Smart Appliances - Ireland

Ireland

Revenue in the Smart Appliances market is projected to reach US$59.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.00%, resulting in a projected market volume of US$89.8m by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 98.3k users by 2028.
Household penetration will be 2.6% in 2024 and is expected to hit 4.8% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$1.13k.

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Analyst Opinion

The Smart Appliances market in Ireland is experiencing significant growth due to changing customer preferences and advancements in technology.

Customer preferences: Customers in Ireland are increasingly looking for appliances that offer convenience, energy efficiency, and connectivity. Smart appliances, which can be controlled remotely through smartphone apps or voice assistants, are gaining popularity among tech-savvy consumers. These appliances offer features such as remote monitoring, customized settings, and energy usage tracking, which appeal to customers who value convenience and sustainability.

Trends in the market: One of the key trends in the Smart Appliances market in Ireland is the adoption of smart home systems. These systems integrate various smart appliances and devices, allowing users to control and automate multiple functions within their homes. This trend is driven by the growing demand for interconnectedness and the desire for a seamless and efficient living experience. Another trend is the increasing integration of artificial intelligence (AI) and machine learning (ML) in smart appliances. AI-powered appliances can learn from user behavior and adapt to their preferences, making everyday tasks more efficient and personalized. For example, smart refrigerators can track food inventory, suggest recipes based on available ingredients, and even place grocery orders automatically.

Local special circumstances: Ireland has a high smartphone penetration rate and a tech-savvy population, which creates a favorable environment for the adoption of smart appliances. The country also has a strong focus on sustainability and energy efficiency, with government initiatives promoting the use of eco-friendly appliances. This aligns with the features offered by smart appliances, such as energy usage tracking and optimization, making them an attractive choice for Irish consumers.

Underlying macroeconomic factors: The growing Smart Appliances market in Ireland can be attributed to several macroeconomic factors. Firstly, the increasing disposable income of consumers allows them to invest in premium appliances with advanced features. Additionally, the rising awareness of environmental issues and the need for energy conservation is driving the demand for energy-efficient appliances, including smart appliances. Furthermore, advancements in technology and the availability of high-speed internet connectivity have made it easier for consumers to adopt and use smart appliances. In conclusion, the Smart Appliances market in Ireland is witnessing significant growth due to changing customer preferences, including the desire for convenience, energy efficiency, and connectivity. The adoption of smart home systems and the integration of AI and ML in appliances are key trends driving this market. Ireland's tech-savvy population, focus on sustainability, and favorable macroeconomic factors contribute to the growth and adoption of smart appliances in the country.

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.