Smart Home Appliances Market by Product, Distribution Channel and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40419
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The smart home appliances market share is expected to increase by USD 31.66 billion from 2019 to 2024, and the market’s growth momentum will decelerate at a CAGR of 16%.

This smart home appliances market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers smart home appliances market segmentation by product (smart washing machines, smart air conditioners, smart refrigerators, smart microwave ovens, and smart dishwashers), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and MEA). The smart home appliances market report also offers information on several market vendors, including AB Electrolux, General Electric Co., Koninklijke Philips NV, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., and Whirlpool Corp. among others.

What will the Smart Home Appliances Market Size be During the Forecast Period?

Smart Home Appliances Market Size

Download the Free Report Sample to Unlock the Smart Home Appliances Market Size for the Forecast Period and Other Important Statistics

 

Smart Home Appliances Market: Key Drivers, Trends, and Challenges

The adoption of wireless connecting devices is notably driving the smart home appliances market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart home appliances industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart Home Appliances Market Driver

One of the key factors driving growth in the smart home appliances market is product innovation in terms of technology, performance, features, and design. Vendors that offer home appliances are currently focusing on continuous technological innovations in the field of electronics to add more value to home appliances and to enhance their functionality. The concept of controlling home appliances through the Internet and smartphones has attracted considerable consumer attention in recent times. To cater to the growing demand for convenient products and develop smart home appliances, marketers are focusing on rapidly advancing technologies. By connecting their smart appliances with the Internet, consumers can easily operate, monitor, and receive notifications about the appliances on their smartphones from any remote location. The rapidly evolving designs of household appliances will also catalyze the growth of the market during the forecast period.

Key Smart Home Appliances Market Trend

The introduction of additional features in smart home appliances is another factor supporting the smart home appliances market share growth. Connectivity alone cannot compel consumers to opt for smart home appliances. Customers want additional features to support the connectivity function. As the availability of ample space is a major issue for most consumers living in compact homes, players are now trying to come up with appliances that have connectivity features, as well as sleek designs and other attractive features.

Key Smart Home Appliances Market Challenge

The high cost of smart home appliances will be a major challenge for the smart home appliances market during the forecast period. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular home appliances with the smart connected variety. As such, companies are challenged to create affordable products for the mass consumer segment, especially in emerging countries, where consumers are price-sensitive. Most product offerings are targeted at the high-end consumer segment, which provides a small consumer base for smart home appliances. The technology used in smart home appliances is complex and needs in-depth R&D activities, for which huge investments are required. Currently, the adoption of smart connected appliances has not reached a mass level, which also adds to their high cost. This factor, therefore, will likely prove to be an obstacle to the market's growth during the forecast period

This smart home appliances market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global smart home appliances market as a part of the global household appliances market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart home appliances market during the forecast period.

Who are the Major Smart Home Appliances Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AB Electrolux
  • General Electric Co.
  • Koninklijke Philips NV
  • LG Electronics Inc.
  • Mitsubishi Electric Corp.
  • Panasonic Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Sharp Corp.
  • Whirlpool Corp.

 

This statistical study of the smart home appliances market encompasses successful business strategies deployed by the key vendors. The smart home appliances market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • AB Electrolux - The company offers a range of smart home appliances which includes microwave ovens such as the AEG smart team oven and smart air conditioners such as FGRC0844S1 and Frigidaire Cool Cnnect Air Conditioners.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The smart home appliances market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Smart Home Appliances Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the smart home appliances market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the household appliances market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Smart Home Appliances Market?

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40% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for smart home appliances in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increasing dependence on appliances over manual labor for household work, increasing disposable income, expanding middle-class population, rising standards of living, growing rate of urbanization and number of new household constructions, increasing smartphone penetration and Internet coverage, online retail sales of consumer goods, and organized retail sector encouraging greater visibility of high-end products will facilitate the smart home appliances market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Smart Home Appliances Market?

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The smart home appliances market share growth by the smart washing machine segment will be significant during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart home appliances market size and actionable market insights on post COVID-19 impact on each segment.

 

Smart Home Appliances Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Decelerate at a CAGR of 16%

Market growth 2020-2024

USD 31.66 billion

Market structure

Fragmented

YoY growth (%)

25.46

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 40%

Key consumer countries

China and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AB Electrolux, General Electric Co., Koninklijke Philips NV, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., and Whirlpool Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Smart Home Appliances Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive smart home appliances market growth during the next five years
  • Precise estimation of the smart home appliances market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart home appliances industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart home appliances market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Smart washing machines and dryers - Market size and forecast 2019-2024
  • Smart air conditioners - Market size and forecast 2019-2024
  • Smart refrigerators - Market size and forecast 2019-2024
  • Smart microwave ovens - Market size and forecast 2019-2024
  • Smart dishwashers - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Distribution channel

  • Market segments
  • Comparison by Distribution channel placement
  • Offline - Market size and forecast 2019-2024
  • Online - Market size and forecast 2019-2024
  • Market opportunity by Distribution channel

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Geographic Landscape by Volume
  • Geographic segmentation
  • Geographic comparison

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AB Electrolux
  • General Electric Co.
  • Koninklijke Philips NV
  • LG Electronics Inc.
  • Mitsubishi Electric Corp.
  • Panasonic Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Sharp Corp.
  • Whirlpool Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The smart home appliances market growth will increase by $31.66 billion during 2019-2024.
The smart home appliances market is expected to grow at a CAGR of 16.45% during 2019-2024.
Technavio has segmented the smart home appliances market by product (Smart washing machines and dryers, Smart air conditioners, Smart refrigerators, Smart microwave ovens, and Smart dishwashers) and geographic (North America, Europe, APAC, South America, and MEA).
AB Electrolux, General Electric Co., Koninklijke Philips NV, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd. , Sharp Corp., Whirlpool Corp. are a few of the key vendors in the smart home appliances market.
APAC will register the highest growth rate of 40.15% among the other regions. Therefore, the smart home appliances market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the smart home appliances market growth are:
  • Product innovation in terms of technology, performance, features, and design
The smart home appliances market vendors should focus on grabbing business opportunities from the smart washing machines and dryers segment as it accounted for the largest market share in the base year.
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