday home appliances such as ovens, refrigerators, stoves, air conditioners, vacuum cleaners, washing machines, etc. from any corner of the house, with the use of a mobile computing device, a simple app, and some kind of network that connects the user with the devices, is highly fascinating. The market for the smart home appliances are expected to expand considerably during the forecast period.
Key Drivers and Opportunities of Global Smart Home Appliances Market
- The promise of added convenience when using these devices, the amount of time saved as compared to the time spent while manually operating them, and the reduction in power and energy achieved are major factors that are estimated to fuel the popularity of smart home appliances across the globe during the forecast period
- The global market for smart home appliances is driven by a rise in the rate of adoption of mobile devices and technologically advanced products worldwide; expansion of the network of high-speed Internet; the energy-efficient nature of smart home appliances; technological advancements in the fields of connectivity mediums, sensors, microchips, and hardware products; and the expected decline in prices of connectivity modules during the forecast period.
- Device manufacturers are also increasingly shifting their focus to smart appliances segment, as the tech-savvy and connected consumer of the present day becomes more receptive to connected technologies and the new functionalities that the technology is bringing. The prices of these products are currently higher than traditional “non-smart” appliances; however, the market would soon feature cost-effective products as more device manufacturers challenge themselves to include connectivity features in their appliances.
Asia Pacific to Hold Major Share of Global Smart Home Appliances Market
- In terms of region, the global smart home appliances market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Demand for smart home appliances is also expected to rise in the developing countries across Asia Pacific owing to strengthening economies and a rise in disposable income of the people living therein, continuous expansion of high-speed Internet in the regions, the rising commercialization of smart home systems, and the easy availability of these systems in the region.
Key Players Operating in Global Smart Home Appliances Market
- Apple Inc.
- BSH Hausgeräte GmbH
- Electrolux AB
- GE Appliances
- LG Corporation
- Panasonic Corporation
- Samsung Electronics Co., Ltd.
- Sony Group Corporation
- Whirlpool Corporation
- Xiaomi Corporation
Global Smart Home Appliances Market: Research Scope
Global Smart Home Appliances Market, by Product Type
- Washing Machines
- Vacuum Cleaners
- Microwave Ovens
- Air Conditioners
- Coffee Makers
- Lighting Systems
- Television Sets
- Sound Systems
- Garage Doors
- Others (Hot Water Systems, etc.)
Global Smart Home Appliances Market, by Technology
- Others (NFC, etc.)
Global Smart Home Appliances Market, by Price
Global Smart Home Appliances Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Supermarkets / Hypermarkets
- Specialty Stores
- Factory Outlets
- Other Retail Based Stores
Global Smart Home Appliances Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.