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Future Growth Potential Enhanced by Growth Opportunities in the Smart Home Appliances Market in India
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Smart appliances are appliances connected to the Internet or to the Bluetooth and are controlled or monitored through remote commands using a smartphone, tablet, or any other device. With more than 500 million smartphone users in India, mobile connectivity and availability of easy-to-install applications are drivers for the growth of smart appliances. IoT being a game changer, has a growing penetration in home appliances. Prices of smart home appliances are on the higher end; demand is driven by high net worth individuals, the affluent, and the millennials.This research service on smart home appliances in India offers the most up-to-date market data on the actual market situation by product categories (smart television, smart air conditioner, smart refrigerator, smart washing machine, smart air purifier, smart water purifier, and smart water heater). It covers the market landscape and its growth prospects for the coming years. It also includes a discussion of the key companies operating in this market.The research includes market data from FY2020 to FY2025 which gives the future outlook for the smart home appliances market in India and makes the study an invaluable resource for industry executives, marketing, sales, and product managers, analysts, and others looking for key industry data in readily accessible and clearly presented tables and graphs.The study also provides analysis of data related to the smart home appliances market from the 4 regions of India: North, South, East, and West.Increasing number of globetrotting high net-worth individuals (HNIs) and their growing demand for convenience and ease are spurring the demand for smart home appliances, increase in dependence on mobile applications, and acceptance of new technologies in the market, together contributing to the growing demand for smart home appliances in India.Digitalization is a demand catalyst for products with connectivity. The Digital India campaign launched by the government aims to make India digitally empowered by increasing Internet connectivity and speed. High-speed Internet encourages the purchase of products with connectivity, as it allays the fear of loss of control or other safety fears. Similarly, automation technologies are increasingly impacting homes. The increase in adoption of smart services will provide growth opportunities for the home automation market.The cumulative market revenue for smart home appliances market is expected to grow at a CAGR of 21.6% from FY2020 to FY2025. Catering to the needs of commercial end users and forging strategic partnerships with premium real estate developers are major growth opportunities for companies in the market. eCommerce sales have boosted the consumer electronics market to a large extent.
Key Issues Addressed
Author: Rajkumar Elilarasu
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