Smart Appliances - Sri Lanka

Sri Lanka

Revenue in the Smart Appliances market is projected to reach US$18.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.14%, resulting in a projected market volume of US$26.7m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 365.8k users by 2029.
Household penetration will be 3.2% in 2024 and is expected to hit 6.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$103.50.

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Analyst Opinion

The Smart Appliances market in Sri Lanka is experiencing significant growth and development.

Customer preferences: Customers in Sri Lanka are increasingly seeking convenience and efficiency in their everyday lives. As a result, there is a growing demand for smart appliances that can simplify daily tasks and enhance productivity. Smart appliances offer features such as remote control, energy efficiency, and advanced connectivity options, which are highly appealing to consumers in Sri Lanka.

Trends in the market: One of the key trends in the Smart Appliances market in Sri Lanka is the increasing adoption of smart home technology. With the rise of internet connectivity and smartphone usage, consumers are looking for ways to automate and control their home appliances remotely. This trend is driving the demand for smart appliances such as smart refrigerators, washing machines, and air conditioners. Another trend in the market is the focus on energy efficiency. Sri Lanka has been facing challenges in meeting its energy demands, and consumers are becoming more conscious about their energy consumption. Smart appliances that are designed to be energy-efficient are gaining popularity among consumers who want to reduce their carbon footprint and save on utility bills.

Local special circumstances: Sri Lanka is a developing country with a growing middle class population. This segment of the population has a higher disposable income and is willing to invest in smart appliances that offer convenience and efficiency. Additionally, the urbanization rate in Sri Lanka is increasing, leading to a greater demand for modern and technologically advanced appliances.

Underlying macroeconomic factors: The growing economy of Sri Lanka is contributing to the development of the Smart Appliances market. As the country's GDP continues to rise, consumers have more purchasing power and are able to invest in higher-end appliances. Furthermore, the government of Sri Lanka has been actively promoting the use of smart appliances through various initiatives and incentives, which has further fueled the market growth. In conclusion, the Smart Appliances market in Sri Lanka is witnessing significant growth and development due to customer preferences for convenience and efficiency, the increasing adoption of smart home technology, a focus on energy efficiency, the growing middle class population, urbanization, and the country's growing economy. These factors are driving the demand for smart appliances and creating opportunities for manufacturers and retailers in the market.

Methodology

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.