Smart Appliances - Taiwan | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$298.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.65%, resulting in a projected market volume of US$411.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 2.3m users by 2029.
Household penetration will be 13.6% in 2024 and is expected to hit 27.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$270.90.

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 Taiwan is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Taiwan are shifting towards smart appliances as consumers seek convenience, energy efficiency, and connectivity in their homes.

With the rapid advancement of technology, consumers are increasingly looking for appliances that can be controlled remotely through smartphones or voice assistants. Smart appliances offer features such as remote monitoring, scheduling, and energy usage tracking, which align with the growing demand for energy conservation and sustainable living. Additionally, the younger generation in Taiwan, who are more tech-savvy, are driving the adoption of smart appliances as they embrace the concept of a connected home.

Trends in the market indicate that the demand for smart appliances in Taiwan is on the rise. The market is witnessing a wide range of smart appliances including smart refrigerators, washing machines, air conditioners, and home security systems. These appliances are equipped with advanced features like self-diagnosis, automatic adjustment of settings, and integration with other smart devices.

The increasing availability of affordable smart appliances and the expanding network infrastructure for Internet of Things (IoT) connectivity are contributing to the growth of the market. Furthermore, the COVID-19 pandemic has accelerated the adoption of smart appliances as consumers prioritize hygiene and contactless solutions in their homes. Local special circumstances in Taiwan are also driving the development of the smart appliances market.

Taiwan is known for its strong manufacturing capabilities and technological expertise, making it an ideal hub for the production of smart appliances. The presence of established domestic manufacturers and international brands has created a competitive market environment, leading to innovation and product diversification. Additionally, the government of Taiwan has been actively promoting the development of smart cities and smart homes, providing incentives and subsidies to encourage the adoption of smart appliances.

These initiatives have created a favorable environment for the growth of the market. Underlying macroeconomic factors such as the increasing disposable income, urbanization, and changing lifestyle patterns in Taiwan are fueling the demand for smart appliances. As the standard of living improves and more people move to urban areas, there is a greater need for efficient and convenient home appliances.

The rising awareness of environmental sustainability and the need to reduce energy consumption are also driving the demand for energy-efficient smart appliances. Moreover, the growing aging population in Taiwan is creating a demand for smart appliances that cater to the needs of the elderly, such as remote monitoring and assistance features. In conclusion, the Smart Appliances market in Taiwan is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The demand for smart appliances is driven by the need for convenience, energy efficiency, and connectivity in homes, as well as the availability of affordable products and government support. As technology continues to advance and consumer awareness increases, the market for smart appliances in Taiwan is expected to further expand in the coming years.

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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