Smart Appliances - Sweden

Sweden

Revenue in the Smart Appliances market is projected to reach €0.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.71%, resulting in a projected market volume of €0.6bn by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 1.7m users by 2029.
Household penetration will be 13.5% in 2024 and is expected to hit 31.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €0.55k.

Mercado

Región

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Moneda

Analyst Opinion

The Smart Appliances market in Sweden has been experiencing significant growth in recent years. This can be attributed to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in Sweden have played a crucial role in driving the growth of the Smart Appliances market. Swedish consumers are known for their high awareness of environmental issues and their preference for sustainable and energy-efficient products. As a result, there is a strong demand for smart appliances that can help reduce energy consumption and minimize environmental impact.

Additionally, Swedish consumers value convenience and time-saving features, which smart appliances can provide through their advanced functionalities and connectivity. Trends in the market have also contributed to the growth of the Smart Appliances market in Sweden. The increasing adoption of smart home technology and the Internet of Things (IoT) has created a favorable environment for the development and proliferation of smart appliances.

With the rise of connected devices, Swedish consumers are increasingly looking for appliances that can be controlled and monitored remotely through smartphone apps or voice assistants. This trend has led to the introduction of a wide range of smart appliances in the market, including smart refrigerators, washing machines, ovens, and thermostats. Local special circumstances in Sweden have further accelerated the growth of the Smart Appliances market.

The country has a high level of internet penetration and a tech-savvy population, which has created a conducive environment for the adoption of smart home technology. Additionally, the Swedish government has been actively promoting energy efficiency and sustainability, providing incentives and subsidies for the purchase of energy-efficient appliances. This has incentivized consumers to invest in smart appliances that can help them reduce their energy consumption and environmental footprint.

Underlying macroeconomic factors have also played a role in the development of the Smart Appliances market in Sweden. The country has a strong economy and a high standard of living, which has enabled consumers to afford the premium price tags associated with smart appliances. Additionally, the increasing urbanization in Sweden has led to smaller living spaces, driving the demand for compact and space-saving appliances, which can be found in the smart appliances segment.

In conclusion, the Smart Appliances market in Sweden is experiencing significant growth due to customer preferences for sustainable and energy-efficient products, trends in the market such as the adoption of smart home technology, local special circumstances including high internet penetration and government incentives, and underlying macroeconomic factors such as a strong economy and urbanization. This growth is likely to continue as Swedish consumers increasingly prioritize convenience, energy efficiency, and connectivity in their household 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.