A sophisticated version of conventional appliances being operated through connected devices such as computer, smartphone, or tablet to provide more information and control is called a smart appliance. Market Research Future (MRFR) has published and released a research report about the global Smart Appliances Market that foretells success for this market with 17.51% CAGR (Compound Annual Growth Rate) between 2017 and 2027. By the end of 2027, the market is expected to be worth the US $ 595.49 bn.
The major factors driving the global smart appliances market include surging energy prices and abundance of wireless solutions. However, rapid internet penetration can endanger user privacy which might hamper the market growth.
The key players in the market of Smart Appliances are- Samsung (South Korea), Panasonic Corp. (Japan), Whirlpool Corp. (U.S.), Haier Co. Ltd. (China), Electrolux AB (Sweden), BSH Hausgerate GmbH (Germany), LG Inc. (South Korea), General Electric Co. (U.S.), Miele & Cie. KG (Germany), Philips N.V. (Netherlands), Groupe SEB (France) among others.
Smart Appliances Global Market - Regional Analysis
North America is dominating the market of smart appliances. Presence of global players in U.S. and high per capita income of the American people is one of the major driving factor of the market in North America region. Also, technological advancement and high investment in R&D by the core companies is also playing major role in the market growth. In North America, U.S. is dominating the market accounting for more than 60% of the market. Developed economy and growing demand for the advance appliances is driving the market in the U.S. Asia-Pacific region has emerged as fastest growing market for smart appliances. Growth of Asian countries such as India and China and increasing per capita income and expenditure towards the home appliances are some of the major factor driving the market.