Smart Appliances - Nordics | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$1.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.84%, resulting in a projected market volume of US$1.8bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 4.4m users by 2029.
Household penetration will be 12.6% in 2024 and is expected to hit 30.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$649.20.

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 the Nordics is witnessing significant growth and development. Customer preferences in the Nordics have been shifting towards smart appliances due to their convenience, energy efficiency, and ability to streamline daily tasks.

Consumers in the region value products that are environmentally friendly and help reduce energy consumption. The demand for smart appliances is also driven by the increasing adoption of smart home technology and the desire for interconnected devices that can be controlled remotely. Trends in the market show that smart appliances are becoming more affordable and accessible to a wider range of consumers.

As technology advances and production costs decrease, the prices of smart appliances have become more competitive, making them more attractive to consumers in the Nordics. Additionally, manufacturers are constantly innovating and introducing new features and functionalities to meet the evolving needs and preferences of consumers. Local special circumstances, such as the high cost of energy in the Nordics, further contribute to the growth of the smart appliances market.

Energy-efficient appliances are in high demand as they help consumers reduce their energy bills and minimize their carbon footprint. The Nordics also have a strong focus on sustainability and environmental responsibility, which aligns with the energy-saving capabilities of smart appliances. Underlying macroeconomic factors, such as the overall economic stability and high disposable income of consumers in the Nordics, play a significant role in the development of the smart appliances market.

The strong economy and high purchasing power of consumers enable them to invest in premium products, including smart appliances. Furthermore, government initiatives and regulations promoting energy efficiency and sustainability also drive the demand for smart appliances in the region. Overall, the Smart Appliances market in the Nordics is experiencing growth due to customer preferences for convenience and energy efficiency, along with the affordability and accessibility of smart appliances.

The local special circumstances of high energy costs and emphasis on sustainability further contribute to the market development. The underlying macroeconomic factors of economic stability and high disposable income of consumers, as well as government initiatives, play a significant role in driving the growth of the smart appliances market in the Nordics.

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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