The global smart connected air conditioner market was valued at almost $1 billion in 2015 and is expected to reach around $10 billion by 2020, says Technavio.
Technavio has announced its latest market research report on global smart connected air conditioner market to its general retail goods and services portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global smart connected air conditioner market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Daikin, Haier, LG, Mitsubishi, and Samsung.
In terms of geographical analysis, APAC will be the largest region in the global market and will occupy about 43% of the total market share by 2020. China, South Korea, Japan, Singapore, and Hong Kong will emerge as the key revenue-generators.
“Vendors are introducing smart air conditioners with a customized cooling schedule to meet the consumer demand for innovative and new product features. Consumers prefer smart appliances which can be customized as per their requirements. For instance, companies are introducing product features like pre-set cooling modes to increase their customer base and gain a competitive advantage over other players in the market,” says Poonam S, a lead analyst at Technavio for research on general retail goods and services.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Demand for increased comfort and convenience levels
The consumers are looking for products with enhanced features that increase the level of comfort and are convenient to use. The latest advancements in technologies enable manufacturers to offer products with such versatilities to the customers. Smart air conditioners can now be controlled using the internet and a smartphone. These products are designed to give the users the ability to control these devices from an another location using wireless connecting devices. The consumers will have to download the relevant app on their mobile devices and connecting the air conditioners through Wi-Fi allowing them to operate and monitor the air conditioning process easily.
Use of connectivity as a differentiating feature by manufacturers
Product differentiation is used by vendors to increase their competitive advantage in the market. The manufacturers are launching products with wireless technologies like Wi-Fi, Bluetooth, and ZigBee. The integration of such technology allows the exchange of information between the appliance and other systems. The technology also enables some functions of the appliance to exist outside the physical device. The wireless connectivity in home appliances provides network benefits like new functionality, higher product utilization, and better operational capabilities.
Easier to convince customers to buy smart air conditioners than to buy other smart home appliances
The companies are adding developed and advanced features like remote control, wearables control, and weather monitoring to smart air conditioners to improving the quality of sleep for the end-users. The vendors are focusing on developing smart functions like remote location control to increase comfort and raise the demand for these air conditioners in the market.
Remote prognostics and easy fault detection feature of smart connected air conditioners
Product features like remote prognostics alerts both the manufacturers and consumers if there is some fault or chance of some fault in the machine. The operating system of the machine can notify service engineers the brand about which part needs replacing and the consumers do not have to worry about the servicing and functioning of smart connected air conditioners.
Some of the other prominent vendors identified in this report are Videocon, Voltas, FUJITSU GENERAL, Blue Star, Friedrich, and Electrolux.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Connected Air Conditioner Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Air Conditioning Market 2016-2020
- Global Split Air Conditioning Market 2016-2020
- Global Commercial AC Market 2016-2020
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