Smart Appliances - Finland | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$115.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.67%, resulting in a projected market volume of US$183.8m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 923.9k users by 2029.
Household penetration will be 10.7% in 2024 and is expected to hit 32.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$380.20.

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 Finland is experiencing significant growth and development. Customer preferences in Finland are driving the demand for smart appliances.

Finnish consumers value convenience and efficiency, and smart appliances offer both. These appliances can be controlled remotely through smartphone apps, allowing users to monitor and adjust settings even when they are not at home. This convenience is particularly appealing to busy professionals who want to optimize their time and energy usage.

Additionally, smart appliances often come with energy-saving features, which align with the environmentally conscious values of Finnish consumers. Trends in the market show that smart appliances are becoming increasingly popular in Finland. The market is seeing a rise in the adoption of smart refrigerators, washing machines, and thermostats.

These appliances offer advanced features such as temperature control, energy monitoring, and automated settings. The demand for these appliances is driven by the desire for convenience, energy efficiency, and the ability to integrate with other smart home devices. As the Internet of Things (IoT) continues to expand, the market for smart appliances is expected to grow even further.

Local special circumstances in Finland are also contributing to the development of the smart appliances market. Finland has a high level of internet penetration and technological infrastructure, making it conducive for the adoption of smart appliances. The country also has a strong focus on sustainability and energy efficiency, which aligns with the features offered by smart appliances.

Additionally, the Finnish government has implemented initiatives to promote the use of smart appliances and energy-efficient solutions, further driving the market growth. Underlying macroeconomic factors are also playing a role in the development of the smart appliances market in Finland. The country has a stable economy and high disposable income levels, allowing consumers to invest in premium products such as smart appliances.

Additionally, Finland has a strong manufacturing industry, which supports the production and distribution of smart appliances. The presence of local manufacturers also contributes to the availability and affordability of these products in the market. In conclusion, the Smart Appliances market in Finland is experiencing growth and development due to customer preferences for convenience and energy efficiency, as well as local special circumstances and underlying macroeconomic factors.

As the market continues to evolve, it is expected that smart appliances will become even more prevalent in Finnish households.

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.