Smart Appliances - Chile | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$120.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.83%, resulting in a projected market volume of US$192.3m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 1.3m users by 2029.
Household penetration will be 11.4% in 2024 and is expected to hit 29.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$237.60.

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 Chile has been experiencing steady growth over the past few years.

Customer preferences: Chilean consumers are increasingly seeking out smart appliances for their homes. This can be attributed to several factors. Firstly, there is a growing awareness and concern for energy efficiency and sustainability. Smart appliances are often designed to be more energy-efficient, which appeals to environmentally-conscious consumers. Additionally, the convenience and ease of use offered by smart appliances are highly valued by Chilean consumers. The ability to control and monitor appliances remotely through smartphone apps is seen as a major benefit.

Trends in the market: One of the key trends in the smart appliances market in Chile is the increasing demand for smart home integration. Consumers are looking for appliances that can seamlessly connect and communicate with each other, creating a fully integrated smart home ecosystem. This trend is driven by the desire for convenience and efficiency, as well as the growing popularity of voice-controlled virtual assistants like Amazon Alexa and Google Assistant. Another trend in the market is the rise of smart kitchen appliances. Chilean consumers are increasingly interested in smart refrigerators, ovens, and coffee makers that offer advanced features and connectivity options. These appliances can provide real-time information about food storage, cooking times, and even suggest recipes based on available ingredients. The convenience and time-saving benefits of these appliances are particularly appealing to busy urban dwellers.

Local special circumstances: Chile has a relatively high level of internet penetration, with a large percentage of the population having access to the internet. This provides a strong foundation for the adoption of smart appliances, as connectivity is a key requirement for these products. Additionally, Chile has a growing middle class with increasing disposable income, which allows consumers to invest in higher-end appliances.

Underlying macroeconomic factors: Chile has a stable and growing economy, which has contributed to the increasing demand for smart appliances. As the country continues to develop and modernize, consumers are willing to invest in innovative and technologically advanced products. Additionally, government initiatives and incentives to promote energy efficiency and sustainability have also played a role in driving the adoption of smart appliances. In conclusion, the Smart Appliances market in Chile is experiencing growth due to customer preferences for energy efficiency and convenience, as well as the increasing demand for smart home integration. The local special circumstances of high internet penetration and a growing middle class contribute to the market's development. Furthermore, the stable and growing economy of Chile and government initiatives promoting energy efficiency are underlying macroeconomic factors that support the growth of the smart appliances 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.

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.