Smart Appliances Market Revenue 2020 Analysis by Key Drivers, Top Players and Forecast 2027

Posted 2 years ago in BUSINESS.

market has the potential to show immense growth, which is recorded at a rate of 17% and is capable of reaching a towering valuation by 2027.

Smart Appliances Market Revenue 2020 Analysis by Key Drivers, Top Players and Forecast 2027

Industry Insight

While 2020 is being an extremely eventful year for data analytics due to COVID-19 breakthrough, the Global Smart Appliances market 2020 is screening some positive instincts, when studied by Market Research Future. As per COVID-19 impact analysis, the market has the potential to show immense growth, which is recorded at a rate of 17% and is capable of reaching a towering valuation by 2027. The growth period has been approximate from the years 2017 to 2027.

Top Grossing Factors

Swelling demand for kitchen as well as home appliances has resulted in surged consumption of electricity, thus, possessing higher pressure on the electricity and power suppliers to swell the supply. The advent of smart appliances has extensively lessened electricity consumption. In the coming years as the energy cost are projected to surge, the ability of the smart appliances to function at relatively low electricity consumption is likely to boost its demand of smart appliances in the coming years.

High-level development and innovation in the home electronics and communications devices show a high possibility to broadly drive the market for Smart Appliances Market Revenue to a great extent. The smart appliance market in the approaching years is likely to experience growth in interoperability of the appliances and devices—for instance, the use of voice control technology for altering settings in a refrigerator.

To add in this, the promise of added convenience when using these devices, the amount of time saved as compared to manually operating them, and the reduction in power and energy are some of the foremost factors leading to the swelled popularity of smart home appliances on a global scale. Over the report’s forecast period, the market for smart appliances is projected to flourish.

In fact, some main product types in the global smart home appliances market that currently have smart connectivity features are vacuum cleaners, washing machines, microwave ovens, refrigerators, hot water systems, coffee makers, air conditioners, television sets, lighting systems, garage doors, sound systems, and gates. Additionally, the significant connectivity platforms used in the smart appliances market include Bluetooth, Wi-Fi, ZigBee, NFC, and Z-Wave.

Key Players:

Samsung (South Korea), Intel (U.S.), SanDisk (U.S.), Micron Technology, Inc. (U.S.), Toshiba (Japan), Lite-On (Taiwan), Western Digital (U.S.), Fusion-Io (U.S.), Google (U.S.), Kingston Technology (U.S.), Netapp (U.S.), OCZ (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global smart appliances market. Smart appliances market offers several benefits to their users including providing alerts to their users, remote access to control the devices and saving energy and money among others.

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Smart Appliances Global Market   - Segmentation

Segmentation by Technology: Wi-Fi, ZigBee, Z-Wave, Bluetooth, and NFC.

Segmentation by Deployment: On cloud and on Premise.

Segmentation by Type: Major Domestic Appliances (Washer, Refrigerator, Dryer, Dishwasher, Air conditioner & Freezer) & Small Domestic Appliances (Food Processors, Toasters, Coffee Makers 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.

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