Smart Appliances - Luxembourg | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$2.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.68%, resulting in a projected market volume of US$3.5m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 17.4k users by 2029.
Household penetration will be 5.4% in 2024 and is expected to hit 8.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$224.90.

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 Luxembourg has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Luxembourg have shifted towards smart appliances due to their convenience, energy efficiency, and ability to integrate with other smart devices.

Consumers are increasingly looking for appliances that can be controlled remotely and provide real-time data on energy consumption. This trend is in line with the global market, where smart appliances are becoming more popular among tech-savvy consumers. Trends in the market indicate that smart appliances are no longer limited to high-end consumers and are becoming more accessible to a wider audience.

The market is witnessing a growing number of affordable smart appliances that cater to different budgets. This is due to advancements in technology, increased competition among manufacturers, and economies of scale. As a result, more consumers in Luxembourg are able to afford and adopt smart appliances in their homes.

Local special circumstances also contribute to the development of the Smart Appliances market in Luxembourg. The country has a high standard of living and a strong focus on sustainability. Smart appliances align with these values by offering energy-efficient solutions that help reduce electricity consumption and lower utility bills.

Additionally, Luxembourg has a small population and a high level of urbanization, which makes it easier for manufacturers and retailers to reach their target audience. Underlying macroeconomic factors, such as a stable economy and high disposable income, further support the growth of the Smart Appliances market in Luxembourg. The country has a strong purchasing power, which enables consumers to invest in premium appliances, including smart devices.

Moreover, the government has implemented initiatives to promote energy efficiency and sustainability, which create a favorable environment for the adoption of smart appliances. In conclusion, the Smart Appliances market in Luxembourg is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for smart appliances is driven by convenience, energy efficiency, and integration with other smart devices.

The market is witnessing a wider range of affordable options, making smart appliances accessible to a larger audience. Luxembourg's focus on sustainability and high purchasing power further contribute to the growth of the market.

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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