Smart Appliances - Bulgaria

Bulgaria

Revenue in the Smart Appliances market is projected to reach €22.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.34%, resulting in a projected market volume of €41.0m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 236.1k users by 2029.
Household penetration will be 4.5% in 2024 and is expected to hit 8.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €177.40.

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Región

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Analyst Opinion

The Smart Appliances market in Bulgaria is experiencing significant growth due to customer preferences for convenience and energy efficiency.

Customer preferences: Bulgarian consumers are increasingly seeking convenience and efficiency in their daily lives, which has led to a growing demand for smart appliances. These appliances offer features such as remote control, scheduling, and energy monitoring, allowing users to easily manage and optimize their household tasks. Additionally, the ability to connect smart appliances to other devices, such as smartphones or voice assistants, provides a seamless and integrated user experience.

Trends in the market: One of the key trends in the Smart Appliances market in Bulgaria is the increasing adoption of smart home technology. As more households in the country are equipped with internet connectivity, consumers are embracing the concept of a connected home. This has led to a rise in the demand for smart appliances that can be controlled and monitored remotely. In particular, smart kitchen appliances such as refrigerators, ovens, and coffee makers are gaining popularity among Bulgarian consumers. These appliances offer features such as recipe suggestions, remote temperature control, and automatic ordering of groceries, making cooking and meal preparation more convenient and efficient. Another trend in the market is the focus on energy efficiency. With rising energy costs and growing environmental awareness, Bulgarian consumers are looking for appliances that can help them reduce their energy consumption. Smart appliances offer features such as energy monitoring and optimization, allowing users to track their energy usage and make adjustments to minimize waste. This not only benefits the environment but also helps consumers save on their energy bills.

Local special circumstances: Bulgaria has a relatively high rate of internet penetration, which has facilitated the adoption of smart appliances. The country has seen significant investments in internet infrastructure, making high-speed internet widely available to households across the country. This has created a favorable environment for the growth of the Smart Appliances market, as consumers have the necessary connectivity to fully utilize the features of these appliances.

Underlying macroeconomic factors: The growing Smart Appliances market in Bulgaria is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed more households to afford smart appliances, which are generally priced at a premium compared to traditional appliances. Furthermore, the government has implemented energy efficiency programs and initiatives to promote the use of smart appliances, providing incentives and subsidies to consumers who choose energy-efficient options. These factors have contributed to the growth of the Smart Appliances market in Bulgaria.

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.