Household Appliances - Iceland

Iceland

In 2024, the revenue in the Household Appliances market in Iceland amounts to US$73.49m.
It is projected to grow annually by 4.22% (CAGR 2024-2029).
The largest segment in the market is Major Appliances, which has a market volume of US$41.87m in 2024.
When compared globally, in China generates the most revenue in the Household Appliances market, with US$160bn in 2024.
In terms of per household revenues, in 2024, each household in Iceland generates US$457.60.
By 2024, online sales are expected to contribute 36.0% of the total revenue in the Household Appliances market in Iceland.
The volume in the Household Appliances market is predicted to reach 581.7k pieces by 2029.
In 2025, the Household Appliances market is expected to experience a volume growth of 2.3%.
The average volume per household in the Household Appliances market is projected to be 3.25pieces in 2024.
It is worth noting that all the mentioned figures and data are specific to the Household Appliances market in Iceland.
Icelandic households have been increasingly investing in energy-efficient household appliances, aligning with the country's commitment to sustainability and reducing carbon emissions.

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.