Monday March 12, 2018 0 comments
BOULDER -- The smart appliances market is finally poised for growth, according to a new report from Navigant Research.
The report looks at the shift in the smart appliances market as a subset of the smart home Internet of Things (IoT) trend, examining factors behind the market growth cycle and providing recommendations to key stakeholders.
While a variety of smart home products like smart thermostats, connected lighting, and smart locks are experiencing a wave of adoption, smart appliances haven’t found the same success.
Consumers have mostly avoided smart appliances due to higher price points and a lack of perceived value, but this is starting to change, the report says.
“The growing smart home IoT market is helping drive new interest in the typically sluggish smart appliances subsegment,” said Neil Strother, Navigant principal research analyst.
“The smart appliance market segment is now ready for a healthy growth spurt over the next decade as appliance manufacturers, retailers, and utilities embrace smart appliances, and then convince buyers of the benefits that include enhanced energy efficiency, improved maintenance capabilities, and greater convenience through connectivity.”
According to the report, with proper focus by industry stakeholders, smart appliances could become a much more robust market segment that benefits both buyers and sellers. Stakeholders should be able to ride the IoT smart home wave, executing on key strategies outlined in the report.
The report, Smart Appliances Expand Smart Home IoT Opportunity for Energy Customers, 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.
An Executive Summary of the report is available for free download on the Navigant Research website.