Market Insights Digital Smart Home
- Saudi Arabia
- In Saudi Arabia, the projected revenue in the Smart Appliances market is expected to reach US$253.3m in 2024.
- This market is forecasted to experience an annual growth rate (CAGR 2024-2028) of 10.98%, resulting in a projected market volume of US$384.3m by 2028.
- By that year, the number of active households in the Smart Appliances market is expected to amount to 1.8m users.
- The household penetration rate is projected to increase from 14.0% in 2024 to 28.6% by 2028.
- Currently, the average revenue per installed Smart_Home in Saudi Arabia is expected to be US$299.30.
- It is worth noting that a global comparison reveals that in China generates the highest revenue in this market segment, with US$17,040.0m in 2024.
- Saudi Arabia is experiencing a surge in demand for smart appliances, as consumers seek innovative and convenient solutions for their everyday household needs.
Key regions: Sweden, Denmark, Japan, China, Europe
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.
in-scope
- 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
out-of-scope
- 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)
Smart Home
- Energy Management
- Home Entertainment
- Security
- Smart Appliances
Related markets:
Digital Media
Digital Advertising
eServices
Online Food Delivery
Smart Home
FinTech
Digital Health
App
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Market
Region
Region comparison
Currency
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.
Overview
- Revenue
- Analyst Opinion
- Smart Homes
- Demographics
- Key Players
- Global Comparison
- Methodology
- Key Market Indicators
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