According to the forecast, the market for connected home appliances was worth USD 33.27 billion in 2022 and is anticipated to experience a rapid compound annual growth rate (CAGR) of 8% during the forecast period.
The market's revenue growth is propelled by various factors, including technological advancements, a growing demand for smart homes and appliances that are convenient and energy-efficient, and an increasing acceptance of the Internet of Things (IoT). Moreover, the market is expected to experience revenue growth as more consumers adopt connected home appliances due to the rising availability of high-speed internet access and declining prices of smart home gadgets.
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Top Profiled Companies in the Global Residential Connected Home Appliances Market Report:
- Samsung Electronics Co., Ltd.
- LG Electronics Inc.
- Robert Bosch GmbH
- Siemens AG
- Haier Group Corporation
- Whirlpool Corporation
- Miele Cie. KG
- Electrolux AB
- GE Appliances
- Panasonic Corporation
- Toshiba Corporation
- Hitachi, Ltd.
- BSH Hausgeräte GmbH
- Godrej Group
- Hisense Group
Some of the major restraints:
- High cost: The initial cost of purchasing connected home appliances is relatively higher than that of traditional appliances, which may limit the adoption of these appliances by cost-sensitive consumers.
- Cybersecurity concerns: The increasing interconnectivity of connected home appliances raises concerns about cybersecurity threats and data privacy, which may discourage some consumers from adopting these appliances.
- Compatibility issues: Different connected home appliances may use different communication protocols, making it challenging to integrate and manage these appliances effectively.
- Lack of standardization: There is currently no industry-wide standardization for connected home appliances, leading to compatibility issues and interoperability challenges.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook (Revenue, USD Billion; 2019–2032)
- Refrigerators
- Washing Machines
- Dishwashers
- Air Conditioners
- Cookers
- Others
Technology Outlook (Revenue, USD Billion; 2019–2032)
- Bluetooth
- NFC
- Z-Wave
- Zigbee
- Wi-Fi
End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Residential
- Commercial
Key Takeaways of the Global Residential Connected Home Appliances Market Report:
- A comprehensive overview of the global Connected Home Appliances industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Residential Connected Home Appliances Market.
- Elaborate study of the leading regional markets in the global Residential Connected Home Appliances Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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