Smart Appliances - Hong Kong | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$47.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.63%, resulting in a projected market volume of US$78.0m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 275.8k users by 2029.
Household penetration will be 6.3% in 2024 and is expected to hit 9.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$266.00.

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 Hong Kong is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Hong Kong are shifting towards smart appliances that offer convenience, efficiency, and connectivity.

With the increasing adoption of smartphones and other smart devices, consumers are seeking appliances that can be controlled remotely and provide real-time information. Smart appliances such as refrigerators, air conditioners, and washing machines that can be controlled through mobile apps or voice commands are becoming increasingly popular among tech-savvy consumers in Hong Kong. Trends in the market indicate a growing demand for energy-efficient and environmentally-friendly appliances.

Hong Kong has been facing challenges related to energy consumption and environmental sustainability. As a result, consumers are actively seeking appliances that can help reduce energy consumption and lower their carbon footprint. Smart appliances with features such as energy monitoring, smart scheduling, and adaptive controls are gaining popularity among environmentally-conscious consumers in Hong Kong.

Local special circumstances in Hong Kong, such as limited living space and high population density, are also driving the adoption of smart appliances. With limited space available for large appliances, consumers are opting for smart appliances that are compact and multifunctional. For example, smart appliances that combine a washing machine and a dryer or a refrigerator with a built-in water dispenser are in high demand in Hong Kong.

Underlying macroeconomic factors are also contributing to the growth of the Smart Appliances market in Hong Kong. The strong economic growth in the region has led to an increase in disposable income and purchasing power of consumers. As a result, consumers are willing to invest in high-quality and technologically advanced appliances.

Additionally, the government of Hong Kong has been promoting the adoption of smart technologies and energy-efficient appliances through various initiatives and incentives, which is further driving the growth of the Smart Appliances market. In conclusion, the Smart Appliances market in Hong Kong is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With the increasing demand for convenience, efficiency, and connectivity, smart appliances that offer remote control and real-time information are becoming popular among consumers.

The focus on energy efficiency and environmental sustainability is also driving the adoption of smart appliances with features such as energy monitoring and smart scheduling. Limited living space and high population density in Hong Kong are further fueling the demand for compact and multifunctional smart appliances. The strong economic growth and government initiatives are also contributing to the growth of the Smart Appliances market in Hong Kong.

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.