Smart Appliances - Georgia | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$2.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.04%, resulting in a projected market volume of US$3.6m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 37.6k users by 2029.
Household penetration will be 2.3% in 2024 and is expected to hit 4.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$126.10.

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 Georgia is developing at a steady pace, driven by customer preferences for convenience and energy efficiency. Smart appliances, which can be controlled remotely through smartphones or other devices, are gaining popularity among consumers in Georgia. This trend is in line with the global market, where smart appliances are becoming increasingly popular.

Customer preferences: In Georgia, customers are increasingly seeking convenience and efficiency in their household appliances. Smart appliances offer features such as remote control and automation, allowing users to easily manage their appliances from anywhere. This convenience factor is a major driver of the growing demand for smart appliances in Georgia. Energy efficiency is another important factor driving customer preferences in the smart appliances market. Smart appliances are designed to be more energy-efficient compared to traditional appliances, helping consumers reduce their energy consumption and lower their utility bills. This is particularly appealing to environmentally conscious consumers in Georgia who are looking for ways to reduce their carbon footprint.

Trends in the market: One of the key trends in the smart appliances market in Georgia is the integration of artificial intelligence (AI) technology. AI-powered smart appliances can learn from user behavior and adapt their settings accordingly, providing a personalized and optimized experience. This trend is in line with the global market, where AI is increasingly being integrated into smart appliances to enhance their functionality and user experience. Another trend in the market is the increasing connectivity of smart appliances. With the rise of the Internet of Things (IoT), smart appliances can now be connected to other devices and systems in the home, creating a seamless and integrated smart home ecosystem. This connectivity allows users to control multiple appliances and devices through a single interface, further enhancing convenience and efficiency.

Local special circumstances: One of the special circumstances in the smart appliances market in Georgia is the relatively low penetration of smart home technology compared to some other countries. While the market is growing, it is still in the early stages of adoption. This presents both opportunities and challenges for companies operating in the smart appliances market in Georgia. On one hand, there is significant potential for growth as more consumers become aware of and interested in smart home technology. On the other hand, companies need to educate and convince consumers about the benefits of smart appliances to drive adoption.

Underlying macroeconomic factors: The growing smart appliances market in Georgia is also influenced by underlying macroeconomic factors. The country's economic growth and increasing disposable income levels have contributed to the rising demand for consumer electronics, including smart appliances. As the economy continues to grow, more consumers are able to afford smart appliances, driving market growth. In conclusion, the Smart Appliances market in Georgia is developing due to customer preferences for convenience and energy efficiency. Trends in the market include the integration of AI technology and increasing connectivity. The relatively low penetration of smart home technology presents both opportunities and challenges for companies operating in the market. The underlying macroeconomic factors, such as economic growth and increasing disposable income levels, also contribute to 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.

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