Smart Appliances - Belgium

Belgium

Revenue in the Smart Appliances market is projected to reach €298.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.24%, resulting in a projected market volume of €464.1m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 0.7m users by 2029.
Household penetration will be 7.1% in 2024 and is expected to hit 13.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €0.83k.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Smart Appliances market in Belgium has been steadily growing over the past few years, driven by increasing customer preferences for convenience and energy efficiency.

Customer preferences: Belgian consumers are increasingly looking for appliances that offer convenience and ease of use. Smart appliances, such as smart refrigerators and washing machines, allow users to control and monitor their devices remotely, providing a higher level of convenience. Additionally, there is a growing awareness of the need for energy efficiency among consumers in Belgium. Smart appliances are designed to be more energy-efficient, helping consumers reduce their energy consumption and lower their utility bills.

Trends in the market: One of the key trends in the Smart Appliances market in Belgium is the integration of smart home technology. Smart appliances can be connected to other smart devices in the home, allowing for seamless communication and automation. For example, a smart refrigerator can alert the user when they are running low on certain items and even place an order for groceries automatically. This integration of smart home technology is driving the adoption of smart appliances in Belgium. Another trend in the market is the increasing availability and affordability of smart appliances. As technology advances and production costs decrease, smart appliances are becoming more accessible to a wider range of consumers. This has led to an increase in the adoption of smart appliances in Belgium, as more consumers are able to afford these products.

Local special circumstances: Belgium has a high standard of living and a strong focus on sustainability. This has created a favorable environment for the growth of the Smart Appliances market. Consumers in Belgium are willing to invest in appliances that offer convenience and energy efficiency, aligning with their values of sustainability and quality of life.

Underlying macroeconomic factors: The growing Smart Appliances market in Belgium is also influenced by underlying macroeconomic factors. The country has a stable economy and a high level of disposable income, allowing consumers to spend more on premium products such as smart appliances. Additionally, the government in Belgium has implemented various incentives and initiatives to promote energy efficiency, further driving the demand for smart appliances. In conclusion, the Smart Appliances market in Belgium is experiencing steady growth due to increasing customer preferences for convenience and energy efficiency. The integration of smart home technology, increasing availability and affordability of smart appliances, as well as local special circumstances and underlying macroeconomic factors, are all contributing to the development of the market.

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.