Smart Appliances - Colombia | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$231.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.22%, resulting in a projected market volume of US$376.4m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 2.6m users by 2029.
Household penetration will be 8.1% in 2024 and is expected to hit 22.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$250.90.

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 Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian consumers are increasingly embracing smart appliances due to their convenience and energy-saving capabilities. With the rise in disposable income and changing lifestyles, there is a growing demand for appliances that can be controlled remotely and provide real-time data. Smart appliances offer features such as remote control, energy monitoring, and personalized settings, which appeal to tech-savvy consumers who value convenience and efficiency.

Trends in the market: One of the key trends in the Smart Appliances market in Colombia is the increasing adoption of smart home systems. These systems integrate multiple smart appliances, allowing users to control and monitor their devices from a centralized platform. This trend is driven by the desire for seamless connectivity and interoperability among different devices in the home. Additionally, the growing popularity of voice assistants like Amazon Alexa and Google Assistant has further accelerated the adoption of smart home systems. Another trend in the market is the focus on energy efficiency. Colombia has been making efforts to reduce its carbon footprint and promote sustainable living. Smart appliances play a crucial role in achieving these goals by optimizing energy consumption and reducing wastage. Consumers are increasingly looking for appliances with energy-saving features and certifications, such as Energy Star, to minimize their environmental impact and lower utility bills.

Local special circumstances: Colombia's geography and climate also contribute to the demand for smart appliances. The country experiences significant variations in weather conditions, with hot and humid climates in coastal regions and cooler temperatures in the highlands. This diversity creates a need for appliances that can adapt to different environments and provide optimal performance. Smart appliances with advanced sensors and adaptive technologies are well-suited to meet these requirements, as they can automatically adjust settings based on the surrounding conditions.

Underlying macroeconomic factors: The growing middle class and urbanization in Colombia have played a crucial role in the development of the Smart Appliances market. As more people move to urban areas, there is an increased demand for modern appliances that can enhance convenience and improve quality of life. Additionally, the rising disposable income has made smart appliances more affordable and accessible to a larger segment of the population. Furthermore, government initiatives and incentives have also contributed to the growth of the Smart Appliances market in Colombia. The government has been promoting the use of energy-efficient appliances through campaigns and subsidies. These initiatives aim to reduce energy consumption, lower greenhouse gas emissions, and improve overall sustainability. As a result, consumers are more inclined to invest in smart appliances that align with these objectives. In conclusion, the Smart Appliances market in Colombia is experiencing significant growth due to changing customer preferences, including the desire for convenience and energy efficiency. The adoption of smart home systems and the focus on energy-saving features are key trends driving the market. The country's geography and climate also contribute to the demand for smart appliances that can adapt to different environments. Additionally, underlying macroeconomic factors such as the growing middle class and government initiatives have further fueled 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.

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.