Smart Appliances - Israel

Israel

Revenue in the Smart Appliances market is projected to reach €71.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.98%, resulting in a projected market volume of €125.0m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 664.8k users by 2029.
Household penetration will be 8.2% in 2024 and is expected to hit 21.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €303.60.

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Analyst Opinion

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

Customer preferences: In Israel, customers are increasingly seeking convenience and efficiency in their daily lives. They are looking for appliances that can simplify their tasks and save them time and energy. Smart Appliances, with their advanced features and connectivity, are meeting these demands. Customers appreciate the ability to control their appliances remotely and receive real-time notifications about their usage. They are also attracted to the energy-saving capabilities of these appliances, as Israel is a country that places a strong emphasis on environmental sustainability.

Trends in the market: One of the key trends in the Smart Appliances market in Israel is the integration of smart technology into various household appliances. From refrigerators to washing machines, manufacturers are incorporating connectivity and advanced features into their products. This allows customers to control and monitor their appliances through smartphone apps or voice assistants. Additionally, there is a growing demand for appliances that can be integrated into smart home systems, enabling seamless automation and synchronization. Another trend in the market is the focus on energy efficiency. Israel has a strong commitment to reducing energy consumption and promoting sustainable practices. Smart Appliances play a crucial role in achieving these goals, as they can optimize energy usage and provide valuable insights into consumption patterns. Customers are increasingly choosing appliances that have energy-saving features and are certified by energy efficiency standards.

Local special circumstances: Israel's high-tech industry and culture of innovation have contributed to the growth of the Smart Appliances market. The country is known for its technological advancements and has a thriving startup ecosystem. This has led to the development of cutting-edge smart home solutions and appliances. Israeli companies are at the forefront of creating innovative products that cater to the specific needs of customers in the country.

Underlying macroeconomic factors: Israel's strong economy and high disposable income levels have also contributed to the growth of the Smart Appliances market. With a relatively small population, the country has a high GDP per capita, which enables consumers to invest in premium and high-quality appliances. Additionally, the government has implemented policies and incentives to promote the adoption of energy-efficient technologies, further driving the demand for Smart Appliances. In conclusion, the Smart Appliances market in Israel is experiencing significant growth due to customer preferences for convenience and energy efficiency. The integration of smart technology into various household appliances and the focus on energy-saving features are key trends in the market. Israel's high-tech industry, culture of innovation, strong economy, and government incentives have also played a significant role in driving 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.