Global Smart Appliances Market to Grow at an Impressive CAGR of 24% Through 2020, Reports Technavio
Technavio
analysts forecast the global
smart appliances market to grow at a CAGR of close to 24%
during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of
the global smart
appliances market for 2016-2020. The report also
presents the vendor landscape and a corresponding detailed analysis of
the top five vendors operating in the market. In addition, it discusses
the challenges faced by vendors and the market as a whole. It also
examines key emerging trends and their influence on current and future
market scenarios.
Smart connected appliance manufacturers are focusing on four
important areas which are sensing and troubleshooting issues,
connectivity, analytics, and the promotion of these appliances on
e-commerce websites.
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Technavio analysts highlight the following three factors that are
contributing to the growth of the global smart appliances market:
-
Increased convenience and functional value of remotely communicating
with appliances
-
Use of connectivity as a differentiating feature by manufacturers
-
Energy efficiency as a motivating factor for consumers
Increased convenience and functional value of remotely communicating
with appliances
According to Poonam Saini, a lead analyst at Technavio for home,
kitchen and large appliances research, “Consumers have started
to quickly adopt new technologies due to their fast-paced lifestyles and
preference for convenience. The concept of controlling a home appliance
via the internet and a smartphone has attracted considerable attention
in recent times.”
To cater to this growing demand for convenient products, marketers are
focusing on rapidly advancing technologies to develop smart appliances.
By downloading the app on their mobile devices and connecting their
appliances (like refrigerators, microwave ovens, washing machines,
dryers, and air conditioners) through Wi-Fi, consumers can easily
operate, monitor, and receive notifications on their smartphones from
any remote location.
Use of connectivity as a differentiating feature by manufacturers
Wireless technologies like Wi-Fi, Bluetooth, and ZigBee can be used in
or accessed by smartphones and tablets. But the inclusion of these
technologies in home appliances (like air conditioners) is a means of
product differentiation by manufacturers that is enticing tech-savvy
consumers. Connectivity allows the exchange of information between the
appliance and other appliances and systems.
The network benefits of wireless connectivity in home appliances are new
functionality, higher product utilization and the development of
capabilities that cut across and transcend traditional product
boundaries.
Energy efficiency as a motivating factor for consumers
Energy efficiency is a key parameter for consumers making purchase
decisions for large appliances like air conditioners, washing machines,
and microwave ovens, owing to the rising concern about the high
electricity consumption by these appliances.
According to the U.S. Energy Information Administration (EIA), the
demand for global energy will grow 37% by 2035 due to an increase in
energy requirement per household. Therefore, governments of many
countries are taking steps to reduce energy consumption by encouraging
the use of products such as smart thermostats, which result in lesser
consumption of energy and are environment-friendly. Government
regulations regarding energy consumption are also propelling the growth
of the market. The regulations released by regulatory agencies such as
ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning
Engineers), BEE (Bureau of Energy Efficiency), and DOE (Department of
Energy) will benefit both the consumers and the environment at the same
time.
The deployment of the smart grid could easily be one of the leading
drivers for smart appliances over the next five to fifteen years.
Consequently, even in its infancy, numerous companies are trying to
figure out the best way to enter this fast-moving industry. “The growing
demand for energy-efficient appliances will propel the sale of smart
appliances during the forecast period,” says Poonam.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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at [email protected].
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