Smart Appliances - Norway

Norway

Revenue in the Smart Appliances market is projected to reach US$307.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.26%, resulting in a projected market volume of US$406.8m by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 1.1m users by 2028.
Household penetration will be 17.6% in 2024 and is expected to hit 38.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$0.68k.

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Norwegian consumers are increasingly looking for appliances that offer convenience, energy efficiency, and connectivity. They are interested in smart appliances that can be controlled remotely through smartphones or other devices. This allows them to monitor and control their appliances even when they are not at home. Additionally, Norwegian consumers are becoming more conscious of their energy consumption and are seeking appliances that are energy-efficient and environmentally friendly. They are willing to invest in smart appliances that can help them reduce their energy usage and lower their carbon footprint.

Trends in the market: One of the key trends in the Smart Appliances market in Norway is the integration of smart home technology. Smart appliances are being designed to seamlessly integrate with other smart devices in the home, such as smart thermostats and lighting systems. This allows for a more connected and automated home environment, where appliances can work together to optimize energy usage and improve overall efficiency. For example, a smart refrigerator can communicate with a smart thermostat to adjust its cooling settings based on the temperature inside the home. Another trend in the market is the development of appliances with advanced features and functionalities. Smart appliances are now equipped with sensors and artificial intelligence technology, allowing them to learn and adapt to the user's preferences. For example, a smart washing machine can automatically adjust its settings based on the type of fabric and the amount of laundry, resulting in more efficient and effective washing cycles.

Local special circumstances: Norway has a high level of technological adoption and a strong focus on sustainability. The country has a well-developed infrastructure and a high internet penetration rate, making it easier for consumers to adopt and use smart appliances. Additionally, Norway is known for its commitment to environmental sustainability and renewable energy. This has created a favorable environment for the growth of the Smart Appliances market, as consumers are actively seeking appliances that align with their values and contribute to a greener future.

Underlying macroeconomic factors: The Smart Appliances market in Norway is also influenced by macroeconomic factors such as income levels and government policies. Norway has a high standard of living and a relatively high disposable income, allowing consumers to invest in premium smart appliances. Additionally, the Norwegian government has implemented policies and incentives to promote energy efficiency and sustainability. This includes tax incentives for purchasing energy-efficient appliances, which further drives the demand for smart appliances in the market. In conclusion, the Smart Appliances market in Norway is growing rapidly due to customer preferences for convenience, energy efficiency, and connectivity. The integration of smart home technology, the development of advanced features, and the country's focus on sustainability are key trends driving the market. Additionally, Norway's high level of technological adoption and favorable government policies contribute to the growth of the Smart Appliances market 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.