Smart Appliances - Ethiopia | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$15.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.16%, resulting in a projected market volume of US$24.6m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 376.6k users by 2029.
Household penetration will be 0.7% in 2024 and is expected to hit 1.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$87.26.

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 Ethiopia is experiencing significant growth and development.

Customer preferences: Ethiopian consumers are increasingly seeking smart appliances that offer convenience, energy efficiency, and connectivity. They are attracted to appliances that can be controlled remotely through smartphones or voice commands, allowing them to easily manage their household tasks. Additionally, consumers are becoming more conscious of their energy consumption and are looking for appliances that are eco-friendly and can help them reduce their utility bills.

Trends in the market: One of the key trends in the Smart Appliances market in Ethiopia is the increasing adoption of smart home technology. As more households in the country gain access to the internet and smartphones, the demand for smart appliances is rising. Consumers are embracing the idea of a connected home, where they can control and monitor their appliances from anywhere, enhancing convenience and efficiency. Another trend in the market is the growing popularity of energy-efficient appliances. With rising electricity costs and a focus on sustainability, consumers are opting for appliances that consume less energy. Smart appliances equipped with energy-saving features and sensors that optimize power usage are gaining traction in the market.

Local special circumstances: Ethiopia has been experiencing rapid urbanization, with more people moving to cities in search of better opportunities. This urban population is more likely to adopt smart appliances due to their higher income levels and exposure to technology. Additionally, the government of Ethiopia has been actively promoting the use of renewable energy sources, such as solar power, which aligns with the growing demand for energy-efficient appliances.

Underlying macroeconomic factors: The Ethiopian economy has been growing steadily in recent years, resulting in an increase in disposable income for many households. This has led to a rise in consumer spending, including on household appliances. As more consumers have the financial means to invest in smart appliances, the market is experiencing a surge in demand. Furthermore, the government of Ethiopia has been investing in infrastructure development, including improving access to electricity. This has led to an increase in the number of households with access to electricity, creating a larger customer base for smart appliances. In conclusion, the Smart Appliances market in Ethiopia is witnessing significant growth and development. This can be attributed to the increasing customer preferences for convenience, energy efficiency, and connectivity. The trends in the market include the adoption of smart home technology and the demand for energy-efficient appliances. The local special circumstances, such as rapid urbanization and government initiatives promoting renewable energy, further contribute to the market's growth. The underlying macroeconomic factors, including the country's economic growth and infrastructure development, are also driving the expansion of the Smart Appliances market in Ethiopia.

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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