Every market study requires a lot of research and in-depth analysis of the consumers. However, when it comes to home appliances, it is hard to predict a market because no one buys a new home appliance device every other year. It takes almost three to four years for a home appliance to erode or have a problem. Some of the big devices like refrigerators are used for a longer period of time and hence it gets harder to analyze such markets.
However, there is one report which analyzes the market in Europe. This report turned out to be a great insight into the future and how Europe as a market is going to be a massive gain for the home appliance market. The global market, by 2024, is going to reach around $837000 million while Europe will have a major part to play in this. The report that we are going to cite goes by the name of “Europe Smart Home Appliances Market to 2027 – Regional Analysis and Forecasts by Product; Technology; and End-User.” This research was conducted by PRNewswire.
Europe’s Home Appliance Glory
The European Smart Home Appliance market is a specific market that handsomely stood at $4.08 billion. This was in 2018 when the smart home appliances were testing the waters and smart homes along with smart devices were taking its place. The verdict of the home appliance being a slow market can be invalid here because if people are looking to move into a smart home, the smart home appliances are in the game all day long.
As long as people are going to move into smart homes, the world and Europe especially is going to need more and smarter home appliances. This being the case in almost every market around the world. Point being, the market that stood at around $4 billion a year ago might just break the roof with a Compound Annual Growth Rate of 13.9 percent during the period ranging from 2019-2027. The market is going to grow threefold and reach around $12.94 billion.
The reason Europe is the fastest growing of all smart home appliance markets is that the high-speed internet, accessibility of smart meters, energy efficiency, energy savings and most importantly the favorable EU policies. These are some of the reasons why the EU market is the fastest growing market in the world when it comes to smart home appliances.
The other main reason is surely the tech-savvy people in Europe. These people take smartphones and any other device that has smart as a prefix, very seriously. There are a lot of people wanting to change for good and are looking at technology to do the same. That being said, it will be interesting to see how the companies fare in Europe, especially the ones focusing on smart home appliances.