Smart Appliances - Mexico

Mexico

Revenue in the Smart Appliances market is projected to reach €0.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.48%, resulting in a projected market volume of €1.4bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 13.6m users by 2029.
Household penetration will be 10.6% in 2024 and is expected to hit 47.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €266.50.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

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

Customer preferences: Mexican consumers have shown a growing interest in smart appliances, driven by the convenience and efficiency they offer. Smart appliances, such as smart refrigerators and smart washing machines, allow users to control and monitor their devices remotely through smartphone apps. This appeals to the tech-savvy Mexican population who are increasingly looking for ways to simplify their lives and save time. Additionally, smart appliances are seen as environmentally friendly, as they often come with energy-saving features.

Trends in the market: One of the key trends in the Mexican Smart Appliances market is the increasing adoption of voice control technology. Voice assistants, such as Amazon Alexa and Google Assistant, are becoming more popular in Mexico, and consumers are now able to control their smart appliances using voice commands. This not only adds convenience but also enhances the overall user experience. Another trend is the integration of smart appliances with other smart home devices. Mexican consumers are increasingly interested in creating a connected home ecosystem, where all their devices can communicate with each other. For example, smart refrigerators can now connect with smart speakers to create shopping lists or suggest recipes based on the ingredients available. This integration of smart appliances with other devices adds value to the overall smart home experience.

Local special circumstances: Mexico has a large and growing middle class, which is driving the demand for smart appliances. As more households move into the middle-income bracket, they have the purchasing power to invest in these technologically advanced appliances. Additionally, the government of Mexico has been promoting energy efficiency and sustainability, which has further fueled the demand for smart appliances that come with energy-saving features.

Underlying macroeconomic factors: The Mexican economy has been growing steadily over the past few years, which has contributed to the growth of the Smart Appliances market. As the economy improves, consumers have more disposable income to spend on luxury items such as smart appliances. Additionally, the increasing urbanization in Mexico has led to smaller living spaces, which has created a demand for compact and efficient appliances, further driving the growth of the smart appliances market. In conclusion, the Smart Appliances market in Mexico is experiencing significant growth and development due to customer preferences for convenience and efficiency, as well as the increasing adoption of voice control technology and integration with other smart home devices. The large and growing middle class, along with government initiatives promoting energy efficiency, are also driving the demand for smart appliances. Overall, the positive macroeconomic factors in Mexico are contributing to the growth of the Smart Appliances market in the country.

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.