Increasing Consumer Preferences Regarding Adopting High Performance Appliances Is A Major Factor Expected To Drive Growth Of The Global Home Appliance Market

Smart appliances are electric, electromechanical, or gas-powered next generation devices designed to perform a specific task and equipped with advanced features. Such appliances receive, process, and transmit related information using smartphones, tablets, and laptops.

With significant growth in consumer electronics and communication technologies, along with product innovation in terms of technology, design, performance, and features, is witnessing significant surge, in line with growing preference for facilitating real-time communication to operate the devices at low frequencies. Moreover, rising environmental concerns regarding global warning, harmful effects, and pollution is likely to support the overall smart appliances market share over the forecast period. In addition, emergence of Internet of things (IoT) and other smart technologies and development of e-commerce distribution channels are some factors driving growth of the smart appliances market. Moreover, increasing research & development activities related to sensing devices for electronic appliances, the smart appliances market is moving towards more energy efficient and high performance products.

Household appliances includes variety of products including refrigerator, air conditioner & heater, entertainment & information appliances, and cleaning appliance in order to perform a specific task such as cooking or cleaning, entertainment, etc. that help consumers in day-to-day activities.

The smart appliances market in North America will register significant growth rate over the next 10 years. Emergence of various sensor-based intelligent home appliances responsible for growth of smart appliances market in this region. Increasing penetration of internet connectivity worldwide, manufacturers are focusing towards incorporating these features in home appliances. Additionally, due to rapid urbanization, rising disposable income of the individuals, urban growth and development, increasing import and expert activities worldwide, thus consumers are adopting smart home appliances, thereby driving the overall market growth. Moreover, favorable government initiatives for the use of energy-efficient devices is also one of the key factors driving market growth.

Recent trend observed in the target market is appliances connected through technologies such as Wi-Fi, Radio Frequency Identification (RFID), ZigBee, Bluetooth, etc., giving a new way for growth of the target market. Another trend observed in the market is major players across the globe are focusing to develop energy efficient technologies including ‘Energy Star’ specifications and other efficiency levels.

Key players in the target market are focusing to increase market share via acquisitions and ongoing strong expansion.

• In August 2016, US-based Whirlpool Corporation partners with Innit Inc., a company that develops intelligent cooking technologies. The collaboration was aimed at development of a connected cooking appliances such as Jenn-Air brand WiFi connected ovens and other products at affordable prices
• In January 2017, Smart kitchen company Drop collaborated with GE Appliances (GEA), to develop an additional intelligence to GEA’s connected ovens
• In August 2016, Samsung electronics America acquired Dacor which is a luxury kitchen appliances manufacturer
• In January 2017, Dacor, a luxury kitchen appliance manufacturer – introduced new range of premium household appliances at The Kitchen & Bath Industry Show 2017 in Orlando, Florida