Smart Appliances - Bolivia | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$7.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.77%, resulting in a projected market volume of US$11.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 142.5k users by 2029.
Household penetration will be 2.6% in 2024 and is expected to hit 5.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$111.30.

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 Bolivia is experiencing steady growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Bolivian consumers are increasingly seeking out smart appliances for their homes. This is driven by a desire for convenience, efficiency, and the ability to control and monitor their appliances remotely. Smart appliances offer features such as remote control, energy efficiency, and integration with other smart devices, which are highly valued by consumers in Bolivia. Additionally, the growing middle class in the country is willing to invest in modern and technologically advanced appliances to enhance their quality of life.

Trends in the market: One of the key trends in the Smart Appliances market in Bolivia is the increasing adoption of smart home systems. These systems allow consumers to control and monitor multiple appliances and devices from a single interface, providing a seamless and integrated experience. This trend is driven by the growing popularity of smart speakers and voice assistants, which serve as the central hub for controlling smart appliances. The demand for smart appliances is also being fueled by the increasing availability and affordability of internet connectivity in the country.

Local special circumstances: Bolivia has a relatively low electricity consumption per capita compared to other countries in the region. This presents an opportunity for the growth of the Smart Appliances market, as energy-efficient appliances are highly sought after by consumers. Additionally, the government of Bolivia has implemented policies and initiatives to promote the use of renewable energy sources, which aligns with the increasing demand for energy-efficient smart appliances.

Underlying macroeconomic factors: The growing middle class in Bolivia, coupled with a stable economy, is driving the demand for smart appliances. As disposable incomes rise, consumers are willing to invest in higher-end appliances that offer advanced features and technologies. The government's focus on infrastructure development and improving access to electricity also contributes to the growth of the Smart Appliances market in Bolivia. In conclusion, the Smart Appliances market in Bolivia is experiencing growth due to customer preferences for convenience and efficiency, the increasing adoption of smart home systems, the low electricity consumption per capita, and the growing middle class in the country. These factors, combined with the government's initiatives to promote energy efficiency and infrastructure development, are driving the demand for smart appliances in Bolivia.

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.

“Alexa, can you tell me something about smart speakers?” is just one of the many questions smart speakers can answer today, with people using and relying on these devices for a wide range of purposes. Smart speakers are devices powered by a voice-enabled virtual intelligent assistant and can work as central controlling hubs for smart homes. Indeed, capable of performing a vast array of functions, such devices are used not only for entertainment, but also for searching the web, answering questions, and many other activities, such as creating a shopping list and providing you with weather forecast. In line with the rising popularity of smart home technology, the prevalence of smart speakers in households has steadily grown and are today among consumers’ favorite electronic devices.