China’s booming luxury market along with more mature markets such as Japan, South Korea, and Australia will drive growth in the APAC region for smart home appliances at a five-year CAGR of 92 percent, according to ABI Research.
The smart home appliance market, defined by products with built-in connectivity, will grow substantially to reach nearly US$25 billion by 2018. Currently limited to the top-end luxury models, wireless connectivity will slowly permeate to lower tier brands and models.
“Smart home appliances have yet to incorporate features that add significant value for their premium price. Smart home appliance features are at present limited to remote access through mobile devices. The true value of these smart grid ready devices, such as use in demand-response energy management programmes, is several years away and initially will be primarily US-based,” said Adarsh Krishnan, Senior Analyst of ABI Research.