Smart Appliances - Singapore

Singapore

In Singapore, the projected revenue in the Smart Appliances market is expected to reach €103.4m in 2024.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 11.91% from 2024 to 2028.
This growth trajectory would result in a projected market volume of €162.2m by 2028.
Furthermore, it is estimated that the number of active households in the Smart Appliances market will reach 1,275.0k users by 2028.
In terms of household penetration, it is predicted to be 25.8% in 2024 and is expected to increase to 77.8% by 2028.
Currently, the average revenue per installed Smart_Home in Singapore is projected to amount to €266.40.
When comparing global figures, it is worth noting that the highest revenue in the Smart Appliances market is generated in China, with a staggering €15,800.0m in 2024.
"Singapore's tech-savvy population is driving the demand for smart appliances, with an increasing focus on energy-efficient and connected home solutions."

Key regions: Sweden, Denmark, Japan, China, Europe

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The segment Smart Appliances includes connected versions of all kinds of household appliances. In most cases, smart appliances are incremental innovations which add new features to existing products rather than creating totally new devices. The high amount of revenues are generated mainly by relatively high product prices. Many customers as a first step purchase lower-priced small appliances such as smart coffee machines or vacuum robots, whereas people who already own products from other segments are more likely to purchase large, higher-priced appliances like fridges. We expect devices to be adopted rather moderately in Europe and North America, but more quickly in Asia.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.