A wave of adoption of smart home and Internet of Things (IoT) products and technologies has risen among consumers seeking greater automation, energy savings, and convenience in their homes. Products like smart thermostats, connected lights controlled by voice activation, and smart locks have gained a foothold among a growing number of consumers. Yet, smart appliances still lag behind the rest of this market, despite years of assurances from appliance manufacturers and other stakeholders that these products are ready for mainstream buyers. Most consumers just do not buy the hype surrounding this category.
Although significant barriers remain, the market shows signs of trending upward. It appears the smart appliances market is finally poised for the growth that has been so elusive. Stakeholders in this market segment should be able to ride the IoT smart home wave. Given proper focus by these stakeholders, smart appliances should become a much more robust market segment that benefits both buyers and sellers. However, if major players do not execute on key strategies outlined in this report, the market could flounder.
This Navigant Research report analyzes the shift in the smart appliances market as a subset of the smart home IoT trend and what this shift means for the many stakeholders, which include manufacturers, retailers, utilities, home builders, regulators, and insurers. The study examines the market growth cycle in different regions, as well as the drivers and barriers related to smart appliances. It also provides recommendations on how the key stakeholders can spur smart appliance adoption around the world.
Key Questions Addressed:
- What is the current state of the smart appliances market?
- What is holding back the smart appliances market from wider adoption?
- How quickly is global revenue for smart appliances expected to grow through 2027?
- Which companies are the key stakeholders in this market?
- What strategies should stakeholders adopt to help stimulate growth in the smart appliances market?
Who needs this report?
- Utility managers
- Appliance manufacturers
- Home builders
- Investor community
Table of Contents
Despite Recent Growth, Significant Barriers Remain
Market Points to Upward Shift for Smart Appliances
Smart Appliances Must Hurdle the Value Prop Gap
High Prices, Other Factors Complicate Growth Prospects for Smart Appliances
Navigant Research Expects Rapid Growth for Smart Appliances
Stakeholders Must Seize Momentum to Drive Smart Appliance Adoption
Utilities Should Use Influence to Spur Smart Appliance Adoption, Set Standards
Manufacturers Need to Improve Marketing, Provide a Better Value Prop Story
Appliance Retailers Should Work Multiple Fronts to Encourage Adoption
Home Builders, Contractors Should Embrace Smart Appliances to Their Advantage
Regulators Should Promote Standards to Ensure Secure, Interoperable Products
Insurance Companies Should Promote Benefits of Smart Appliances
List of Tables, Charts, and Figures
- Smart Appliance Revenue by Region, World Markets: 2017-2027
- The Smart Appliance Value Proposition Gap
- Smart Appliances Vary by Features, Price