Smart Appliances - Bosnia and Herzegovina

Revenue in the Smart Appliances market is projected to reach US$2.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.40%, resulting in a projected market volume of US$3.6m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 40.1k users by 2029.
Household penetration will be 2.1% in 2024 and is expected to hit 4.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$118.70.

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 Bosnia and Herzegovina is experiencing significant growth and development.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly embracing smart appliances due to their convenience and efficiency. Smart appliances offer features such as remote control, energy-saving capabilities, and integration with other smart devices, which appeal to tech-savvy consumers. Additionally, the rising awareness about environmental sustainability is driving the demand for energy-efficient appliances, further boosting the adoption of smart appliances in the country.

Trends in the market: One of the key trends in the smart appliances market in Bosnia and Herzegovina is the increasing popularity of smart home systems. These systems allow homeowners to control and monitor various aspects of their homes, including appliances, lighting, security systems, and heating/cooling, through a centralized hub or smartphone app. This trend is driven by the desire for convenience and the growing availability of affordable smart home solutions. Another trend in the market is the integration of artificial intelligence (AI) and machine learning technologies into smart appliances. AI-powered appliances can learn from user behavior and adjust their settings accordingly, providing a personalized and optimized experience. For example, smart refrigerators can suggest recipes based on the ingredients available, while smart washing machines can automatically adjust the wash cycle based on the type of fabric. This trend is driven by advancements in AI technology and the increasing demand for personalized experiences.

Local special circumstances: Bosnia and Herzegovina has a growing middle class with increasing disposable income, which is driving the demand for smart appliances. As more households have the financial means to invest in these products, the market is experiencing a surge in demand. Additionally, the country has a high internet penetration rate, which is essential for the functioning of smart appliances. This favorable internet infrastructure allows consumers to easily connect and control their smart appliances, further driving the market growth.

Underlying macroeconomic factors: The overall economic stability and growth in Bosnia and Herzegovina are contributing to the development of the smart appliances market. As the economy improves, consumers have more purchasing power and are willing to invest in technologically advanced products. Furthermore, the government's focus on promoting energy efficiency and sustainability is creating a favorable environment for the adoption of smart appliances. This is evident in the implementation of various energy-saving initiatives and the provision of subsidies for energy-efficient appliances. In conclusion, the Smart Appliances market in Bosnia and Herzegovina is witnessing significant growth due to customer preferences for convenience and energy efficiency. The increasing popularity of smart home systems and the integration of AI technology are driving the market trends. The country's growing middle class, high internet penetration rate, and favorable economic conditions are contributing to the market's development.

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.

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