Smart Appliances - Malaysia

Malaysia

Revenue in the Smart Appliances market is projected to reach US$182.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.22%, resulting in a projected market volume of US$324.2m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 7.7% in 2024 and is expected to hit 15.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$318.90.

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Analyst Opinion

The Smart Appliances market in Malaysia has been experiencing steady growth in recent years.

Customer preferences: Malaysian consumers are increasingly embracing smart appliances due to their convenience and efficiency. With the rise in smartphone penetration and internet connectivity, consumers are looking for appliances that can be controlled and monitored remotely. Smart appliances offer features such as remote control, energy efficiency, and customization options, which are highly valued by consumers in Malaysia. Additionally, the growing awareness of environmental sustainability has also contributed to the demand for energy-efficient appliances.

Trends in the market: One of the key trends in the Smart Appliances market in Malaysia is the increasing adoption of smart home systems. These systems integrate various smart appliances, allowing users to control and monitor them through a centralized platform. This trend is driven by the desire for a seamless and interconnected home environment. Smart home systems provide convenience and automation, enabling users to manage multiple appliances with ease. Another trend in the market is the growing popularity of voice-controlled smart appliances. With the rise of virtual assistants like Amazon Alexa and Google Assistant, consumers are now able to control their appliances using voice commands. This technology provides a hands-free and intuitive way of interacting with appliances, further enhancing the overall user experience.

Local special circumstances: Malaysia is a developing country with a growing middle class and increasing urbanization. These factors have contributed to the rising demand for smart appliances. As more Malaysians move to urban areas and live in smaller apartments, space optimization becomes crucial. Smart appliances, with their compact designs and multifunctional features, offer an ideal solution for maximizing limited space. Additionally, the convenience and time-saving benefits of smart appliances appeal to busy urban dwellers.

Underlying macroeconomic factors: Malaysia has a strong digital infrastructure and high internet penetration, which has facilitated the growth of the Smart Appliances market. The government's initiatives to promote digitalization and smart technology adoption have also played a significant role in driving the market. Furthermore, the increasing disposable income and changing lifestyles of Malaysians have created a favorable environment for the growth of the Smart Appliances market. In conclusion, the Smart Appliances market in Malaysia is experiencing growth due to customer preferences for convenience and energy efficiency, as well as the increasing adoption of smart home systems and voice-controlled appliances. The local special circumstances of urbanization and limited space also contribute to the demand for smart appliances. The underlying macroeconomic factors, including a strong digital infrastructure and government initiatives, further support the growth of the market.

Methodology

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.