Smart Appliances - Philippines

Philippines

Revenue in the Smart Appliances market is projected to reach US$151.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.35%, resulting in a projected market volume of US$232.3m 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 2.7% in 2024 and is expected to hit 4.6% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$239.10.

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Analyst Opinion

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

Customer preferences: Customers in Philippines are increasingly opting for smart appliances due to their convenience and efficiency. Smart appliances offer features such as remote control and monitoring, energy efficiency, and integration with other smart devices. These features appeal to consumers who are looking for ways to simplify their daily routines and reduce their energy consumption. Additionally, the growing awareness about the importance of sustainable living is also driving the demand for energy-efficient smart appliances.

Trends in the market: One of the key trends in the Smart Appliances market in Philippines is the increasing adoption of smart home systems. These systems allow consumers to control and monitor their appliances through a central hub or smartphone app. This trend is driven by the desire for seamless integration and automation of household tasks. For example, consumers can now control their smart appliances, such as refrigerators, air conditioners, and washing machines, from anywhere, making their lives more convenient and efficient. Another trend in the market is the rise of voice-controlled smart appliances. With the increasing popularity of virtual assistants like Amazon Alexa and Google Assistant, consumers are now able to control their appliances through voice commands. This technology enables hands-free operation and adds an extra layer of convenience for users.

Local special circumstances: The Smart Appliances market in Philippines is also influenced by local circumstances. One such circumstance is the high electricity costs in the country. This has led to a greater emphasis on energy efficiency and cost savings among consumers. Smart appliances, with their energy-saving features, are seen as a solution to reduce electricity bills. Additionally, the increasing urbanization and fast-paced lifestyle in major cities like Manila have also contributed to the demand for smart appliances. Consumers are seeking ways to make their lives more convenient and efficient, and smart appliances offer the perfect solution.

Underlying macroeconomic factors: The growth of the Smart Appliances market in Philippines can be attributed to several underlying macroeconomic factors. These include the increasing disposable income of consumers, which allows them to invest in high-tech appliances. Additionally, the rapid urbanization and infrastructure development in the country have created a favorable environment for the adoption of smart appliances. Furthermore, government initiatives promoting energy efficiency and sustainability have also played a role in driving the market growth. In conclusion, the Smart Appliances market in Philippines is experiencing significant growth and development due to customer preferences for convenience and energy efficiency. The increasing adoption of smart home systems and voice-controlled appliances are key trends in the market. Local special circumstances, such as high electricity costs and urbanization, further contribute to the demand for smart appliances. Overall, the growth of the market is supported by underlying macroeconomic factors such as increasing disposable income and government initiatives.

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.