Smart Appliances - Ghana

Ghana

Revenue in the Smart Appliances market is projected to reach US$10.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.63%, resulting in a projected market volume of US$15.3m by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 187.3k users by 2028.
Household penetration will be 1.1% in 2024 and is expected to hit 1.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$111.80.

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Analyst Opinion

The Smart Appliances market in Ghana is experiencing significant growth and development in recent years.

Customer preferences: Ghanaians are increasingly adopting smart appliances due to their convenience, energy efficiency, and advanced features. The rising middle class and urbanization have led to an increase in disposable income and a higher demand for modern and efficient appliances. Additionally, the growing awareness of environmental issues has also influenced customer preferences towards energy-saving devices.

Trends in the market: One of the key trends in the Smart Appliances market in Ghana is the increasing popularity of smart home systems. These systems allow users to control and monitor their appliances remotely through their smartphones or other connected devices. This trend is driven by the desire for convenience and the need for energy efficiency. Smart home systems offer features such as remote control, energy monitoring, and automation, which appeal to tech-savvy consumers. Another trend in the market is the growing demand for smart kitchen appliances. Ghanaians are increasingly looking for appliances that can make their cooking experience easier and more efficient. Smart kitchen appliances such as smart refrigerators, ovens, and cooktops offer features like recipe suggestions, remote control, and energy monitoring, which are highly valued by consumers.

Local special circumstances: Ghana has a relatively stable economy and a growing middle class, which has contributed to the increasing demand for smart appliances. The government's efforts to promote sustainable development and energy efficiency have also played a role in driving the market. Additionally, the increasing availability of reliable internet connectivity in urban areas has made it easier for consumers to adopt smart appliances.

Underlying macroeconomic factors: The strong economic growth in Ghana has resulted in an increase in disposable income, which has allowed consumers to invest in modern and efficient appliances. The government's focus on sustainable development and energy efficiency has also created a favorable environment for the growth of the Smart Appliances market. Additionally, the improving internet infrastructure in the country has made it easier for consumers to connect and control their smart appliances. In conclusion, the Smart Appliances market in Ghana is experiencing significant growth and development due to customer preferences for convenience and energy efficiency. The increasing popularity of smart home systems and smart kitchen appliances reflects the changing lifestyle and needs of Ghanaian consumers. The stable economy, growing middle class, government initiatives, and improving internet connectivity are all contributing factors to the growth of the 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.