Smart Home Appliances in the European Market
Europe has one of the most advanced markets in the world in terms of technology and economy. The European market has been a major proponent of technological advancements, especially in modern history. The region of Western Europe has been an economic powerhouse since long and even today, it offers a huge market for technology companies across the globe. Home appliances are one of the most sought after electronics in the world. The major appliances such as TV, AC, Refrigerators and Washing Machines are necessary for most of the modern urban households. Europe being one of the major developed markets in the world, the demand for these appliances and many other small kitchen appliances is very high.
The European market has moved on from being just a home appliance market, rather they are now in demand of smart home appliances. The smart home appliances are a bit different from the normal ones. These appliances are integrated with smart features such as touch screen display, voice control interface, smart lock and unlock feature, integration with virtual assistants like Siri, OK Google, Cortana etc.
European Market Size
The Smart Home Appliances market in Europe is estimated to be around $4.08 billion dollars. This is a huge amount and thus it allows for numerous players to be a part of the market. The good news is that, according to CISION report prepared by Research and Markets, the European market is going to grow at CAGR 13.9% in the 2019-2027 period.
The growth would generate an estimated revenue of over $12.94, making it one of the dream destination for the major smart home appliances manufacturers around the world. The other regions that are equally good or even better are the North American market, the East Asian market and to some extent the Indian market.
Advantages for the smart appliances in Europe
The European market has universal access to high-speed internet. The high-speed internet is crucial to use the smart feature that is mostly connected with the internet. There are smart meters installed in most of the homes that allow for better electricity usage tracking. This helps in better electricity efficiency all along the region.
Apart from the technological advancements, the government plays a crucial role in the formation of a favourable market. In the case of Europe, the governments in most of the countries are stable and their policies support the growth of smart home appliances.
There are some other important reasons as well. The demand for a comfortable lifestyle has been on rising rapidly since the start of the industrial revolution. The modern population demands even more. The Youth in Europe is very tech savvy and that allows for a better movement of smart appliances into the market. The favourable point for them is their spending ability that is higher as compared to most other markets in the world.
Smart Appliances with a high scope
There are a plethora of home appliances that people use to bring in ease into their daily lives. However, not all of them have been turned into smart devices as of now. The process is quite fast but there are many appliances, which will take time to have really smart features.
The major appliances that are available as smart products and have a huge potential in the European market are Air Conditioners, Refrigerators, Dishwashers, Ovens, Stoves, Washing Machines, Dryers, and Heating Systems. These appliances are almost necessarily found in European Households.
Impact of the Cold war on the European market
The major European markets where these products will thrive are Belgium, Netherlands, France, the UK, Ireland, Finland, Sweden, Denmark, Germany and Austria. This is a clear indication that the Western European countries are going to be the major markets. The reason behind so many Western European countries making it to ist lies in European history since the end of the World War-II. Eastern Europe followed the Soviet Union (USSR) and went on communist ideology, whereas Western Europe followed the USA and went on the capitalist ideology. Throughout the duration of the Cold War between USSR and the US, eastern Europe was pushed into Economic darkness while the West flourished. That era’s remnants can be witnessed even today and thus eastern Europe is not that a market for the ultra-modern and uber luxurious smart home appliance where the West is.
The Scope of Chinese Smart home appliance brands in Europe
China, for long, has been popular as the world’s factory because of its manufacturing prowess. The factories in China were the production units for the companies that were based outside of the country. However, this gradually changed over the last 3 decades and now we can see numerous Chinese local companies that are equally good as the foreign brands and are making it g around the globe.
The major Chinese brands such as TCL, Haier, Hisense and Casarte are some of the best in the world along with the Korean, American and Japanese brands. These companies are innovating and are competing to be the leaders in their respective fields. The major benefit of these companies is their affordability. Consumers all over the world are gradually becoming more and more price sensitive. The Chinese brands offer high quality at relatively low prices and thus the demand for these brands are on a constant rise.
Smart home appliances will be the major driving force not just in the developed market but also in the developing market provided the markets have a good and steady supply of high-speed internet and reliable electricity.