Smart appliances market sizeSmart appliance revenue per user has been steadily decreasing since 2021 and is forecast to keep decreasing as the number of users grows and the associate costs for aquiring a smart appliance decreases. This is a common trend within all new markets as supply begans to catch up to demand the revenue per customer drops. Smart appliances, however, are the most dynamically growing segment in the market with projected revenues of more than 53 billion U.S. dollars in 2023, an increase of 20 percent compared to the previous year.
In 2023 alone, China accounted for more than 16.5 billion U.S. dollars in smart appliance revenue. China is the world’s largest market for smart appliances ahead of the United States, a trend that is expected to continue in the future. Other notable smart appliance markets are Japan, South Korea, and the United Kingdom.
In terms of segments, one of the largest in smart appliances market is smart washing machines , with a projected market size of more than 10 billion U.S. dollars over the next few years.
Consumption & household penetrationAs the market for smart appliances continues to grow, household penetration is naturally rising as well. While around seven percent of households worldwide owned a smart appliance in 2023, this share is forecast to nearly triple over the next five years.
The adoption of smart appliances varies though from country to country. According to Statista’s Global Consumer Survey, the ownership rate of smart appliances in India, China, and South Africa is significantly higher than in European countries like France, Germany, and the United Kingdom.