Smart Appliances - Nepal | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$7.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.04%, resulting in a projected market volume of US$13.5m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 181.0k users by 2029.
Household penetration will be 1.4% in 2024 and is expected to hit 2.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$88.67.

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 Nepal has been experiencing significant growth in recent years. Customer preferences for smart appliances, along with the increasing availability and affordability of these products, have been driving this trend.

Additionally, local special circumstances and underlying macroeconomic factors have also played a role in the development of the market. Customer preferences in Nepal have shifted towards smart appliances due to their convenience and energy-saving features. Consumers are increasingly looking for appliances that can be controlled remotely and offer advanced functionalities.

This includes features such as voice control, smartphone integration, and energy monitoring. The demand for smart appliances has also been driven by the growing awareness of environmental sustainability and the need to reduce energy consumption. In line with global trends, the Smart Appliances market in Nepal has seen a rise in the adoption of connected devices and the Internet of Things (IoT).

This has allowed appliances to be interconnected and controlled through a central hub or smartphone app. As a result, consumers can now remotely monitor and control their appliances, enhancing convenience and efficiency in their daily lives. One of the key drivers of the Smart Appliances market in Nepal is the increasing availability and affordability of these products.

Technological advancements and economies of scale have led to a decrease in the cost of smart appliances, making them more accessible to a wider range of consumers. This has contributed to the growing adoption of smart appliances in both urban and rural areas of Nepal. Local special circumstances in Nepal, such as frequent power outages and the need for energy conservation, have also influenced the development of the Smart Appliances market.

Smart appliances with energy-saving features have gained popularity as they help consumers manage their electricity usage more efficiently. Additionally, the ability to remotely control appliances during power outages has become a valuable feature for consumers in Nepal. Underlying macroeconomic factors, such as increasing urbanization and rising disposable incomes, have further fueled the growth of the Smart Appliances market in Nepal.

As more people move to urban areas and experience an improvement in their living standards, the demand for smart appliances is expected to continue to rise. Additionally, the government's focus on infrastructure development and digital connectivity has created an environment conducive to the growth of the smart appliances industry. In conclusion, the Smart Appliances market in Nepal is experiencing significant growth due to customer preferences for convenience and energy-saving features, along with the increasing availability and affordability of these products.

Local special circumstances, such as frequent power outages and the need for energy conservation, have also played a role in the development of the market. Furthermore, underlying macroeconomic factors, such as increasing urbanization and rising disposable incomes, have contributed to the growth of the smart appliances industry in Nepal.

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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