Smart Appliances - Cyprus | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$1.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.44%, resulting in a projected market volume of US$1.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 18.2k users by 2029.
Household penetration will be 1.8% in 2024 and is expected to hit 3.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$118.00.

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 Cyprus has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Cyprus, like many other countries, has seen a shift in customer preferences towards smart appliances. Consumers are increasingly looking for appliances that offer convenience, energy efficiency, and connectivity. Smart appliances, such as smart refrigerators, washing machines, and air conditioners, provide features like remote control, energy monitoring, and automated functions, which appeal to tech-savvy consumers. Additionally, the growing awareness about environmental sustainability has led to an increased demand for energy-efficient appliances, which smart appliances often offer.

Trends in the market: One of the key trends in the smart appliances market in Cyprus is the integration of technology and connectivity. Manufacturers are focusing on developing appliances that can be controlled and monitored remotely through smartphone apps or voice commands. This allows consumers to manage their appliances even when they are not at home, providing them with convenience and peace of mind. Moreover, the integration of artificial intelligence and machine learning technologies is enabling appliances to learn and adapt to users' preferences, further enhancing the overall user experience. Another trend in the market is the increasing popularity of smart home ecosystems. Consumers are increasingly adopting smart home systems that allow them to control and automate various devices in their homes, including smart appliances. These ecosystems offer seamless integration and interoperability between different devices, providing users with a unified and intuitive control interface. This trend is driving the demand for smart appliances that are compatible with popular smart home platforms, such as Google Home and Amazon Alexa.

Local special circumstances: Cyprus has a relatively high electricity cost compared to other European countries. This has led consumers to seek energy-efficient appliances that can help reduce their electricity bills. Smart appliances, with their energy monitoring and optimization features, are an attractive option for consumers looking to save on energy costs. Additionally, the government of Cyprus has been promoting energy efficiency through various initiatives and incentives, further driving the demand for energy-efficient appliances in the market.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Cyprus have contributed to the growth of the smart appliances market. As consumers become more financially capable, they are more willing to invest in premium appliances that offer advanced features and convenience. Moreover, the rapid technological advancements and decreasing prices of smart appliances have made them more accessible to a wider range of consumers, further fueling the market growth. In conclusion, the Smart Appliances market in Cyprus is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for convenience, energy efficiency, and connectivity is driving the adoption of smart appliances in the country. The integration of technology and connectivity, the popularity of smart home ecosystems, and the emphasis on energy efficiency are some of the key trends in the market. The relatively high electricity cost and government initiatives promoting energy efficiency are also contributing to the growth of the market. With the overall economic stability and increasing disposable income, consumers in Cyprus are more willing to invest in premium smart appliances.

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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