europe smart home appliances Market

The Europe smart home appliances market was valued at US$ 4.08 Bn in 2018 and is expected to grow at a CAGR of 13.9% during the forecast period 2019 – 2027, to generate US$ 12.94 Bn by 2027. Factors such as to rising need for energy-efficient appliances, and demand for comfort coupled with high spending capability of end-users is driving the market growth.

Further, the some other key diving factors behind fast adoption and growth rate of smart home appliances in the European market includes universal access to high speed internet, introduction of smart meters, Energy efficiency and energy savings, and favorable EU policies to support digital economy in Europe. Another important reason behind rising demand of smart home appliances is tech savvy young generation in Europe. Young people find more value in the concept of smart homes and connected devices mainly because of the convenience that these devices offer.

Some of the most common household goods which have potential to ret converted into smart home appliances include refrigerators, air conditioners, dishwashers, ovens, stoves, washing machines, dryers, heating systems and others. These smart appliances have a huge growth potential especially in major European markets including Belgium, France, Ireland, the UK, Austria, Finland, Denmark, Germany, the Netherlands and Sweden.

New service providers including insurance and energy companies are also taking part in the market space. For instance, Aviva, an insurance provider in Europe partnered with Alarm.com, a platform provider for the connected property. The partnership is aimed at offering Alarm.com's cloud-based smart home security and automation services to Aviva’s customers in Ireland. Further, Neos Smart Home Insurance and Roost. Neos now includes Roost smart home devices under its offering, providing policyholders with broader reaching capabilities to actively protecting their home using the Neos app on their smartphone.

The overall Europe smart home appliances market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe smart home appliances market. It also provides the overview and forecast for the Europe smart home appliances market based on all the segmentation provided. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe smart home appliances market.