Small Appliances - Nicaragua | Statista Market Forecast

In 2024, the Small Appliances market in Nicaragua generated a revenue of US$154.60m.
It is projected to experience an annual growth rate of 4.04% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$57bn in 2024.
In terms of per household revenues, in Nicaragua is expected to generate US$113.90 in 2024.
Looking ahead, the volume in the Small Appliances market is anticipated to reach 2.8m pieces by 2029.
Additionally, a growth rate of 2.0% is expected in 2025.0.
On average, each household in Nicaragua is predicted to have a volume of 1.88pieces in the Small Appliances market in 2024.
The small appliances market in Nicaragua is experiencing a surge in demand for energy-efficient kitchen gadgets.

Definition: Small appliances are characterized by their compact and lightweight design, and are often used for a variety of tasks such as cleaning, cooking, and personal grooming. Compared to their larger counterparts, they are more prone to wear and tear and have a shorter shelf life. Therefore, consumers may opt to replace them more frequently.

Structure: The small appliances segment consists of the following subsegments:

Vacuum cleaners
Small kitchen appliances
Hair clippers
Irons
Toasters
Grills & Roasters
Hair Dryers
Coffee Machines
Microwave ovens
Electric Kettles
Air Fryers

Additional Information: The market comprises key performance indicators such as revenues, volume, price per unit, average revenue and volume per household, and sales channels.

Note that the volume sales only refer to B2C (business to consumer) sales, via both the offline and the online channel. The average revenue and volume per household are determined by dividing the revenues and volume by the number of households, where a household refers to a house and its occupants, regarded as a unit. Finally, price per unit refers to the cost of a single unit of the product.

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Small kitchen appliances
Electric grills and roasters
Vacuum cleaners and irons
Toasters and coffee machines
Hair clippers and hair dryers

Tea machines
Steamers

The small appliances market, which includes products such as vacuum cleaners, microwave ovens, and small kitchen appliances, amongst others, witnessed revenue growth of 10.5% in 2020 and 9.9% in 2021 respectively, when most other markets witnessed a decline, owing to the rising sales of products such as vacuum cleaners amid the pandemic, in many countries. For instance, according to Statista’ Global Consumer Survey, vacuum cleaner ownership in Nigeria rose to 14% as of early 2022, compared to just 6% in 2019. Much of the growth in this market is being driven by emerging economies, amid rising income levels, changing lifestyle, and growing urbanisation.

The introduction of new appliances with new features and technologies is expected to drive market growth further. For instance, LG has launched a new microwave oven with a charcoal lighting feature, which uses considerably less oil and makes it appealing to health-conscious consumers.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart appliances, that is, appliances either interconnected via networks or that display advanced capabilities beyond their more analog counterparts, are becoming ever more prevalent across the globe. Driven by advances in connectivity, such as 5G, or advances in machine learning AI, these devices are becoming more capable and innovative each day. These can be as simple as washing machines with load-adjusted cycles, or more advanced, such as refrigerators that keep track of and calculate their contents.