Smart Appliances - Benin | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$3.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.27%, resulting in a projected market volume of US$5.6m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 66.6k users by 2029.
Household penetration will be 1.2% in 2024 and is expected to hit 2.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$100.50.

Definition:

Smart Appliances market includes connected versions of all kinds of household appliances. This includes large appliances (fridges, washing machines, ovens etc.) as well as small appliances (microwaves, coffee machines, vacuum and mowing robots etc.), provided they are connected to the internet. An indirect connection via a local network is also possible, as long as the remote access and control of the respective appliances via the connection is given.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Irobot, LG, Samsung, Xiaomi, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Directly or indirectly internet-controllable household appliances
Large appliances such as fridges, washing machines, dishwashers, ovens (e.g., Samsung Side-by-Side, E, 614 ℓ, LG GSXV90MCDE Side-by-Side )
Small appliances such as coffee machines (e.g., Bosch CTL636EB6), vacuum and mowing robots (e.g., Roborock S8 Pro Ultra Robot Vacuum Cleaner), microwaves (e.g., SARO SAMSUNG MJ2691)

Any other smart home device (partially also referred to as “appliances”)
Any non-connected household appliances
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Smart Appliances market in Benin is experiencing significant growth due to the increasing demand for technologically advanced and energy-efficient household appliances.

Customer preferences: Beninese consumers are increasingly seeking appliances that offer convenience, efficiency, and connectivity. They are looking for smart appliances that can be controlled remotely through smartphones or other devices, allowing them to monitor and control their appliances even when they are not at home. Additionally, energy efficiency is a key consideration for customers in Benin, as they are looking for appliances that can help reduce their energy consumption and lower their electricity bills.

Trends in the market: One of the key trends in the Smart Appliances market in Benin is the growing popularity of smart home systems. These systems integrate various appliances and devices, allowing users to control and monitor them through a centralized platform. This trend is driven by the increasing adoption of Internet of Things (IoT) technology, which enables seamless connectivity between appliances and other devices. As a result, consumers in Benin are increasingly investing in smart home systems to enhance their living experience and improve energy efficiency. Another trend in the market is the rising demand for smart kitchen appliances. Beninese consumers are increasingly looking for appliances that can simplify their cooking process and provide them with more control over their cooking. Smart kitchen appliances such as smart ovens, refrigerators, and cooktops offer features like remote control, recipe suggestions, and precise temperature control, which are highly appealing to consumers in Benin.

Local special circumstances: Benin is a developing country with a growing middle class population. As the economy continues to improve, more households are able to afford smart appliances. Additionally, the government of Benin has been promoting the use of energy-efficient appliances through various initiatives and policies. This has created a favorable environment for the growth of the Smart Appliances market in the country.

Underlying macroeconomic factors: The growth of the Smart Appliances market in Benin can be attributed to several macroeconomic factors. Firstly, the increasing urbanization and modernization in the country have led to a higher demand for advanced appliances. As more households move to urban areas and adopt a modern lifestyle, the demand for smart appliances is expected to increase further. Secondly, the rising disposable income of consumers in Benin is enabling them to invest in high-quality appliances. As consumers become more aware of the benefits of smart appliances, they are willing to spend more on these products. This trend is expected to drive the growth of the Smart Appliances market in Benin in the coming years. Overall, the Smart Appliances market in Benin is witnessing significant growth due to the increasing demand for convenience, energy efficiency, and connectivity. As consumers become more tech-savvy and the economy continues to improve, the market is expected to expand further in the coming years.

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.

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

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.

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