In this rapidly changing world of technology, Smart Home Appliances Market is projected to show major growth prospects during the forecast period. Changing consumer preferences and increasing demand for innovations are the major factors driving the growth of smart home appliances market.
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As compared to other regions, the smart home appliances market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart home appliances market. This is owing to the presence of large number of established key players and investments in smart grid projects in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of smart home appliances market. Increasing government initiatives for the adoption of energy efficient devices is another factor contributing to the growth of smart home appliances market.
The smart home appliances market is growing rapidly over 23% of CAGR and is expected to reach at approx. USD 33 Billion by the end of forecast period.
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Smart Home Appliances Market Segmentation
The smart home appliances market has been segmented on the basis of product and technology. The product segment is further bifurcated into refrigerators, dish washers, air conditioners and others. Out of these, the refrigerators segment is expected to dominate the smart home appliances market. This is owing to the key players in smart home appliances market emphasizing on development of next generation refrigerators.
The prominent players in the smart home appliances market are – Electrolux (Sweden), Haier Group Corporation (China), LG Electronics, Inc. (Korea), Samsung Group (Korea), Whirlpool Corporation (U.S.), Dacor (U.S.), Fujitsu General Limited (Japan), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany) and Voltas Limited (India) among others.
Market Research Analysis:
The global smart home appliances market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global smart home appliances market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, smart home appliances market is projected to contribute faster to the growth of revenue backed by increasing demand for innovative products and growing demand for smart homes in countries such as Japan, China and India
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of smart home appliances market. In Europe, the high standards of living of people have led to an increase in investments in smart homes and hence is the major driving factor for the growth of smart home appliances market. The presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries are other factors driving the market growth of smart home appliances market.
Smart home appliances market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Smart home appliances market in Middle East and Africa occupies a relatively smaller pie of the global Smart home appliances market.
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