Smart Appliances - Asia

Asia

The Smart Appliances market in Asia is anticipated to achieve a significant milestone, with projected revenue reaching US$29.5bn in 2024.
This market is expected to witness a robust annual growth rate (CAGR 2024-2028) of 11.77%, propelling the projected market volume to US$46.0bn by 2028.
Moreover, the number of active households engaging with Smart Appliances market is forecasted to reach 351.8m users by 2028 in Asia.
This surge in adoption is attributed to the expected household penetration rate, which is anticipated to rise from 9.6% in 2024 to 26.9% by 2028.
Currently, the average revenue per installed Smart_Home stands at US$248.20.
It is worth noting that in China dominates the global market in terms of revenue generation, with an estimated revenue of US$17,040.0m in 2024.
In South Korea, the market for smart appliances is booming, with consumers embracing innovative features and seamless connectivity.

Key regions: Sweden, Denmark, Japan, China, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The segment Smart Appliances includes connected versions of all kinds of household appliances. In most cases, smart appliances are incremental innovations which add new features to existing products rather than creating totally new devices. The high amount of revenues are generated mainly by relatively high product prices. Many customers as a first step purchase lower-priced small appliances such as smart coffee machines or vacuum robots, whereas people who already own products from other segments are more likely to purchase large, higher-priced appliances like fridges. We expect devices to be adopted rather moderately in Europe and North America, but more quickly in Asia.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.