Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
Smart appliances - statistics & facts
Smart appliances, that is, appliances either interconnected via networks or that display advanced capabilities beyond their more analog counterparts, are becoming ever more prevalent across the globe. Driven by advances in connectivity, such as 5G, or advances in machine learning AI, these devices are becoming more capable and innovative each day. These can be as simple as washing machines with load-adjusted cycles, or more advanced, such as refrigerators that keep track of and calculate their contents.
Smart appliances market steady and stable
Smart appliance revenue per user has been steadily decreasing since 2021 and is forecast to keep decreasing as the number of users grows and the associated costs for acquiring a smart appliance decrease. This is a common trend within all new markets: as supply begins to catch up t demand, the revenue per customer drops. Smart appliances, however, are the most dynamically growing segment in the smart appliance market with projected revenues of more than 60 billion U.S. dollars in 2024, an increase of 20 percent compared to the previous year. In 2024, China is expected to account for more than 17 billion U.S. dollars in smart appliance revenue. China is the world’s largest market for smart appliances ahead of the United States, a trend that is expected to continue in the future. Other notable smart appliance markets are Japan, South Korea, and the United Kingdom.Consumption & household penetration
As the market for smart appliances continues to grow, household penetration is naturally rising as well. While around nine percent of households worldwide owned a smart appliance in 2024, this share is forecast to nearly triple over the next five years. The adoption of smart appliances varies though from country to country. For instance, the ownership rate of smart appliances in India, China, and South Africa is significantly higher than in European countries like France, Germany, and the United Kingdom.Smart appliances no longer novelty but the norm
As ownership of smart appliances and the digital evolution of the household appliance industry continues it becomes clear that smart appliances will simply become what constitute normal household appliances. Declining revenue per user and growing penetration rate demonstrates a clear picture of how widespread the smart appliance market is, underscoring the likely trend that smart appliances are here to stay.
