Smart Home Appliances Market Is Expected to Reach $38.35 Billon, Worldwide, by 2020—Allied Market Research

A new report published by Allied Market Research titled, “World Smart Home Appliances—Market Opportunities and Forecast, 2014–2020,” forecasts that the world smart home appliances market, would garner revenue of $38.35 billion by 2020, registering a CAGR of 16.6% during the forecast period of 2015–2020. The demand of smart home appliances has triggered owing to growing concerns of energy costs and availability of innovative and affordable smart appliances. North America is leading the global market, with about 35% of the market share followed by Europe. However, Asia-Pacific region would emerge as a market leader by 2018. Wi-Fi, RFID and ZigBee are the most sought technologies in the smart home appliances market.

The market players offer products as well as associated and after sale services to the customers. Among the products segment, smart washing machines would occupy the largest market share among all the appliances, due to wide adoption and higher prices. However, Air conditioners would exhibit the fastest growth rate, due to the increasing demand coupled with innovative product launches by the leading market players. Smart home appliances operate through a range of wireless technologies, including Wi-Fi, RFID, ZigBee and Bluetooth and others technologies. Improving internet access levels and easy operability from remote locations, via Wi-Fi technology, would contribute to the market growth.

North America is leading the global market owing to technological advancements and widespread awareness. However, Asia Pacific region is expected to surpass the North American and European markets by 2018, owing to the increasing demand of smart appliances, from countries such as China and India.

Key findings of the study:

• The global market for smart home appliances, is expected to grow due to availability of innovative and affordable smart appliances and increasing awareness among the populace during the forecast period (2015-2020)

• Wi-Fi, RFID and...