Smart Appliances - South Korea

South Korea

The projected revenue in the Smart Appliances market for South Korea is expected to reach €3.3bn in 2024.
This indicates a positive growth trend as the revenue is projected to show an annual growth rate of 11.45% between 2024 and 2028.
By 2028, the market volume is estimated to reach €5.0bn.
In terms of household adoption, the number of active households in South Korea is expected to reach 32.2m users by 2028.
This suggests a growing interest and demand for smart appliances among the population.
The household penetration rate is projected to increase from 46.7% in 2024 to 140.7% by 2028, indicating a significant increase in the adoption of smart appliances.
Currently, the average revenue per installed Smart_Home in South Korea is expected to amount to €0.31k.
This reflects the revenue generated from each smart appliance installation and highlights the market's potential for generating revenue.
When comparing global revenue, it is worth noting that in China leads the market with €15,800.0m in revenue in 2024.
This further emphasizes the growing importance and market size of the Smart Appliances market globally, with in China being a major player.
Overall, the Smart Appliances market in South Korea is projected to experience significant growth in terms of revenue, market volume, and household adoption in the coming years.
South Korea leads the way in smart appliances, with innovative features and sleek designs setting the standard for the global market.

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

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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.