I chose Apple as the company, the new product will be launching through. I’m most familiar with Apple and their products, as I use or own majority of their products daily; ranging from laptop/iMacs to iPhones and iPads to the Apple Watch.
The product concept that I chose is a smart refrigerator from Apple that monitors everything that’s inside and tells the consumer when you need to buy more or when food is nearing its expiration date. You can use the touch screen to look up recipes and plan your shopping list.
According to statista, as of September 2019, in the United States, there are 13.25 million smart homes. Smart homes, are homes that have smart appliances. These appliances can range from large ones, like fridges, washing machines, ovens, etc. to smaller ones likes, microwaves, coffee machines, vaccum and mowing robots, etc. It is projected that by 2024, this number will more than double, to 27.9 million homes.
As of September 2019, the revenue for smart appliances was $3,984.7 million. It’s projected to also more than double by 2024 to $9,092.9 million. However, the revenue growth has been, and is estimated to continue to decrease every year. In 2018, the growth was 22.2% while in 2019 it was 20.4% and by 2024 it is estimated that the revenue growth will be 16.2%.
However, the product penetration rate is estimated to continue to increase in both small and large smart appliances. This rate “shows the share of smart homes with the respective product from the total number of private households of the selected segment for each year.”
Right now, the majority of users age, range from 25 to 34 years old. However, 18-24 and 35-44 year olds have decent chunk of users as well.