Chicago, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Smart Appliances Market by Offering, Products (Smart Washer, Smart A.C, Smart Dryer, Smart Refrigerator, Smart Cooktop, Smart ), Services, Technology, End-User-Industry, and Geography 2026", In recent years, the market for smart appliances has experienced significant growth, primarily due to the increasing demand for smartphones, and the availability of wireless solutions is also expected to significantly boost the market in the near future. These factors will drive market growth through the end of the forecast period. Moreover, intensifying consumer focus on convenience, cost reduction, and energy conservation will drive the demand of smart appliances in the near future.
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Smart Appliances Market Report Scope
| Report Attributes | Details |
| Estimated Market Size | USD 33.8 Billion |
| Projected Market Size | USD 76.4 Billion |
| Growth Rate | 17.7% |
| Base Year Considered | 2020 |
| Historical Data Available for Years | 2017–2026 |
| Forecast Period | 2021–2026 |
Key Market Players in Smart Appliances Market
- Samsung Electronics (South Korea),
- LG Electronics (South Korea),
- Panasonic (Japan),
- Whirlpool (US),
- Haier Smart Home (China)
“Browse in-depth TOC on "Smart Appliances Market Trends, Growth Drivers"
181 – Tables
78 – Figures
235 – Pages
Market Dynamics
Driver: Rising availability of wireless connectivity solutions
Restraint: Concerns about data privacy among end-users
Opportunity: Integration of new technologies, such as AI, with smart appliances
Challenge: High cost associated with installation of smart appliances
Wireless solutions not only reduce the usage of wires but also help to avoid the reconstruction of existing homes, thereby offering flexibility to end users. A variety of new wireless protocols have been developed to improve the working of smart appliances. The advent of ZigBee and Z-Wave, apart from the existing technologies such as Bluetooth and Wi-Fi, is likely to bring about major technological advancements in the smart appliances market. ZigBee alliance control ZigBee protocol is a lower power specification based on the IEEE 802.15.4 standard for personal area networks. It uses less power and provides better coverage. Z-Wave can be used for all kinds of wireless applications. It can be used to connect sensors in security systems, locks, smoke detectors, and other smart appliances in the house.
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Internet users and smartphone users are concerned about possible misuse of their personal information, such as names, email addresses, home addresses, dates of birth, and credit card numbers. Furthermore, smart appliances are mostly controlled through smartphone apps developed by companies; companies capture consumer data through these apps, which further increases consumer concerns over their privacy. Thus, privacy concerns are a potential barrier to the growth of the smart appliances market.
AI technologies make products think like humans. They help to understand how the human brain thinks, learns, decides, and works. AI has become very popular in today’s world. It has applications in different industries like healthcare, manufacturing, banking, and automotive. Smart appliances companies are working to in-build AI in products to make them more personalized and convenient for consumers.
Smart appliances are relatively expensive as compared to conventional appliances. To connect all the appliances in the house, they must be connected via a common interface for communication. Installation costs can range from USD 50 to USD 1,000, depending upon the number of appliances and technology used. Although it is beneficial for the long run, attracting consumers at these costs can be a challenge for companies. Currently, smart appliances are installed in most American and European homes.
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