Smart Appliances - Greece

Greece

Revenue in the Smart Appliances market is projected to reach US$90.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.77%, resulting in a projected market volume of US$140.6m by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 554.7k users by 2028.
Household penetration will be 5.5% in 2024 and is expected to hit 13.4% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$400.10.

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Analyst Opinion

The Smart Appliances market in Greece has been experiencing steady growth in recent years.

Customer preferences: Greek consumers are increasingly looking for appliances that offer convenience, energy efficiency, and connectivity. They are drawn to smart appliances that can be controlled remotely through smartphone apps, allowing them to monitor and adjust settings even when they are not at home. Energy efficiency is also a key factor for Greek consumers, as they are becoming more conscious of their environmental impact and are looking for appliances that can help them reduce their energy consumption. In addition, Greek consumers value appliances that offer advanced features and functionality, such as voice control and compatibility with other smart home devices.

Trends in the market: One of the major trends in the Smart Appliances market in Greece is the increasing adoption of smart home technology. Greek consumers are embracing the concept of a connected home, where appliances, lighting, security systems, and other devices can be controlled and monitored through a central hub or smartphone app. This trend is driving the demand for smart appliances, as consumers see the benefits of being able to control and automate various aspects of their home environment. Another trend in the market is the growing popularity of energy-efficient appliances. Greek consumers are becoming more aware of the environmental impact of their energy consumption and are actively seeking out appliances that can help them reduce their energy usage. Smart appliances, with their ability to monitor and optimize energy usage, are seen as an attractive option for environmentally conscious consumers.

Local special circumstances: Greece has a high electricity cost compared to other European countries, which has made energy efficiency a top priority for Greek consumers. The high cost of electricity has also led to an increased interest in renewable energy sources, such as solar power. This has created a favorable market for smart appliances that can be integrated with solar power systems, allowing consumers to further reduce their energy costs.

Underlying macroeconomic factors: The Greek economy has been recovering from a prolonged recession, and this has had a positive impact on consumer confidence and spending. As consumers have more disposable income, they are more willing to invest in higher-end appliances, including smart appliances. Additionally, the government has implemented various initiatives to promote energy efficiency and the use of renewable energy sources, which has further boosted the demand for smart appliances. In conclusion, the Smart Appliances market in Greece is growing due to customer preferences for convenience, energy efficiency, and connectivity. The increasing adoption of smart home technology and the emphasis on energy efficiency are driving the demand for smart appliances. The high cost of electricity and the government's initiatives to promote energy efficiency are also contributing 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.