Smart Appliances - South Korea | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$3.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.71%, resulting in a projected market volume of US$5.8bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 35.9m users by 2029.
Household penetration will be 47.4% in 2024 and is expected to hit 158.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$339.20.

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 South Korea is experiencing significant growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Korea are driving the demand for smart appliances.

With a strong emphasis on efficiency and convenience, consumers are increasingly opting for appliances that can be controlled remotely and provide real-time data. Smart appliances offer features such as energy-saving modes, personalized settings, and integration with other smart devices, which align with the preferences of tech-savvy South Korean consumers. Trends in the market further contribute to the growth of the Smart Appliances market in South Korea.

The increasing adoption of Internet of Things (IoT) technology and the growing popularity of smart homes are driving the demand for smart appliances. South Korea has one of the highest internet penetration rates globally, making it an ideal market for IoT-enabled appliances. Additionally, the government's focus on promoting smart cities and sustainable living further accelerates the adoption of smart appliances.

Local special circumstances also play a role in the development of the Smart Appliances market in South Korea. The country has a highly competitive consumer electronics industry with several domestic and international players. This competition drives innovation and product development in the smart appliances segment.

South Korean consumers are known for their brand loyalty and willingness to invest in high-quality products, which creates a favorable environment for the growth of the smart appliances market. Underlying macroeconomic factors contribute to the expansion of the Smart Appliances market in South Korea. The country has a strong economy with high disposable incomes, allowing consumers to afford premium smart appliances.

Additionally, the government provides various incentives and subsidies to promote the adoption of energy-efficient appliances, which further boosts the demand for smart appliances. In conclusion, the Smart Appliances market in South Korea is experiencing significant growth due to customer preferences for efficiency and convenience, market trends such as IoT adoption and smart homes, local special circumstances including competition and brand loyalty, and underlying macroeconomic factors such as a strong economy and government incentives.

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.