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Global Smart Appliances Market Expected to Grow at a CAGR of 23.48% Through 2020

According to the latest market research report “Global Smart Appliances Market by Smart Home Appliances, Smart Kitchen Appliances," is expected to grow at a CAGR of 23.48% through 2020.

Albany, NY, November 12, 2016 --( MRH has been recently announced a forecast report to its research report database, titled “Global Smart Appliances Market 2016-2020.” This report highlights comprehensive overview of the current market scenario across different key regions including North America, Asia pacific, Europe, and MEA. Apart from that, this research report has been derived from an in-depth market analysis with strong involvements from industry experts.

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The smart appliances market has been segmented based on the type, technology and geography. In terms of geography, smart home appliances are expected to boost the market during the forecast period. Technavio's research forecasters states that global smart appliances market will grow at a CAGR of 23.48% by 2020. Nowadays, consumers prefer energy-efficient smart appliances due to rising energy prices. With increased digitalization in today’s world, consumers are fond of technology and have strong knowledge about the benefits of all modern appliances. It is well known that the adoption rate of smart appliances is expanding due to the high dependence of users on smartphones, which serve as a prime control for such devices. Manufacturers provide many smart facilities to their customers, now peoples can download the app on their cell phones and connect to appliances like- Refrigerators, microwave ovens, washing machines, dishwashers and air conditioners through Wi-Fi. This technology facilitates them to conveniently operate and receive notifications on their smartphones from any location.

In addition to this, the emerging concept of smart homes has increased the production of smart appliances, which can be connected to the smartphone and examined on the spot. Analysts estimate that by 2020, over 70 million homes in Europe and North America will become smart, with most of the household and kitchen activities monitored and executed digitally using the internet. In fact, home appliance manufacturers including Maytag, Samsung and Whirlpool are now being associated with the technology hubs like Cisco, Microsoft and Sun Microsystems to bring high-tech kitchen appliances into modern homes.

Key vendors operating in the smart appliances market are Whirlpool, Electrolux, Haier, LG and Samsung. Some other prominent vendors includes:

• Robert Bosch
• Videocon
• Midea
• Mitsubishi Electric
• Panasonic
• Voltas
• Dacor
• Friedrich

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Companies are spending a significant amount on Research and development to create innovative and improved quality products. They also desire to stay up-to-date about emerging technologies that have a bearing on their product ranks. To estimate the market size, the report studies the revenue generated from the retail sales of smart appliances worldwide from the year 2016 to 2020.

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