Smart Appliances - Bangladesh

Bangladesh

The Smart Appliances market in Bangladesh is projected to witness a significant growth in revenue, with an estimated value of US$75.3m in 2024.
Looking ahead, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2028) of 11.06%.
This growth trajectory is anticipated to result in a projected market volume of US$114.5m by 2028.
Within the Smart Appliances market, the number of active households is projected to reach 1,250.0k users by 2028.
This indicates a growing adoption of smart appliances among households in Bangladesh.
Household penetration, which currently stands at 1.6% in 2024, is expected to increase to 3.0% by 2028, further highlighting the growing popularity and demand for smart appliances in the country.
In terms of revenue per installed Smart_Home, the average value is estimated to be US$117.50.
This metric serves as an indicator of the financial potential and market value of each installed smart home in Bangladesh.
When comparing the global market, it is noteworthy that in China generates the highest revenue in the Smart Appliances market.
In 2024, in China is projected to generate a revenue of US$17,040.0m, further solidifying its dominance in the industry.
In summary, the Smart Appliances market in Bangladesh is expected to experience significant growth in revenue, market volume, and household penetration.
These trends align with the global market, where in China remains a dominant player in terms of revenue generation.
Bangladesh is experiencing a surge in demand for smart appliances, as consumers seek to integrate technology into their daily lives and improve energy efficiency.

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

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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.