Smart Appliances - Vietnam | Statista Market Forecast

Revenue in the Smart Appliances market is projected to reach US$165.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.48%, resulting in a projected market volume of US$271.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 4.2m users by 2029.
Household penetration will be 8.1% in 2024 and is expected to hit 18.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$93.80.

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 Vietnam has been experiencing significant growth in recent years, driven by changing customer preferences and the increasing adoption of smart technology in households. Customer preferences in Vietnam have shifted towards convenience, efficiency, and sustainability, which has led to a growing demand for smart appliances.

Consumers are increasingly looking for appliances that can be controlled remotely, provide real-time information, and offer energy-saving features. This shift in preferences is in line with global trends, as consumers worldwide are seeking smart solutions to make their lives easier and more sustainable. One of the key trends in the Smart Appliances market in Vietnam is the increasing popularity of smart home systems.

These systems allow users to control and monitor various appliances and devices in their homes through a centralized platform. This trend is driven by the convenience and energy-saving benefits that smart home systems offer. With the rapid development of Internet of Things (IoT) technology, more and more appliances are being connected to the internet, enabling seamless integration and control within smart home systems.

Another trend in the market is the rising demand for smart kitchen appliances. Smart kitchen appliances, such as smart refrigerators, ovens, and dishwashers, offer advanced features such as remote control, recipe suggestions, and energy monitoring. These appliances are gaining popularity among busy urban dwellers who value convenience and time-saving features in their daily lives.

Additionally, the increasing awareness of food waste and sustainability is driving the demand for smart refrigerators that can help users track and manage their food inventory more efficiently. Local special circumstances in Vietnam also contribute to the growth of the Smart Appliances market. Vietnam has a young and tech-savvy population, with a high rate of smartphone penetration.

This makes it easier for consumers to adopt and use smart appliances that can be controlled through mobile applications. Furthermore, the government of Vietnam has been actively promoting the adoption of smart technology and energy efficiency in households, which has created a favorable environment for the growth of the Smart Appliances market. Underlying macroeconomic factors, such as the growing middle class and rising disposable incomes, also play a significant role in the development of the Smart Appliances market in Vietnam.

As more Vietnamese households enter the middle class, they have more purchasing power and are willing to invest in smart appliances that offer convenience and energy savings. Additionally, the increasing urbanization in Vietnam has led to smaller living spaces, which has driven the demand for compact and multifunctional smart appliances. In conclusion, the Smart Appliances market in Vietnam is experiencing significant growth due to changing customer preferences, the increasing popularity of smart home systems, the rising demand for smart kitchen appliances, local special circumstances, and underlying macroeconomic factors.

As technology continues to advance and consumer awareness of smart solutions increases, the market 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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