Smart Appliances - Belgium

Belgium

In Belgium, the Smart Appliances market is expected to witness a significant increase in revenue.
By 2024, the projected revenue is estimated to reach US$321.7m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2028) of 9.43%.
As a result, the market volume is projected to reach US$461.3m by 2028.
In line with the revenue growth, the number of active households in the Smart Appliances market is also expected to rise.
By 2028, it is projected to reach 649.5k users households in Belgium.
This increase in active households reflects the growing demand for smart appliances among consumers.
Furthermore, household penetration, which measures the percentage of households with smart appliances, is expected to increase significantly.
In 2024, the household penetration rate is estimated to be 7.2%, but it is projected to reach 12.7% by 2028.
This indicates a growing acceptance and adoption of smart appliances among Belgian households.
On average, the revenue generated per installed Smart_Home is expected to be US$0.89k.
This metric reflects the average amount of revenue generated from each household that has adopted smart appliances.
When comparing the global market, it is noteworthy that in China generates the highest revenue in the Smart Appliances market.
In 2024, in China's revenue is projected to be US$17,040.0m.
This highlights in China's dominance in the global market for smart appliances.
Overall, the Smart Appliances market in Belgium is poised for growth, with increasing revenue, household adoption, and market penetration.
This trend aligns with the global market, where in China continues to lead in terms of revenue generation.
Belgium has seen a surge in demand for smart appliances, with consumers increasingly opting for energy-efficient and connected devices to enhance their homes.

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.