Smart Appliances - Singapore | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$111.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.10%, resulting in a projected market volume of US$188.8m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 1.4m users by 2029.
Household penetration will be 20.5% in 2024 and is expected to hit 72.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$287.30.

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 Singapore is experiencing steady growth due to changing customer preferences and increasing adoption of smart home technology.

Customer preferences: Customers in Singapore are increasingly looking for appliances that offer convenience, energy efficiency, and connectivity. Smart appliances, which can be controlled remotely through smartphones or voice assistants, meet these requirements. They allow users to monitor and control their appliances from anywhere, saving time and energy. Additionally, smart appliances often come with features such as energy monitoring and scheduling, which help users reduce their energy consumption and save on utility bills.

Trends in the market: One of the key trends in the smart appliances market in Singapore is the integration of artificial intelligence (AI) and machine learning (ML) technologies. AI-powered appliances can learn user preferences and automatically adjust settings to optimize performance. For example, a smart air conditioner can analyze user behavior and adjust temperature settings accordingly, providing personalized comfort while minimizing energy consumption. Another trend is the increasing popularity of smart kitchen appliances. Smart refrigerators, ovens, and coffee makers are gaining traction among tech-savvy consumers who value convenience and efficiency in their daily lives. These appliances can be controlled remotely, provide recipe suggestions, and even order groceries when supplies run low.

Local special circumstances: Singapore is known for its high population density and limited living space. As a result, there is a growing demand for space-saving appliances that can maximize efficiency in small homes. Smart appliances, with their compact designs and multifunctional capabilities, are well-suited to meet this demand. For example, a smart washing machine with a built-in dryer can save valuable space in a small apartment.

Underlying macroeconomic factors: The growing adoption of smart appliances in Singapore is also influenced by underlying macroeconomic factors. Singapore has a high level of urbanization and a tech-savvy population, which creates a favorable environment for the adoption of smart home technology. Additionally, the government of Singapore has been actively promoting the use of smart technology to enhance the quality of life and sustainability in the country. This includes initiatives such as the Smart Nation program, which aims to leverage technology to improve various aspects of daily life, including home appliances. In conclusion, the Smart Appliances market in Singapore is driven by changing customer preferences, with a focus on convenience, energy efficiency, and connectivity. The integration of AI and ML technologies, the popularity of smart kitchen appliances, and the demand for space-saving solutions are key trends in the market. The high level of urbanization, tech-savvy population, and government initiatives also contribute to the growth of the smart appliances market in Singapore.

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.

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