Smart Appliances - Hungary | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$117.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.87%, resulting in a projected market volume of US$197.0m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 377.6k users by 2029.
Household penetration will be 3.4% in 2024 and is expected to hit 9.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$797.80.

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 Hungary is experiencing steady growth due to increasing customer preferences for convenience and energy efficiency.

Customer preferences: Hungarian consumers are increasingly seeking appliances that offer convenience and efficiency. Smart appliances, such as smart refrigerators and washing machines, are gaining popularity as they provide features like remote control and monitoring, energy-saving modes, and personalized settings. These features align with the growing trend of connected homes and the desire for a more streamlined and efficient lifestyle. Additionally, rising environmental consciousness among consumers is driving the demand for energy-efficient appliances, which further supports the growth of the smart appliances market in Hungary.

Trends in the market: The smart appliances market in Hungary is witnessing several trends that are shaping its development. Firstly, there is a growing adoption of voice-controlled smart appliances, driven by the increasing popularity of virtual assistants like Amazon Alexa and Google Assistant. This allows consumers to control their appliances through voice commands, offering a hands-free and convenient experience. Secondly, the integration of artificial intelligence (AI) technology in smart appliances is becoming more prevalent. AI-powered appliances can learn and adapt to user preferences, optimizing their performance and energy consumption. This trend is particularly evident in appliances like smart thermostats and air conditioners, which can automatically adjust temperature settings based on user behavior and external factors. Lastly, the expansion of smart home ecosystems and interoperability between different devices is creating a more seamless and integrated user experience. Consumers can now control multiple smart appliances through a single app or hub, enhancing convenience and ease of use.

Local special circumstances: Hungary has a growing middle-class population with increasing disposable income, which is driving the demand for modern and technologically advanced appliances. Additionally, the government has implemented various energy-saving initiatives and incentives to promote the use of energy-efficient appliances. These factors contribute to the favorable market conditions for smart appliances in Hungary. Furthermore, the country has a high internet penetration rate, with a significant portion of the population having access to broadband internet. This provides a solid foundation for the adoption of smart appliances, as they require a reliable internet connection for their advanced features and functionalities.

Underlying macroeconomic factors: The overall economic stability and positive consumer sentiment in Hungary are supporting the growth of the smart appliances market. The country's GDP growth and low unemployment rate indicate a favorable economic environment, which translates into increased consumer spending power. Additionally, the government's focus on sustainable development and energy efficiency aligns with the market demand for smart appliances. These macroeconomic factors create a conducive environment for the growth of the smart appliances market in Hungary. In conclusion, the Smart Appliances market in Hungary is experiencing steady growth driven by customer preferences for convenience and energy efficiency. The adoption of voice-controlled appliances, integration of AI technology, and the expansion of smart home ecosystems are key trends shaping the market. Local special circumstances, such as a growing middle-class population and government initiatives promoting energy efficiency, further contribute to the market's development. The underlying macroeconomic factors of economic stability and positive consumer sentiment provide a favorable environment for the growth of the smart appliances market in Hungary.

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.

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