Smart Appliances - United Kingdom

United Kingdom

Revenue in the Smart Appliances market is projected to reach US$3.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.49%, resulting in a projected market volume of US$5.0bn by 2028.
In the Smart Appliances market, the number of active households is expected to amount to 13.5m users by 2028.
Household penetration will be 18.0% in 2024 and is expected to hit 44.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$0.58k.

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Analyst Opinion

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

Customer preferences: Customers in United Kingdom have shown a growing preference for smart appliances due to their convenience and energy-saving features. With the increasing adoption of smart home technology, consumers are looking for appliances that can be controlled remotely and integrated into their smart home systems. Smart appliances offer features such as remote control, energy monitoring, and automated settings, which appeal to tech-savvy consumers who value efficiency and convenience in their daily lives.

Trends in the market: One of the key trends in the Smart Appliances market in United Kingdom is the integration of artificial intelligence (AI) and machine learning capabilities into appliances. This allows appliances to learn and adapt to the preferences and habits of users, providing personalized and efficient experiences. For example, smart refrigerators can track food inventory and suggest recipes based on available ingredients, while smart washing machines can adjust settings based on the type of fabric and load size. Another trend in the market is the increasing focus on energy efficiency and sustainability. With growing concerns about climate change and rising energy costs, consumers are becoming more conscious of their energy consumption. Smart appliances offer features such as energy monitoring and optimization, allowing users to track and reduce their energy usage. This aligns with the government's initiatives to promote energy efficiency and reduce carbon emissions.

Local special circumstances: The Smart Appliances market in United Kingdom is influenced by the country's high smartphone penetration rate and advanced telecommunications infrastructure. With a large portion of the population owning smartphones, there is a strong foundation for the adoption of smart home technology. Additionally, the availability of high-speed internet connections enables seamless connectivity and control of smart appliances.

Underlying macroeconomic factors: The growing Smart Appliances market in United Kingdom can be attributed to several macroeconomic factors. Firstly, the increasing disposable income of consumers has allowed them to invest in smart appliances, which are generally more expensive than traditional appliances. Secondly, the government's focus on promoting energy efficiency and sustainability has created a favorable environment for the adoption of smart appliances. Lastly, advancements in technology and the availability of affordable smart home solutions have made smart appliances more accessible to a wider range of consumers. In conclusion, the Smart Appliances market in United Kingdom is experiencing growth and development driven by customer preferences for convenience and energy-saving features. The integration of AI and machine learning capabilities, as well as the focus on energy efficiency, are key trends in the market. The country's high smartphone penetration rate and advanced telecommunications infrastructure, along with favorable macroeconomic factors, contribute 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.