Smart Appliances - Kenya

Kenya

Revenue in the Smart Appliances market is projected to reach €25.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.51%, resulting in a projected market volume of €37.7m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 831.7k users by 2029.
Household penetration will be 2.2% in 2024 and is expected to hit 5.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €87.26.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

Smart Appliances market in Kenya is experiencing significant growth due to various factors such as increasing consumer preferences for convenience and energy efficiency, rising disposable income, and advancements in technology.

Customer preferences: Customers in Kenya are increasingly opting for smart appliances due to the convenience they offer. Smart appliances are designed to make everyday tasks easier and more efficient, allowing consumers to control and monitor their appliances remotely through smartphone apps. This appeals to the tech-savvy population in Kenya who are looking for ways to simplify their lives and save time. Additionally, smart appliances are known for their energy efficiency, which is a major concern for consumers in Kenya who are looking to reduce their energy consumption and lower their electricity bills.

Trends in the market: One of the key trends in the Smart Appliances market in Kenya is the increasing adoption of smart home technology. Smart home technology allows consumers to connect and control various appliances and devices in their homes through a central hub or smartphone app. This trend is driven by the growing awareness and interest in home automation, as well as the desire for a connected and seamless living experience. As a result, there is a growing demand for smart appliances that can be integrated into smart home systems. Another trend in the market is the focus on energy efficiency. With rising energy costs and environmental concerns, consumers in Kenya are increasingly looking for appliances that are energy-efficient. Smart appliances are designed to optimize energy usage and reduce wastage, making them an attractive option for environmentally conscious consumers. Manufacturers are also focusing on developing energy-efficient smart appliances to meet this demand.

Local special circumstances: Kenya has a rapidly growing middle class with increasing disposable income. This has led to a rise in consumer spending on appliances and electronics, including smart appliances. The middle class in Kenya is becoming more tech-savvy and is willing to invest in smart appliances that offer convenience and energy efficiency. Additionally, the government of Kenya has been promoting the use of renewable energy sources, such as solar power, which has further increased the demand for energy-efficient appliances.

Underlying macroeconomic factors: The economic growth in Kenya has been steady over the years, which has resulted in an increase in consumer purchasing power. This, coupled with a growing middle class and urbanization, has contributed to the growth of the Smart Appliances market in Kenya. Additionally, advancements in technology and increased internet penetration have made smart appliances more accessible to consumers in Kenya. The availability of affordable smartphones and reliable internet connectivity has enabled consumers to easily control and monitor their smart appliances. In conclusion, the Smart Appliances market in Kenya is witnessing significant growth driven by increasing consumer preferences for convenience and energy efficiency, rising disposable income, and advancements in technology. The adoption of smart home technology and the focus on energy efficiency are key trends in the market. The growing middle class and government initiatives to promote renewable energy sources are also contributing to the growth of the market. Overall, the future of the Smart Appliances market in Kenya looks promising as consumers continue to embrace smart technology and seek more efficient and convenient solutions for their homes.

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.