Insights on the Smart Home Appliances Global Market to 2028
DUBLIN, December 16, 2022 /PRNewswire/ — The “Global Smart Home Appliances Market Size, Share and Industry Trends Analysis Report By Distribution Channel, By Product (Smart Washing Machines, Smart Air Purifiers, Smart Refrigerators, Smart TV), By Region Outlook and Forecast, 2022 – 2028” report has been added ResearchAndMarkets.com’s sacrifice.
The global market for smart home devices is expected to reach $49.9 billion by 2028, rising with a market growth of 8.7% CAGR during the forecast period.
Smart home devices are Wi-Fi enabled devices that connect to a voice command system or a smart hub, such as Google Assistant, Amazon Alexa or a smart home app. The devices in a smart home are interconnected and accessible from a single hub, such as a tablet, smartphone, laptop or games console. One home automation system can operate multiple functions, including door locks, televisions, thermostats, cameras, home monitors, lights, and even appliances like the refrigerator.
The user can set time schedules for specific changes to take effect using the system, which is installed on a mobile device or other network devices. Smart home appliances have self-learning capabilities that allow them to figure out the homeowner’s schedules and adjust as needed. Lighting control in smart homes allows residents to save money on energy costs while using less electricity.
When the owner is away from home, some home automation systems sound an alarm, while other devices notify the police or the fire department in the event of an emergency. Once connected, IoT technology, a network of physical items that can collect and share electronic information, includes services such as a smart security system, smart doorbell, and smart appliances.
When a device is connected to a central system and has the ability to be programmed, remotely controlled or operate on its own depending on information from sensors that detect elements such as light levels, temperature or activity, the device is said to be ‘ a smart device. Ideally, as part of a larger smart home, smart devices are made to work with other smart devices.
This offers consumers benefits including better energy management as well as more comfort, convenience and security. Producing items that consumers desire to buy and use, as well as new revenue streams based on factors such as automated replacement of consumables or efficiencies in development, manufacturing, installation and maintenance are all ways that smart devices can increase manufacturers’ profits.
COVID-19 Impact Analysis
Since smart home appliances are expensive, several people could not buy them. In addition, the global supply chain has also been disrupted, posing a challenge of lack of raw materials required for manufacturing smart home devices. As a result, the growth of the smart home devices market has been greatly hampered.
Given the increasing popularity of online/e-commerce sales, the industry is estimated to recover during the forecast period. Many consumers have begun to make improvements to or complete remodeling of their homes. During the pandemic, several businesses saw an improvement in remodeling efforts. Brands are paying close attention to their target demographics as the market grows and have adapted their marketing tactics to attract customers.
Market Growth Factors:
Rising electricity costs and increasing technological advances
Consumers in the home are extremely worried about the rising cost of electricity bills. An extensive amount of electricity is used by equipment such as air conditioners, refrigerators, water heaters, lighting fixtures, as well as home entertainment systems. The homes are turning to energy saving measures because of these higher expenses. Smart home appliances that can communicate with each other have become an excellent option in such a situation. As a result, households are implementing smart home devices to reduce energy expenses. Developments in wireless communication technology are expected to enable remote control of residential equipment.
Increasing integration of wireless connections in smart home devices
Wireless solutions offer flexibility to end users by lowering the requirement for cables while also eliminating the need to rebuild existing residences. To improve the functionality of smart devices, numerous new wireless protocols have been created. Apart from existing technologies, such as Bluetooth and Wi-Fi, the introduction of ZigBee as well as Z-Wave is estimated to result in significant technological breakthroughs in the smart device market.
The leading players in the market compete with diverse innovative offerings to remain competitive in the market. The illustration below shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting different strategies to meet the demand from the different industries. The most important development strategies in the market are product launches.
Marketing Limitation Factor:
High installation and maintenance costs
Compared to traditional devices, smart devices are more expensive. All the home’s equipment must be linked together via a single communication interface. Depending on the number of devices and technology used, installation costs can vary significantly and become unaffordable for a customer. Even though this is expected to be beneficial in the long run, it can be challenging for businesses to attract customers at these prices.
Key topics covered:
Chapter 1. Market scope and methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Key factors influencing the market
2.2.1 Market drivers
2.2.2 Market restrictions
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent industry-wide strategic developments
3.2.1 Partnerships, collaborations and agreements
3.2.2 Product launches and product extensions
3.2.3 Acquisition and mergers
3.2.4 Geographical extensions
3.3 Market share analysis, 2021
3.4 Top winning strategies
3.4.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.4.2 Key Strategic Move: (Product Launches and Product Expansions: 2019, Aug – 2022, Jul) Leading Players
Chapter 4. Global Smart Home Appliances Market by Distribution Channel
4.1 Global Offline Market by Region
4.2 Global online market by region
Chapter 5. Global Smart Home Devices Market by Product
5.1 Global Smart Washing Machine Market by Region
5.2 Global Smart Air Purifier Market by Region
5.3 Global Smart Refrigerators Market by Region
5.4 Global Smart TV Market by Region
5.5 Global Other Market by Region
Chapter 6. Global Smart Home Devices Market by Region
Chapter 7. Company Profiles
7.1 Apple, Inc.
7.1.1 Company overview
7.1.2 Financial Analysis
7.1.3 Regional analysis
7.1.4 Research and Development Expense
7.1.5 Recent strategies and developments:
7.1.5.1 Product launches and product extensions:
7.1.5.2 Acquisition and mergers:
7.1.6 SWOT analysis
7.2 Panasonic Corporation
7.2.1 Company overview
7.2.2 Financial Analysis
7.2.3 Segment and regional analysis
7.2.4 Research and Development Expense
7.2.5 Recent strategies and developments:
7.2.5.1 Partnerships, collaborations and agreements:
7.2.5.2 Product launches and product extensions:
7.2.6 SWOT analysis
7.3 Samsung Electronics Co., Ltd. (Samsung Group)
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segment and regional analysis
7.3.4 Research and Development Expense
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, collaborations and agreements:
7.3.5.2 Product launches and product extensions:
7.3.6 SWOT analysis
7.4 Robert Bosch GmbH (BSH Home Appliances Corporation)
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segment and regional analysis
7.4.4 Research and Development Expense
7.4.5 Recent strategies and developments:
7.4.5.1 Partnerships, collaborations and agreements:
7.4.6 SWOT analysis
7.5 LG Electronics, Inc. (LG Corporation)
7.5.1 Company overview
7.5.2 Financial Analysis
7.5.3 Regional and Segment Analysis
7.5.4 Research and Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Partnerships, collaborations and agreements:
7.5.5.2 Product launches and product extensions:
7.5.6 SWOT analysis
7.6 Whirlpool Corporation
7.6.1 Company overview
7.6.2 Financial Analysis
7.6.3 Regional analysis
7.6.4 Research and Development Expense
7.6.5 Recent strategies and developments:
7.6.5.1 Partnerships, collaborations and agreements:
7.6.5.2 Product launches and product extensions:
7.6.6 SWOT analysis
7.7 Haier Smart Home Co., Ltd. (Haier Group Corporation)
7.7.1 Company overview
7.7.2 Financial Analysis
7.7.3 Segment and regional analysis
7.7.4 Research and Development Expense
7.7.5 Recent strategies and developments:
7.7.5.1 Product launches and product extensions:
7.8 Electrolux AB
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Partnerships, collaborations and agreements:
7.8.2.2 Product launches and product extensions:
7.9 Royal Philips NV
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segment and regional analysis
7.9.4 Research and Development Expense
7.9.5 Recent strategies and developments:
7.9.5.1 Product launches and product extensions:
7.10. Miele & Cie. KG
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Geographical extensions:
For more information on this report visit https://www.researchandmarkets.com/r/qybmgg
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