The connected home appliance market has been segmented into type and technology. The type segment is further segmented into security appliances, kitchen appliances, laundry appliances and water treatment appliances among others. Among these segments, the kitchen appliance segment has accounted for the largest market share in overall connected home appliance market. Factors such as security and comfort along with privilege of smart devices and automated technology is envisioned to strengthen the growth of connected home appliance market over the forecast period.
The global market for connected home appliances is expected to expand at a robust CAGR over the period 2017-2024. Factors such as increasing demand for internet structure availability and increase in smartphone penetration rate are anticipated to increase the growth of connected home appliance market over the forecast period.
In the regional segment, North America represented the largest market share in connected home appliance market and is anticipated to continue its dominance over the forecast period. This can be attributed to increasing purchasing power and changing lifestyle of people. Moreover, advancement in technology is anticipated to drive the growth of connected home appliance market in North America. Further, the increasing number of smart phones in regions of Asia-Pacific is estimated to foster the growth of connected home appliance market in coming years. Europe region is expected to observe outstanding growth in the market share of connected home appliance market over forecast period.
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Smart Gadgets to Magnify the Growth of Market
Increasing number of smartphones has resulted in high availability of home broadband connectivity services. According to IHS technology, over 1 million units of smart gadgets were used in 2014, which is expected to increase up to 470 million units in 2020. These factors are expected to benefit the expansion of connected home appliance market in upcoming years.
However, factors such as lack of awareness among consumers combined with high cost of equipment are likely to inhibit the growth of the connected home appliance market in near future.
The report titled “Connected Home Appliance Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the connected home appliance market in terms of market segmentation by type, by technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the connected home appliance market which includes company profiling of IBM Corporation, Honeywell International Inc., Whirlpool Corporation, Comcast Corporation, Robert Bosch GmbH, ARRIS Group Inc., Samsung Group, General Electric, Cisco Systems and Panasonic Corporation
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the connected home appliance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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