Smart Appliances - EU-27 | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$8.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.50%, resulting in a projected market volume of US$13.7bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 81.8m users by 2029.
Household penetration will be 12.4% in 2024 and is expected to hit 41.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$358.10.

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 EU-27 is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the EU-27 have shifted towards smart appliances that offer convenience, energy efficiency, and connectivity.

Consumers are increasingly seeking appliances that can be controlled remotely through smartphone apps or voice assistants. This allows them to monitor and control their appliances even when they are not at home. Additionally, energy efficiency has become a key consideration for consumers, as they are looking for appliances that can help them reduce their energy consumption and lower their utility bills.

The demand for connected appliances is also driven by the desire for seamless integration and automation within smart homes. Trends in the market are also contributing to the growth of the Smart Appliances market in the EU-27. One major trend is the increasing adoption of Internet of Things (IoT) technology, which enables appliances to be interconnected and communicate with each other.

This allows for greater automation and coordination between different appliances, resulting in improved energy efficiency and convenience for consumers. Another trend is the integration of artificial intelligence (AI) and machine learning capabilities into smart appliances. This enables appliances to learn from user behavior and adjust their settings accordingly, providing a personalized and optimized user experience.

Local special circumstances in the EU-27 are also driving the development of the Smart Appliances market. The region has a strong focus on sustainability and environmental protection, which aligns with the energy efficiency features offered by smart appliances. Additionally, the EU has implemented regulations and standards to promote energy efficiency and reduce greenhouse gas emissions.

This has created a favorable environment for the adoption of energy-efficient appliances, including smart appliances. Underlying macroeconomic factors are also playing a role in the growth of the Smart Appliances market in the EU-27. The region has a high level of disposable income and a strong consumer base, which creates a demand for innovative and high-quality products.

Additionally, the increasing urbanization and busy lifestyles in the EU-27 have led to a greater need for time-saving and convenient solutions, which smart appliances can provide. The presence of major appliance manufacturers and technological advancements in the region also contribute to the development of the market. In conclusion, the Smart Appliances market in the EU-27 is experiencing growth and development 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, while trends such as IoT integration and AI capabilities are shaping the market. The EU-27's focus on sustainability, high disposable income, and technological advancements further contribute to the growth 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.

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.

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