Smart Appliances - India

India

Revenue in the Smart Appliances market is projected to reach €2.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.85%, resulting in a projected market volume of €4.3bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 40.9m users by 2029.
Household penetration will be 5.2% in 2024 and is expected to hit 13.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €189.30.

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Analyst Opinion

The Smart Appliances market in India is experiencing significant growth and development. Customer preferences are shifting towards smart appliances due to their convenience, energy efficiency, and advanced features.

This trend is driven by several factors, including increasing disposable income, urbanization, and technological advancements. Additionally, local special circumstances such as government initiatives and the rise of smart cities are also contributing to the growth of the market. Customer preferences in India are increasingly favoring smart appliances.

With rising disposable income and changing lifestyles, consumers are seeking convenience and efficiency in their everyday lives. Smart appliances offer features such as remote control, energy monitoring, and voice control, which enhance convenience and make daily tasks easier. Moreover, the growing awareness of environmental sustainability has led to a demand for energy-efficient appliances, and smart appliances are known for their energy-saving capabilities.

Trends in the smart appliances market in India are largely influenced by global and regional market trends. Worldwide, there is a growing adoption of smart home technology, and India is no exception. The increasing penetration of smartphones and the availability of high-speed internet have made it easier for consumers to connect and control their appliances remotely.

As a result, the demand for smart appliances has been steadily increasing. Local special circumstances in India are also contributing to the development of the smart appliances market. The Indian government has been actively promoting the adoption of smart technology through initiatives such as the Smart Cities Mission.

This program aims to transform Indian cities into sustainable and technologically advanced urban centers, which includes the integration of smart appliances and home automation systems. Additionally, the government's focus on renewable energy and energy efficiency has created a favorable environment for the growth of smart appliances. Underlying macroeconomic factors, such as urbanization and technological advancements, are driving the growth of the smart appliances market in India.

The country is experiencing rapid urbanization, with more people moving to cities in search of better opportunities. Urban dwellers are more likely to adopt smart appliances due to their convenience and compatibility with modern lifestyles. Furthermore, advancements in technology have made smart appliances more affordable and accessible to a wider range of consumers.

As a result, the market for smart appliances in India is expected to continue growing in the coming years.

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.