Rapid emergence of internet of things to drive the growth of Global Smart Home Appliances Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Smart Home Appliances Market By Product (Washing Machine, Refrigerators, Television, Air Conditioner, Vacuum Cleaners, Others), By Distribution Channel (Online, Multi Branded Electronic Stores, Supermarket/Hypermarket, Others), By Region, Competition Forecast & Opportunities, 2026”, the global smart home appliances market is projected to grow at an impressive CAGR in the forecast period, 2022-2026. The market attributes responsible for the growth of the market are rapid increase in the demand for the internet enabled and faster efficiency home appliances. The modernization, urbanization has influenced the consumers to purchase smart appliances for their smart homes. Moreover, technological advancement in the home appliances has led to a surge in the demand for these appliances. Furthermore, the market players already have a built up brand value in the market that has influenced the consumers to buy various appliances from the same brand thereby creating the cut throat competition among the market players.
Home improvement projects have multiplied recently in the last five years. With consumers spending lavishly over these remodeling projects and reverberations of the homes by incorporating smart home appliances, the market is anticipated to boom in the forecast period. Real estate industry is expected to experience a positive shift in growth in upcoming years that will support the smart home appliances market’s growth. The upsurge in the need for push-button control and energy preservation, shifting demographic preferences, and need to safeguard the global environment from polluting effluents, such as greenhouse gasses and toxic wastes, are expected to result in significant market growth.
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The global smart home appliances market is segmented by product, distribution channel, competitional landscape, and regional distribution. Based on distribution channel, the market is further bifurcated into online, multi branded electronic stores, supermarket/ hypermarket, and others. Online distribution channel is anticipated to register the fastest growth with an impressive CAGR in the upcoming five years. The online availability of the smart home appliances on sale has increased the revenue shares of this segment rapidly in the market. The online segment is also booming on the backbone of the extravagant door-step delivery with the needed transportation and handling care. The consumers are able to compare the prices and features of the appliances at a single platform and make their decision effectively and conveniently. Moreover, recent outbreak of COVID-19 pandemic has affected the offline sources drastically. While all the offline distribution channels suffered due to the lockdown imposed for months, online segment experienced a sudden growth in the demand, this demand is anticipated to continue and thus support the growth of the global smart home appliances market in the future five years.
Although multi-branded stores are expected to hold the largest shares of the market due to availability of the wide range of the products with different brands, different appliances, and different category of the appliances under one roof that influences the consumer’s shopping pattern thus influencing the market growth in the future market.
Holding the largest shares of the market, a partial list of the market players includes Samsung Electronics Co., Ltd., BSH Hausgeräte GmbH, General Electric Company, Whirlpool Corporation, LG Electronics Inc., Panasonic Corporation, Haier Group Corporation, Electrolux AB, Breville Group Limited, Voltas Limited, among others. Market players are actively involved with the research and development of the technologically advanced products that satisfies the consumer demand. The competitive landscape often is involved in the manufacturing and supply of multiple smart home appliances and the brand name popular in the market might create a tough spot and difficult point of entry for the new market players. Strategic recommendations may instigate partnerships or acquisitions among the market players and the new players.
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“Asia Pacific has registered the peak growth in the last five years and is expected to be the promising region for the market in the future on the grounds of increasing internet penetration and technological advancements in the developing economies like India, and China. Research and development and production of technologically advanced products are actively carried out in the countries like China, Japan, and South Korea, while countries like India and China provides the cheap labor therefore reducing manufacturing costs. The region is also anticipated to dominate the market in the future due to presence of giant market players in the region like Samsung, LG, Panasonic, among others,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Smart Home Appliances Market By Product (Washing Machine, Refrigerators, Television, Air Conditioner, Vacuum Cleaners, Others), By Distribution Channel (Online, Multi Branded Electronic Stores, Supermarket/Hypermarket, Others), By Region, Competition Forecast & Opportunities, 2026,” has evaluated the future growth potential of global smart home appliances market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global smart home appliances market.
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