Smart Appliances - Portugal

Portugal

Revenue in the Smart Appliances market is projected to reach US$111.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.95%, resulting in a projected market volume of US$174.8m by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 837.0k users by 2028.
Household penetration will be 6.8% in 2024 and is expected to hit 19.0% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$0.38k.

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Analyst Opinion

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

Customer preferences: Portuguese consumers are increasingly seeking out smart appliances that offer convenience, energy efficiency, and connectivity. They are attracted to appliances that can be controlled remotely through smartphone apps, allowing them to monitor and adjust settings from anywhere. Energy efficiency is also a key consideration for customers, as they look for appliances that can help them reduce their energy consumption and lower their utility bills. Furthermore, Portuguese consumers are becoming more conscious of their environmental impact and are therefore interested in appliances that are eco-friendly and sustainable.

Trends in the market: One of the major trends in the Smart Appliances market in Portugal is the increasing adoption of smart home technology. Many consumers are investing in smart home systems that integrate various appliances and devices, allowing for seamless control and automation. This trend is driven by the desire for convenience and the ability to optimize energy usage. For example, smart thermostats can learn users' preferences and adjust temperature settings accordingly, resulting in energy savings. Similarly, smart lighting systems can be programmed to turn on and off at specific times, reducing unnecessary energy consumption. Another trend in the market is the growing popularity of smart kitchen appliances. Portuguese consumers are embracing smart refrigerators, ovens, and dishwashers that offer advanced features and functionalities. For instance, smart refrigerators can notify users when they are running low on certain items or when food is about to expire. Smart ovens allow for precise temperature control and remote monitoring, ensuring that meals are cooked to perfection. These appliances not only enhance convenience but also contribute to energy efficiency by optimizing usage.

Local special circumstances: Portugal has been investing heavily in renewable energy sources, such as wind and solar power. This focus on sustainability and clean energy aligns with the growing demand for eco-friendly appliances. As a result, there is a strong market for smart appliances that are energy-efficient and can be integrated into the country's renewable energy infrastructure. Additionally, Portugal has a high smartphone penetration rate, providing a solid foundation for the adoption of smart appliances that can be controlled through mobile apps.

Underlying macroeconomic factors: The Smart Appliances market in Portugal is benefiting from several macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased disposable incomes and consumer spending. This allows consumers to invest in higher-priced smart appliances that offer advanced features and functionalities. Furthermore, the government has implemented various incentives and subsidies to promote energy efficiency and the use of renewable energy. These initiatives encourage consumers to purchase smart appliances that align with the country's sustainability goals. In conclusion, the Smart Appliances market in Portugal is experiencing growth and development driven by customer preferences for convenience, energy efficiency, and connectivity. The increasing adoption of smart home technology and the popularity of smart kitchen appliances are notable trends in the market. Portugal's focus on renewable energy and high smartphone penetration rate provide a favorable environment for the growth of the smart appliances market. The country's steady economic growth and government incentives further contribute to the market's expansion.

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.