Smart Appliances - Iceland | 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 9.70%, resulting in a projected market volume of US$2.5m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 10.7k users by 2029.
Household penetration will be 4.2% in 2024 and is expected to hit 6.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$231.80.

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 Iceland has been steadily growing in recent years, driven by increasing customer preferences for convenience, energy efficiency, and connectivity in their homes. With the rise of smart home technology, consumers in Iceland are becoming more interested in appliances that can be controlled remotely and that can automate tasks to make their lives easier. Additionally, the push for sustainability and energy efficiency has led to a growing demand for smart appliances that can help reduce energy consumption and lower utility bills.

Customer preferences: In Iceland, customer preferences for smart appliances are largely influenced by the desire for convenience and time-saving solutions. With busy lifestyles and long working hours, consumers are looking for appliances that can automate tasks and make their daily routines more efficient. Smart appliances such as smart refrigerators, washing machines, and ovens offer features like remote control, voice activation, and automation, allowing consumers to manage their household chores more easily.

Trends in the market: One of the key trends in the Smart Appliances market in Iceland is the integration of smart home technology. Consumers are increasingly looking for appliances that can be connected to their smartphones or other smart devices, allowing them to control and monitor their appliances from anywhere. This trend is driven by the growing popularity of smart home systems and the desire for a seamless connected home experience. Another trend in the market is the focus on energy efficiency and sustainability. Iceland has a strong commitment to renewable energy sources, and consumers are increasingly conscious of their environmental impact. Smart appliances that are designed to be energy efficient and reduce waste are in high demand. Features such as energy monitoring, smart scheduling, and adaptive technology are becoming more common in smart appliances, allowing consumers to minimize their energy consumption and lower their carbon footprint.

Local special circumstances: Iceland's unique geography and climate also play a role in shaping the Smart Appliances market. With its cold weather and abundant natural resources, Iceland has a high demand for appliances that can withstand extreme temperatures and make efficient use of energy. For example, smart heating systems that can be controlled remotely and adapt to changing weather conditions are particularly popular in Iceland.

Underlying macroeconomic factors: The Smart Appliances market in Iceland is also influenced by macroeconomic factors such as income levels and consumer spending. As the economy continues to grow and household incomes increase, consumers have more disposable income to spend on smart appliances. Additionally, government incentives and subsidies for energy-efficient appliances can further drive the adoption of smart appliances in Iceland. In conclusion, the Smart Appliances market in Iceland is experiencing steady growth due to customer preferences for convenience, energy efficiency, and connectivity. The integration of smart home technology, the focus on energy efficiency and sustainability, and the unique local circumstances in Iceland are all contributing to the development of this market. With the continued growth of the economy and increasing consumer awareness, the demand for smart appliances is expected to continue to rise in Iceland.

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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