Smart Appliances - Latvia | Statista Market Forecast

The Smart Appliances market in Latvia is expected to generate a revenue of US$9.5m in 2024.
This market is projected to experience a steady growth rate of 9.15% annually from 2024 to 2028, resulting in a market volume of US$13.4m by 2028.
Furthermore, it is estimated that the number of active households in this segment will reach 68.4k users by 2028.
The penetration of smart appliances in households is anticipated to increase from 4.9% in 2024 to 8.0% by 2028.
Currently, the average revenue per installed Smart_Home is expected to be US$227.30.
In a global comparison, it is worth mentioning that China dominates this market segment, generating a significant revenue of US$17.0bn in 2024.
"Latvia is experiencing a growing demand for smart appliances, with consumers embracing the convenience and energy-saving features they offer."

The Smart Home market Smart Appliances 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.

Directly or indirectly internet-controllable household appliances
Large appliances such as fridges, washing machines, dish washers, ovens
Small appliances such as coffee machines, vacuum and mowing robots, microwaves

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 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.

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.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.

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