Smart Appliances - Kuwait | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$2.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.47%, resulting in a projected market volume of US$3.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 34.9k users by 2029.
Household penetration will be 2.6% in 2024 and is expected to hit 4.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$131.60.

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 Kuwait has been experiencing significant growth in recent years. Customer preferences for convenience, energy efficiency, and connectivity have been driving the demand for smart appliances in the country. With the increasing adoption of smart home technology and the government's focus on sustainability, the market for smart appliances is expected to continue its upward trajectory.

Customer preferences: Kuwaiti consumers are increasingly seeking convenience in their daily lives, and smart appliances offer just that. These appliances can be controlled remotely through smartphone apps, allowing users to monitor and control their appliances from anywhere. This convenience factor has been a key driver for the growth of the smart appliances market in Kuwait. Energy efficiency is also a top priority for Kuwaiti consumers. Smart appliances are designed to be more energy-efficient than their traditional counterparts, helping users save on their electricity bills. With the rising cost of energy in Kuwait, consumers are looking for ways to reduce their energy consumption, and smart appliances provide an effective solution. Connectivity is another important factor driving the demand for smart appliances in Kuwait. With the increasing prevalence of smart home technology, consumers are looking for appliances that can seamlessly integrate into their connected home ecosystems. Smart appliances can be connected to other devices, such as smart speakers and thermostats, allowing for a more streamlined and automated home.

Trends in the market: One of the key trends in the smart appliances market in Kuwait is the growing popularity of smart kitchen appliances. Smart refrigerators, ovens, and dishwashers are gaining traction among Kuwaiti consumers. These appliances offer features such as food inventory management, recipe suggestions, and remote control, making cooking and meal planning more convenient and efficient. Another trend in the market is the increasing adoption of smart air conditioning systems. Kuwait experiences hot weather throughout the year, and air conditioning is a necessity for most households. Smart air conditioning systems allow users to control and monitor their cooling systems remotely, ensuring optimal comfort and energy efficiency.

Local special circumstances: Kuwait has a high per capita income and a strong consumer culture, which has contributed to the growth of the smart appliances market. The country has a large expatriate population, many of whom come from technologically advanced countries and are accustomed to using smart appliances. This has created a demand for smart appliances in Kuwait, as consumers seek to replicate the convenience and efficiency they experienced in their home countries.

Underlying macroeconomic factors: The government of Kuwait has recognized the importance of sustainability and energy efficiency, and has implemented various initiatives to promote the use of smart appliances. The country has set targets for reducing energy consumption and increasing the use of renewable energy sources. This has created a favorable environment for the growth of the smart appliances market, as consumers are incentivized to invest in energy-efficient appliances. Additionally, the growing awareness about climate change and environmental issues has also contributed to the demand for smart appliances in Kuwait. Consumers are increasingly conscious of their carbon footprint and are looking for ways to reduce their impact on the environment. Smart appliances, with their energy-saving features, offer a solution that aligns with these environmental concerns. In conclusion, the Smart Appliances market in Kuwait is experiencing significant growth due to customer preferences for convenience, energy efficiency, and connectivity. The increasing adoption of smart home technology, government initiatives promoting sustainability, and the country's high per capita income are all contributing factors to the growth of the market. With the ongoing trends in smart kitchen appliances and smart air conditioning systems, the market is expected to continue its upward trajectory in the coming years.

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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