Smart Appliances - Australia

Australia

Revenue in the Smart Appliances market is projected to reach US$1.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.42%, resulting in a projected market volume of US$2.0bn by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 8.5m users by 2028.
Household penetration will be 27.2% in 2024 and is expected to hit 73.4% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$0.48k.

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Analyst Opinion

The Smart Appliances market in Australia is experiencing significant growth and development.

Customer preferences: Australian consumers are increasingly seeking smart appliances that offer convenience, energy efficiency, and connectivity. They are looking for appliances that can be controlled remotely through smartphone apps or voice assistants, allowing them to monitor and adjust settings even when they are not at home. Additionally, there is a growing demand for appliances that can integrate with other smart devices in the home, creating a seamless and interconnected ecosystem.

Trends in the market: One of the key trends in the Smart Appliances market in Australia is the adoption of smart home technology. Australian households are embracing the concept of a connected home, where appliances can communicate with each other and be controlled through a central hub. This trend is driven by the increasing availability and affordability of smart devices, as well as the desire for a more convenient and efficient lifestyle. Another trend in the market is the focus on energy efficiency. With rising energy costs and growing environmental concerns, Australian consumers are prioritizing appliances that are energy efficient and can help reduce their carbon footprint. Smart appliances offer features such as energy monitoring and optimization, allowing users to track their energy usage and make adjustments to save on costs.

Local special circumstances: Australia's climate and geography present unique challenges and opportunities for the Smart Appliances market. The country experiences extreme weather conditions, including hot summers and cold winters, which drive the demand for appliances such as air conditioners and heaters. Smart appliances in these categories offer features like temperature control and scheduling, allowing users to maintain a comfortable indoor environment while optimizing energy usage. Furthermore, Australia has a high penetration of renewable energy sources, such as solar power. This presents an opportunity for smart appliances to integrate with solar systems, enabling users to maximize the use of clean energy and further reduce their reliance on the grid.

Underlying macroeconomic factors: The growing Smart Appliances market in Australia is supported by several macroeconomic factors. Firstly, the country has a high level of internet penetration and smartphone adoption, providing a solid foundation for the adoption of smart home technology. Additionally, the government's focus on energy efficiency and sustainability, as well as the availability of incentives and rebates for energy-efficient appliances, encourages consumers to invest in smart appliances. Furthermore, the increasing urbanization and busy lifestyles of Australians contribute to the demand for smart appliances that offer convenience and time-saving features. As more people live in apartments and smaller homes, the need for space-saving and multifunctional appliances is also driving the market. In conclusion, the Smart Appliances market in Australia is experiencing growth and development due to customer preferences for convenience, energy efficiency, and connectivity. The adoption of smart home technology, focus on energy efficiency, unique local circumstances, and underlying macroeconomic factors all contribute to the market's expansion.

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 category. 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 innovative products 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 once a year, in case market dynamics change we do more frequent updates.