Smart Appliances - BRICS | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$22.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.82%, resulting in a projected market volume of US$37.5bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 318.6m users by 2029.
Household penetration will be 10.8% in 2024 and is expected to hit 35.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$234.80.

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 BRICS is experiencing significant growth and development. Customer preferences for efficient and convenient household appliances are driving the demand for smart appliances in these countries.

Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market. Customer preferences in the BRICS countries are shifting towards smart appliances due to their numerous benefits. Consumers are increasingly looking for appliances that can save energy, reduce costs, and improve convenience.

Smart appliances, such as smart refrigerators, washing machines, and air conditioners, offer features like remote control, energy monitoring, and automated settings, which align with these preferences. The growing middle-class population in BRICS countries is also driving the demand for smart appliances as consumers seek to upgrade their lifestyles and adopt modern technologies. Trends in the Smart Appliances market vary across the BRICS countries.

In Brazil, for example, there is a rising demand for smart appliances that can help consumers reduce their energy consumption and lower their electricity bills. This trend is driven by the high energy costs in the country and the increasing awareness of environmental sustainability. In Russia, the market for smart appliances is growing due to the increasing adoption of smart home technologies and the government's push for energy efficiency.

Chinese consumers are embracing smart appliances for their convenience and ability to integrate with other smart devices. The market in India is also witnessing growth as consumers become more tech-savvy and seek appliances that can simplify their daily routines. Local special circumstances in each BRICS country contribute to the development of the Smart Appliances market.

In Brazil, for instance, the government has implemented initiatives to promote energy efficiency, which has created a favorable environment for the adoption of smart appliances. In Russia, the government has introduced subsidies and incentives for energy-efficient appliances, further driving the demand for smart appliances. China's strong manufacturing capabilities and technological advancements have enabled the country to become a major player in the global smart appliances market.

In India, the increasing urbanization and rising disposable incomes are fueling the demand for smart appliances. Underlying macroeconomic factors also play a role in the growth of the Smart Appliances market in BRICS. Economic growth, urbanization, and rising disposable incomes are key factors driving the demand for smart appliances.

As BRICS countries continue to experience economic development and an increase in middle-class households, the demand for smart appliances is expected to rise. Additionally, advancements in technology and the availability of affordable internet connectivity are making smart appliances more accessible to consumers in these countries. In conclusion, the Smart Appliances market in BRICS is witnessing significant growth and development due to customer preferences for energy-efficient and convenient household appliances.

The market is driven by factors such as rising disposable incomes, urbanization, government initiatives, and technological advancements. As the demand for smart appliances continues to grow, manufacturers and retailers in BRICS countries have the opportunity to tap into this lucrative market.

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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