Industry Background:
A smart home is one which combines advanced sensing and automation systems to provide the inhabitants with monitoring and control regardless of whether they are inside or outside the home. A Smart home, is defined as a residence or a building with equipment which can be remotely controlled and operated from any place in the world by means of Smart Devices or through a smartphone. The global smart home products market is expected to witness a high growth in near future owing to rising number of internet users and increasing adoption of smart devices.This growth is primarily driven by Rising Number of Internet Users and Increasing Adoption of Smart Devices, Growing Need for Energy-Saving and Low Carbon Emission-Oriented Solutions and Large Number of Manufacturers Escalating Their Smart Home Product Portfolios.
Globally, a noticeable market trend is evident Rapid Proliferation of Smartphones and Smart Appliances. Major Vendors, such as General Electric Company (United States), Panasonic Corporation (Japan), Electrolux AB (Sweden), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Koninklijke Philips N.V. (Netherlands), Apple Inc. (United States), Haier Electronics Group Co., Ltd. (Hong Kong), Miele & Cie. KG (Germany) and Whirlpool Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On April 15, 2019 — On National Laundry Day, LG Electronics USA is rolling out its new line of smart, Wi-Fi-enabled front-load and top-load washing machines featuring its most advanced TurboWash™ technology.
Regulatory Insights:
The Department of Energy (DOE), through the Buildings Technologies Office, sets minimum energy efficiency standards for approximately 60 categories of appliances and equipment used in homes, businesses, and other applications, as required by existing law. The appliances and equipment covered provide services that are used by consumers and businesses each day, such as space heating and cooling, refrigeration, cooking, clothes washing and drying, and lighting. DOE's minimum efficiency standards significantly reduce U.S. energy demand, lower emissions of greenhouse gases and other pollutants, and save consumers billions of dollars every year, without lessening the vital services provided by these products. In addition, DOE implements laws designed to limit the water consumption of several plumbing products.
Market Drivers
- Rising Number of Internet Users and Increasing Adoption of Smart Devices
- Growing Need for Energy-Saving and Low Carbon Emission-Oriented Solutions
- Large Number of Manufacturers Escalating Their Smart Home Product Portfolios
Market Trend
- Rapid Proliferation of Smartphones and Smart Appliances
Restraints
- High Cost of Smart Home Products
- Concerns Related To Breach in Security and Privacy
Opportunities
Launch of New Technically Advanced Devices and Rising Demand from Emerging Economies
Challenges
Lack of Awareness Among the Populace About Smart Appliances
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Smart Home Products Study Sheds Light on
The Smart Home Products Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Smart Home Products industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Smart Home Products industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.