Smart Appliances - Puerto Rico | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$79.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.34%, resulting in a projected market volume of US$113.0m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 266.2k users by 2029.
Household penetration will be 17.9% in 2024 and is expected to hit 32.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$537.90.

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 Puerto Rico has been steadily growing in recent years, driven by increasing customer preferences for convenience, energy efficiency, and connectivity in household appliances.

Customer preferences: Puerto Rican consumers are increasingly seeking appliances that offer convenience and ease of use. Smart appliances, such as refrigerators with built-in touchscreen displays and voice control capabilities, are becoming popular choices among tech-savvy consumers. These appliances allow users to easily access information, control settings, and even order groceries online, all from the comfort of their own homes. Energy efficiency is also a key consideration for Puerto Rican consumers when purchasing appliances. Given the high cost of electricity on the island, energy-efficient smart appliances that are designed to reduce energy consumption are in high demand. Appliances with features such as smart thermostats and energy monitoring capabilities allow users to optimize their energy usage and save on their electricity bills. Furthermore, connectivity is an important factor driving the adoption of smart appliances in Puerto Rico. With the increasing prevalence of smart home technology, consumers are looking for appliances that can be seamlessly integrated into their smart home ecosystems. Smart appliances that can be controlled remotely via smartphone apps or voice assistants are particularly appealing to consumers who value convenience and connectivity.

Trends in the market: One of the key trends in the Smart Appliances market in Puerto Rico is the increasing availability and affordability of smart appliances. As technology advances and production costs decrease, smart appliances are becoming more accessible to a wider range of consumers. This trend is expected to continue, driving further growth in the market. Another trend in the market is the integration of artificial intelligence (AI) and machine learning capabilities into smart appliances. AI-powered appliances can learn from user preferences and behavior to optimize performance and provide personalized experiences. For example, smart refrigerators can learn a household's eating habits and suggest recipes or automatically order groceries based on the items that are running low.

Local special circumstances: Puerto Rico's geographical location and climate also play a role in shaping the Smart Appliances market. As an island nation, Puerto Rico is particularly vulnerable to natural disasters such as hurricanes. This has led to an increased demand for smart appliances with features such as backup power supply and remote monitoring capabilities. These features provide peace of mind to consumers and allow them to stay connected and in control of their appliances even during power outages or other emergencies.

Underlying macroeconomic factors: The Smart Appliances market in Puerto Rico is influenced by several macroeconomic factors. The overall economic growth and stability of the island impact consumer purchasing power and willingness to invest in higher-priced smart appliances. Additionally, government policies and incentives related to energy efficiency and renewable energy can also influence the adoption of smart appliances. As the government continues to promote energy conservation and sustainability, the demand for energy-efficient smart appliances is likely to increase. Overall, the Smart Appliances market in Puerto Rico is experiencing growth due to customer preferences for convenience, energy efficiency, and connectivity. The increasing availability and affordability of smart appliances, as well as the integration of AI and machine learning capabilities, are driving this growth. Local special circumstances, such as the vulnerability to natural disasters, also contribute to the demand for smart appliances with specific features. The underlying macroeconomic factors, including economic growth and government policies, further shape the market dynamics in Puerto Rico.

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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