Smart Appliances - Australia & Oceania

Australia & Oceania

Revenue in the Smart Appliances market is projected to reach US$1.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.20%, resulting in a projected market volume of US$2.4bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 10.2m users by 2029.
Household penetration will be 32.0% in 2024 and is expected to hit 95.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$0.47k.

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Analyst Opinion

The Smart Appliances market in Australia & Oceania is experiencing significant growth and development.

Customer preferences: Customers in Australia & Oceania are increasingly adopting smart appliances due to their convenience and efficiency. Smart appliances offer features such as remote control, energy monitoring, and integration with other smart devices, which appeal to tech-savvy consumers. Additionally, the growing awareness of environmental sustainability has led to an increased demand for energy-efficient appliances in the region.

Trends in the market: One of the key trends in the Smart Appliances market in Australia & Oceania is the integration of artificial intelligence (AI) and machine learning technologies. Smart appliances are becoming more intelligent and capable of learning user preferences and adapting their functionality accordingly. This trend is driven by advancements in AI technology and the increasing demand for personalized and automated experiences. Another trend in the market is the rise of smart home ecosystems. Customers are increasingly looking for smart appliances that can seamlessly integrate with other devices in their homes, such as smart speakers, thermostats, and security systems. This integration allows for greater control and automation of various household tasks, enhancing the overall smart home experience.

Local special circumstances: Australia & Oceania is a geographically diverse region with varying market dynamics across different countries. While Australia has a relatively mature market for smart appliances, other countries in the region are still in the early stages of adoption. This presents both opportunities and challenges for manufacturers and retailers operating in the region. They need to tailor their product offerings and marketing strategies to suit the specific needs and preferences of each country.

Underlying macroeconomic factors: The growing middle class population and rising disposable incomes in Australia & Oceania are key macroeconomic factors driving the growth of the Smart Appliances market. As consumers become more affluent, they are willing to invest in premium products that offer convenience and efficiency. Additionally, government initiatives promoting energy efficiency and sustainability are also contributing to the growth of the market. In conclusion, the Smart Appliances market in Australia & Oceania is witnessing significant growth and development, driven by customer preferences for convenience and efficiency, as well as the integration of AI and machine learning technologies. The rise of smart home ecosystems and the varying market dynamics across countries in the region also play a significant role in shaping the market. Overall, the market is expected to continue growing as the middle class population expands and disposable incomes rise.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

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 once a year, in case market dynamics change we do more frequent updates.