Smart Appliances - Iceland

Iceland

The projected revenue in the Smart Appliances market in Iceland is expected to reach US$1.6m in 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2028) of 10.13%, resulting in a projected market volume of US$2.3m by 2028.
Furthermore, the number of active households in the Smart Appliances market is projected to amount to 10.8k users by 2028.
The household penetration rate is expected to increase from 4.5% in 2024 to 7.0% by 2028.
Currently, the average revenue per installed Smart_Home in Iceland is expected to be US$231.80.
It is worth noting that in a global comparison, in China generates the highest revenue in the Smart Appliances market, reaching US$17,040.0m in 2024.
Iceland's market for smart appliances is flourishing due to its tech-savvy population and commitment to sustainable living.

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.