Smart Appliances - Lithuania | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$25.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.10%, resulting in a projected market volume of US$45.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 174.0k users by 2029.
Household penetration will be 6.4% in 2024 and is expected to hit 14.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$317.10.

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 Lithuania is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Lithuania are shifting towards convenience, energy efficiency, and connectivity in household appliances.

Consumers are increasingly looking for appliances that can be controlled remotely through smartphones or voice assistants, allowing them to manage their homes more efficiently. Energy efficiency is also a key consideration for customers, as they seek to reduce their carbon footprint and save on utility bills. Additionally, there is a growing demand for appliances that offer advanced features and automation, such as smart refrigerators that can track and order groceries automatically.

Trends in the Smart Appliances market in Lithuania are aligned with global trends, but with some local variations. One of the key trends is the adoption of smart home ecosystems, where multiple devices and appliances are connected and can be controlled through a single platform. This trend is driven by the increasing availability of affordable smart home hubs and the growing awareness of the benefits of a connected home.

Another trend is the integration of artificial intelligence (AI) and machine learning capabilities into smart appliances, allowing them to learn and adapt to user preferences over time. Local special circumstances in Lithuania also contribute to the development of the Smart Appliances market. The country has a high internet penetration rate and a tech-savvy population, which creates a favorable environment for the adoption of smart appliances.

Additionally, Lithuania has a strong focus on renewable energy and sustainability, which aligns with the energy efficiency features offered by smart appliances. The government also provides incentives and subsidies for energy-efficient appliances, further driving the demand for smart appliances. Underlying macroeconomic factors also play a role in the growth of the Smart Appliances market in Lithuania.

The country has a stable economy with a growing middle class, which has increased disposable income and purchasing power. This allows consumers to invest in higher-end appliances, including smart appliances. Furthermore, the increasing urbanization in Lithuania has led to smaller living spaces, creating a need for space-saving and multi-functional appliances, which can be found in the smart appliances category.

In conclusion, the Smart Appliances market in Lithuania is growing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for convenience, energy efficiency, and connectivity is driving the adoption of smart appliances, while the integration of AI and machine learning capabilities is enhancing their functionality. The tech-savvy population, high internet penetration rate, and focus on sustainability in Lithuania contribute to the development of the market.

The stable economy and growing middle class provide the purchasing power for consumers to invest in smart appliances.

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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