Smart Appliances - Hong Kong

Hong Kong

The Smart Appliances market in Hong Kong is expected to generate a revenue of HK US$47.1m in 2024.
This projection indicates a promising growth trend, with an estimated annual growth rate (CAGR 2024-2028) of 11.14%.
As a result, the market volume of Smart Appliances market is projected to reach HK US$71.8m by 2028.
Looking specifically at the number of active households in the Smart Appliances market, it is anticipated to reach 279.0k users by 2028 in Hong Kong.
This demonstrates the increasing adoption of Smart Appliances market among households in the country.
In terms of household penetration, it is expected to rise from 6.1% in 2024 to 9.1% by 2028.
This indicates a growing percentage of households in Hong Kong embracing Smart Appliances market as an integral part of their daily lives.
Currently, the average revenue per installed Smart_Home in Hong Kong is estimated to be HK US$266.00.
This indicates the average amount of revenue generated from each Smart_Home installation in the country.
When comparing the global market, in China stands out as the leading revenue generator in the Smart Appliances market.
In 2024, in China is projected to generate a revenue of approximately CNY US$17,040.0m.
This highlights the significant market presence and potential of in China in the Smart Appliances market industry.
In Hong Kong, the demand for smart appliances is rising rapidly, driven by the tech-savvy population and the need for convenience in the fast-paced urban lifestyle.

Key regions: Sweden, Denmark, Japan, China, Europe

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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.