Smart Appliances - Mexico | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$851.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.28%, resulting in a projected market volume of US$1.5bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 13.6m users by 2029.
Household penetration will be 10.6% in 2024 and is expected to hit 47.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$287.40.

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 Mexico is experiencing significant growth and development.

Customer preferences: Mexican consumers have shown a growing interest in smart appliances, driven by the convenience and efficiency they offer. Smart appliances, such as smart refrigerators and smart washing machines, allow users to control and monitor their devices remotely through smartphone apps. This appeals to the tech-savvy Mexican population who are increasingly looking for ways to simplify their lives and save time. Additionally, smart appliances are seen as environmentally friendly, as they often come with energy-saving features.

Trends in the market: One of the key trends in the Mexican Smart Appliances market is the increasing adoption of voice control technology. Voice assistants, such as Amazon Alexa and Google Assistant, are becoming more popular in Mexico, and consumers are now able to control their smart appliances using voice commands. This not only adds convenience but also enhances the overall user experience. Another trend is the integration of smart appliances with other smart home devices. Mexican consumers are increasingly interested in creating a connected home ecosystem, where all their devices can communicate with each other. For example, smart refrigerators can now connect with smart speakers to create shopping lists or suggest recipes based on the ingredients available. This integration of smart appliances with other devices adds value to the overall smart home experience.

Local special circumstances: Mexico has a large and growing middle class, which is driving the demand for smart appliances. As more households move into the middle-income bracket, they have the purchasing power to invest in these technologically advanced appliances. Additionally, the government of Mexico has been promoting energy efficiency and sustainability, which has further fueled the demand for smart appliances that come with energy-saving features.

Underlying macroeconomic factors: The Mexican economy has been growing steadily over the past few years, which has contributed to the growth of the Smart Appliances market. As the economy improves, consumers have more disposable income to spend on luxury items such as smart appliances. Additionally, the increasing urbanization in Mexico has led to smaller living spaces, which has created a demand for compact and efficient appliances, further driving the growth of the smart appliances market. In conclusion, the Smart Appliances market in Mexico is experiencing significant growth and development due to customer preferences for convenience and efficiency, as well as the increasing adoption of voice control technology and integration with other smart home devices. The large and growing middle class, along with government initiatives promoting energy efficiency, are also driving the demand for smart appliances. Overall, the positive macroeconomic factors in Mexico are contributing to the growth of the Smart Appliances market in the country.

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.

“Alexa, can you tell me something about smart speakers?” is just one of the many questions smart speakers can answer today, with people using and relying on these devices for a wide range of purposes. Smart speakers are devices powered by a voice-enabled virtual intelligent assistant and can work as central controlling hubs for smart homes. Indeed, capable of performing a vast array of functions, such devices are used not only for entertainment, but also for searching the web, answering questions, and many other activities, such as creating a shopping list and providing you with weather forecast. In line with the rising popularity of smart home technology, the prevalence of smart speakers in households has steadily grown and are today among consumers’ favorite electronic devices.