Smart Appliances - Southern Asia | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$3.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.53%, resulting in a projected market volume of US$4.8bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 46.4m users by 2029.
Household penetration will be 4.5% in 2024 and is expected to hit 11.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$188.50.

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 Southern Asia is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Southern Asia are shifting towards smart appliances that offer convenience, energy efficiency, and connectivity.

Consumers are increasingly seeking appliances that can be controlled remotely through smartphone applications, allowing them to monitor and manage their appliances even when they are not at home. Additionally, there is a growing demand for appliances that are energy-efficient and environmentally friendly, as consumers become more conscious of their carbon footprint. These preferences are driving the adoption of smart appliances in the region.

Trends in the Smart Appliances market in Southern Asia include the integration of artificial intelligence (AI) and Internet of Things (IoT) technologies into appliances. AI-powered appliances can learn and adapt to user preferences, providing personalized experiences and optimizing energy usage. IoT connectivity enables appliances to communicate with each other and with external devices, creating a seamless and interconnected ecosystem within the home.

These trends are revolutionizing the way appliances are used and are driving the growth of the smart appliances market in the region. Local special circumstances in Southern Asia, such as rapid urbanization and increasing disposable incomes, are also contributing to the development of the smart appliances market. As more people move to cities and live in smaller spaces, there is a greater need for compact and multifunctional appliances that can maximize efficiency and save space.

Additionally, rising incomes are enabling consumers to afford higher-priced smart appliances, further fueling market growth. Underlying macroeconomic factors, such as favorable government policies and infrastructure development, are also playing a significant role in the growth of the smart appliances market in Southern Asia. Governments in the region are implementing initiatives to promote the adoption of energy-efficient appliances and smart home technologies, providing incentives and subsidies to consumers.

Furthermore, the expansion of internet connectivity and the development of smart cities are creating a conducive environment for the growth of the smart appliances market. In conclusion, the Smart Appliances market in Southern Asia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for convenience, energy efficiency, and connectivity is driving the adoption of smart appliances in the region, while the integration of AI and IoT technologies is revolutionizing the industry.

With rapid urbanization, increasing disposable incomes, and favorable government policies, the smart appliances market in Southern Asia is expected to continue its upward trajectory.

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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