Smart Appliances - Guinea | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$1.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.12%, resulting in a projected market volume of US$2.7m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 33.0k users by 2029.
Household penetration will be 0.6% in 2024 and is expected to hit 1.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$99.65.

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 Guinea is witnessing significant growth and development. Customers in Guinea are increasingly adopting smart appliances due to their convenience, energy efficiency, and advanced features.

Customer preferences: Customers in Guinea are increasingly opting for smart appliances due to their convenience and ease of use. Smart appliances offer features such as remote control, scheduling, and energy monitoring, which allow users to control and monitor their appliances from anywhere. This convenience is particularly appealing to busy individuals and families who are looking for ways to simplify their daily routines. Additionally, smart appliances are known for their energy efficiency, which is an important consideration for customers in Guinea who are increasingly conscious of their environmental impact and looking for ways to reduce their energy consumption.

Trends in the market: One of the key trends in the Smart Appliances market in Guinea is the increasing demand for smart home systems. These systems integrate multiple smart appliances and devices, allowing users to control and automate various aspects of their homes. This trend is driven by the desire for a seamless and interconnected living experience, where appliances, lighting, security systems, and other devices can be controlled and monitored from a single platform. The adoption of smart home systems is also being driven by the growing popularity of voice assistants, such as Amazon Alexa and Google Assistant, which can be used to control smart appliances through voice commands. Another trend in the Smart Appliances market in Guinea is the growing popularity of smart kitchen appliances. Smart refrigerators, ovens, and coffee makers are gaining traction among customers who value convenience and efficiency in the kitchen. These appliances offer features such as inventory management, recipe suggestions, and remote control, making it easier for users to plan meals, monitor food storage, and cook with precision. The increasing interest in smart kitchen appliances is also driven by the growing trend of home cooking and the desire for healthier and more personalized meals.

Local special circumstances: Guinea has a growing middle class population, which is driving the demand for smart appliances. As incomes rise, more households are able to afford smart appliances and are willing to invest in products that offer convenience and energy efficiency. Additionally, the government of Guinea has been promoting the use of renewable energy sources, such as solar power, which is further driving the adoption of smart appliances that can be powered by these sources.

Underlying macroeconomic factors: The economic stability and growth in Guinea are contributing to the development of the Smart Appliances market. As the economy continues to improve, consumers have more disposable income to spend on discretionary items such as smart appliances. Additionally, advancements in technology and the increasing availability of internet connectivity are making it easier for consumers in Guinea to access and use smart appliances. This, coupled with the growing awareness and concern for energy efficiency and environmental sustainability, is driving the demand for smart appliances in the country.

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.