Global smart home appliances worth $34.5 billion by 2021

On-going technological innovations, coupled with consumers' purchasing power and modern lifestyle, help drive revenue to the industry.

May 25, 2017

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On-going technological innovations, coupled with consumers' purchasing power and modern lifestyle, help drive revenue to the industry.

This universal remote control from Shenzhen Rishenghua Technology Co. Ltd
can control all IR home appliances through a mobile phone.

The global smart home appliances market will grow from a value of $11.5 billion in 2015 to about $34.5 billion by 2021, registering a CAGR of 20.06 percent, according to a report by EIN Presswire.

Smart appliances, which are equipped with the latest technologies that allow them to communicate with one another via a hub, or with the user through device pairing, provide various benefits in the areas of convenience, efficiency and security. Perhaps the biggest advantage of employing such units is optimal energy consumption and saving, as the home and kitchen appliances can be programmed to operate only when necessary.

With strict government regulations regarding energy consumption, opting for smart appliances seems like a wise choice. Aside from this, a key factor that helps up sales of the industry is an on-going advancement in electronics and communications technologies. Naturally, manufacturers would want to take advantage of these innovations and integrate them in latest releases to distinguish their products from competitors.

In terms of consumer behavior, a modern lifestyle that adapts to a digital world and an increasing purchasing power maintains demand for smart home and kitchen appliances.

On the other hand, a major hindrance to the industry's further growth is a lack of awareness regarding smart appliance. That's why to combat this, suppliers have developed more and higher-quality promotional campaigns and advertisements. A lack of awareness doesn't seem to be a problem in Asia, however, with countries boasting high incomes and connectivity. The region is expected to take up 30 percent of the smart home industry's global share by 2030, which amounts to $115 billion.

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