Smart Appliances - United Kingdom

United Kingdom

The projected revenue for the Smart Appliances market in the United Kingdom is expected to reach US$3.1bn in 2024.
This represents a significant growth potential for the market.
With an annual growth rate of 12.49% (CAGR 2024-2028), the market volume is projected to reach US$5.0bn by 2028.
Looking at the number of active households in the Smart Appliances market, it is expected to reach 13.5m users by 2028.
This indicates a strong and growing demand for smart appliances among UK households.
Household penetration, which currently stands at 18.0% in 2024, is expected to rise to 44.9% by 2028.
This suggests that a significant portion of households will adopt smart appliances in the coming years.
In terms of revenue per installed Smart_Home, the average is projected to be US$0.58k.
This indicates the potential value and profitability of the smart appliances market in the UK.
It showcases the willingness of consumers to invest in these technologically advanced products.
When comparing the global market, it is worth noting that in China leads in terms of revenue generation.
In 2024, in China is projected to generate US$17,040.0m in revenue in the Smart Appliances market.
This highlights the strong market presence and demand for smart appliances in China.
Overall, the Smart Appliances market in the United Kingdom is expected to experience substantial growth, both in terms of revenue and household adoption.
This presents an opportunity for businesses operating in this market to capitalize on the growing demand for smart appliances among UK consumers.
The United Kingdom is experiencing a surge in demand for smart appliances, driven by the growing trend of connected homes and emphasis on 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.