Smart Appliances - Luxembourg

Luxembourg

Luxembourg is projected to see a significant increase in revenue within the Smart Appliances market.
By 2024, revenue is estimated to reach US$2.3m.
This growth is expected to continue with an annual growth rate of 9.08% (CAGR 2024-2028), resulting in a projected market volume of US$3.3m by 2028.
In line with this growth, the number of active households in the Smart Appliances market is also projected to increase.
By 2028, it is expected to reach 17.2k users households.
This indicates a growing adoption of smart appliances in Luxembourg.
Furthermore, household penetration, which measures the percentage of households with smart appliances, is anticipated to rise from 3.9% in 2024 to 6.3% by 2028.
This demonstrates an increasing trend of integrating smart appliances into households throughout the country.
Currently, the average revenue per installed Smart_Home in Luxembourg is expected to amount to US$224.90.
This figure highlights the value generated by each smart home in terms of revenue.
When compared globally, in China currently generates the highest revenue in the Smart Appliances market.
In 2024, in China's revenue is estimated to reach US$17,040.0m, indicating its dominance in the market.
In conclusion, the Smart Appliances market in Luxembourg is poised for growth, with projected increases in revenue, household adoption, and household penetration.
Despite global competition, the country is well-positioned to capitalize on the market potential of smart appliances.
Luxembourg, known for its high-tech industries, has seen a surge in demand for smart appliances, driven by its affluent population and focus on sustainability.

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.