Smart Appliances - Brunei Darussalam

Revenue in the Smart Appliances market is projected to reach US$224.6k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.63%, resulting in a projected market volume of US$339.8k by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 4.0k users by 2029.
Household penetration will be 2.4% in 2024 and is expected to hit 4.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$109.90.

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 Brunei Darussalam is experiencing significant growth and development.

Customer preferences: Customers in Brunei Darussalam are increasingly adopting smart appliances due to their convenience and energy-saving features. Smart appliances offer advanced functionalities such as remote control, energy monitoring, and integration with other smart devices, which appeal to tech-savvy consumers. Additionally, the younger population in Brunei Darussalam, who are more familiar with digital technologies, are driving the demand for smart appliances.

Trends in the market: One of the key trends in the Smart Appliances market in Brunei Darussalam is the increasing popularity of smart home systems. These systems allow homeowners to control multiple appliances and devices through a centralized hub or mobile application. The integration of smart appliances into a smart home system provides a seamless and connected experience for consumers. This trend is expected to continue as more consumers seek to automate and simplify their daily routines. Another trend in the market is the growing demand for energy-efficient appliances. Brunei Darussalam has been actively promoting energy conservation and sustainability, and consumers are becoming more conscious of their energy consumption. Smart appliances, with their energy monitoring and optimization features, align with the country's sustainability goals and are highly sought after by environmentally conscious consumers.

Local special circumstances: Brunei Darussalam has a relatively small population compared to other countries in the region, which presents both opportunities and challenges for the Smart Appliances market. On one hand, the smaller market size allows for easier market penetration and targeted marketing strategies. On the other hand, the limited consumer base may pose challenges in terms of economies of scale and pricing.

Underlying macroeconomic factors: The growing middle class and increasing disposable income in Brunei Darussalam are contributing to the growth of the Smart Appliances market. As consumers have more purchasing power, they are willing to invest in higher-end appliances that offer advanced features and convenience. Additionally, the government's initiatives to promote digital transformation and smart cities are creating a favorable environment for the adoption of smart appliances. In conclusion, the Smart Appliances market in Brunei Darussalam is experiencing growth driven by customer preferences for convenience and energy efficiency. The increasing popularity of smart home systems and the demand for energy-efficient appliances are key trends in the market. The small market size and the country's focus on sustainability present both opportunities and challenges for market players. The growing middle class and government initiatives are underlying macroeconomic factors that contribute to the development of the 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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