Household Appliances - Cuba

Cuba

Revenue in the Household Appliances market in Cuba is projected to reach US$1.66bn by 2024.
The market is expected to experience an annual growth rate of 6.74% (CAGR 2024-2029).
The largest segment in the market is Major Appliances, with a market volume of US$1.04bn in 2024.
When compared globally, in China generates the highest revenue in the market, amounting to US$160bn in 2024.
In terms of per household revenues, each household in Cuba is projected to generate US$0.64k in 2024.
Online sales are estimated to contribute 3.0% of the total revenue in the Household Appliances market by 2024.
The market volume is expected to reach 8.8m pieces units by 2029.
Furthermore, the Household Appliances market in Cuba is anticipated to exhibit a volume growth of 1.4% in 2025.
The average volume per household in the market is projected to be 3.18pieces units in 2024.
Cuba's household appliance market is experiencing a surge in demand for energy-efficient and durable products due to limited resources and the need for long-term investment.

Key regions: Europe, Worldwide, United States, United Kingdom, India

Market

Region

Region comparison

Currency

Analyst Opinion

The transition to more innovative and energy-efficient technology for use in households is the major driving force behind the growth of the Household Appliances market. The market is propelled by two segments. On the one hand, there is the Major Appliances segment, comprising appliances such as refrigerators, cookers, and ovens, which come with a higher price tag but are replaced less often. On the other hand, there is the Small Appliances segment, which contributes the most to volume sales. Small appliances come with a shorter lifespan, and, in most cases, consumers are easily swayed, willing and happy to exchange their small appliance for a newer model.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on Household Appliances.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, trade data, national statistical office data, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global Survey), as well as performance factors. In addition, we use relevant key market indicators and data from country-specific associations, such as number of households, consumer spending, and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques, such as exponential trend smoothing, for instance. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Survey data is reweighted for representativeness.