Smart Appliances - Chile

Chile

Revenue in the Smart Appliances market is projected to reach US$120.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.32%, resulting in a projected market volume of US$178.2m by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 1.2m users by 2028.
Household penetration will be 9.1% in 2024 and is expected to hit 21.1% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$237.60.

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Analyst Opinion

The Smart Appliances market in Chile has been experiencing steady growth over the past few years.

Customer preferences: Chilean consumers are increasingly seeking out smart appliances for their homes. This can be attributed to several factors. Firstly, there is a growing awareness and concern for energy efficiency and sustainability. Smart appliances are often designed to be more energy-efficient, which appeals to environmentally-conscious consumers. Additionally, the convenience and ease of use offered by smart appliances are highly valued by Chilean consumers. The ability to control and monitor appliances remotely through smartphone apps is seen as a major benefit.

Trends in the market: One of the key trends in the smart appliances market in Chile is the increasing demand for smart home integration. Consumers are looking for appliances that can seamlessly connect and communicate with each other, creating a fully integrated smart home ecosystem. This trend is driven by the desire for convenience and efficiency, as well as the growing popularity of voice-controlled virtual assistants like Amazon Alexa and Google Assistant. Another trend in the market is the rise of smart kitchen appliances. Chilean consumers are increasingly interested in smart refrigerators, ovens, and coffee makers that offer advanced features and connectivity options. These appliances can provide real-time information about food storage, cooking times, and even suggest recipes based on available ingredients. The convenience and time-saving benefits of these appliances are particularly appealing to busy urban dwellers.

Local special circumstances: Chile has a relatively high level of internet penetration, with a large percentage of the population having access to the internet. This provides a strong foundation for the adoption of smart appliances, as connectivity is a key requirement for these products. Additionally, Chile has a growing middle class with increasing disposable income, which allows consumers to invest in higher-end appliances.

Underlying macroeconomic factors: Chile has a stable and growing economy, which has contributed to the increasing demand for smart appliances. As the country continues to develop and modernize, consumers are willing to invest in innovative and technologically advanced products. Additionally, government initiatives and incentives to promote energy efficiency and sustainability have also played a role in driving the adoption of smart appliances. In conclusion, the Smart Appliances market in Chile is experiencing growth due to customer preferences for energy efficiency and convenience, as well as the increasing demand for smart home integration. The local special circumstances of high internet penetration and a growing middle class contribute to the market's development. Furthermore, the stable and growing economy of Chile and government initiatives promoting energy efficiency are underlying macroeconomic factors that support the growth of the smart appliances market.

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.