Smart Appliances - Peru

Peru

Revenue in the Smart Appliances market is projected to reach €47.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.94%, resulting in a projected market volume of €79.7m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 1.3m users by 2029.
Household penetration will be 6.1% in 2024 and is expected to hit 16.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €101.70.

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Analyst Opinion

The Smart Appliances market in Peru has been experiencing significant growth in recent years. Customer preferences for convenience, energy efficiency, and connectivity have been driving the demand for smart appliances in the country.

Customer preferences: Peruvian consumers are increasingly seeking convenience in their daily lives, and smart appliances offer just that. With features like remote control and automation, these appliances make everyday tasks easier and save time for consumers. Additionally, energy efficiency is a top priority for many Peruvians, as they look for ways to reduce their energy consumption and lower their utility bills. Smart appliances, with their advanced technology and energy-saving features, are seen as an attractive option in this regard. Furthermore, the growing trend of connectivity and the Internet of Things (IoT) has also contributed to the rise in demand for smart appliances in Peru. Consumers are now able to control and monitor their appliances through their smartphones, providing them with a seamless and integrated experience.

Trends in the market: One of the key trends in the smart appliances market in Peru is the increasing adoption of smart home systems. These systems allow consumers to connect and control multiple smart appliances in their homes, providing them with a centralized and streamlined experience. This trend is driven by the desire for convenience and the need for a more efficient and interconnected home environment. Another trend in the market is the integration of artificial intelligence (AI) and voice control technology in smart appliances. This allows consumers to interact with their appliances using voice commands, making them even more user-friendly and intuitive. Additionally, there is a growing demand for smart appliances with advanced features such as self-cleaning capabilities, personalized settings, and compatibility with virtual assistants.

Local special circumstances: Peru is a rapidly developing country with a growing middle class and increasing urbanization. As more Peruvians move to cities and adopt modern lifestyles, the demand for smart appliances is expected to continue to rise. However, it is important to note that the market for smart appliances in Peru is still relatively nascent compared to more developed markets. This presents both opportunities and challenges for manufacturers and retailers. On one hand, there is a relatively untapped market with significant growth potential. On the other hand, there is a need for education and awareness among consumers about the benefits and features of smart appliances.

Underlying macroeconomic factors: The Peruvian economy has been growing steadily in recent years, driven by investments in infrastructure and mining. This has led to an increase in disposable income and purchasing power among Peruvian consumers. As a result, they are able to afford and invest in higher-value products such as smart appliances. Additionally, the government has been promoting energy efficiency and sustainability initiatives, which has further fueled the demand for energy-saving appliances, including smart appliances.

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.