Smart Appliances - Iraq | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$10.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.06%, resulting in a projected market volume of US$16.2m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 173.5k users by 2029.
Household penetration will be 1.3% in 2024 and is expected to hit 2.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$122.30.

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 Iraq is experiencing a steady growth due to increasing customer preferences for technologically advanced and energy-efficient appliances. The market is driven by the rising demand for smart appliances that offer convenience, connectivity, and energy savings.

Customer preferences: Customers in Iraq are increasingly looking for appliances that offer convenience and ease of use. Smart appliances, such as smart refrigerators, washing machines, and air conditioners, provide features like remote control, voice command, and automated functions that make daily tasks more convenient and efficient. These appliances also offer connectivity options, allowing users to monitor and control them through smartphone apps. Energy efficiency is another important factor driving customer preferences in the Smart Appliances market. With increasing concerns about energy consumption and environmental sustainability, consumers are opting for appliances that are energy-efficient and can help reduce their electricity bills. Smart appliances are designed to optimize energy usage by automatically adjusting settings based on usage patterns and real-time data.

Trends in the market: One of the key trends in the Smart Appliances market in Iraq is the growing popularity of smart home systems. These systems integrate multiple smart appliances and devices, allowing users to control and monitor them from a centralized hub or smartphone app. This trend is driven by the desire for a seamless and interconnected home environment, where appliances can communicate with each other and adapt to user preferences. Another trend in the market is the increasing adoption of Internet of Things (IoT) technology in smart appliances. IoT enables appliances to connect to the internet and exchange data, enabling advanced features such as remote monitoring, predictive maintenance, and energy optimization. This trend is expected to further drive the growth of the Smart Appliances market in Iraq, as consumers become more aware of the benefits of IoT-enabled appliances.

Local special circumstances: The Smart Appliances market in Iraq is influenced by the country's economic and infrastructural factors. Iraq has a growing middle class with increasing disposable income, which is driving the demand for technologically advanced appliances. However, the market is also affected by the limited availability of reliable internet connectivity and infrastructure, which can hinder the adoption of smart appliances.

Underlying macroeconomic factors: The growth of the Smart Appliances market in Iraq is influenced by macroeconomic factors such as GDP growth, urbanization, and government policies. As the economy grows and urbanization increases, more consumers are able to afford and demand smart appliances. Additionally, government initiatives to promote energy efficiency and sustainability are also driving the adoption of smart appliances in the country. In conclusion, the Smart Appliances market in Iraq is witnessing growth due to increasing customer preferences for convenience, connectivity, and energy efficiency. The market is characterized by the adoption of smart home systems and IoT technology, which enable seamless integration and advanced features. However, the market is also influenced by local special circumstances such as limited internet connectivity and infrastructure. Overall, the growth of the Smart Appliances market in Iraq is supported by underlying macroeconomic factors such as GDP growth, urbanization, and government initiatives.

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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