Smart Home - Bhutan

Bhutan

Revenue in the Smart Home market is projected to reach US$985.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.23%, resulting in a projected market volume of US$1,755.0k by 2029.
Household penetration will be 58.5% in 2024 and is expected to hit 71.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.04.
A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).

Definition:

The Smart Home market constitutes the sale of networked devices and related services that enable home automation for private end users (B2C). Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring, and regulation of functions in a private household.

The remote control and monitoring of individual devices and, if applicable, their direct communication with one another (Internet of Things), is an essential component of intelligent home automation.

Devices whose primary function is not the automation or remote control of household equipment, e.g., smartphones and tablets, are not included here. Similarly, devices that relate to household connection and remote control only to a limited extent, such as smart TVs, are not included either.

Structure:

Smart Home is segmented into six main markets:

The Control & Connectivity market includes the essential equipment (connected and remote-control devices) and services that are part of an intelligent home network. The segment includes smart speakers (Amazon Echo, Google Home, etc.), central control and communication units (hub/gateway), programmable control buttons (e.g. wall switches and adjustable dials), and smart plugs for the control of non-smart devices.
The Security market includes the sale of devices for networked access control and management for buildings and premises. This includes surveillance products (e.g. security cameras, motion sensors, programmable and remote control door locks) as well as equipment for risk monitoring (connected smoke detectors and humidity sensors).
Home Entertainment comprises the sale of products and services for multi-room entertainment (e.g. sound systems) as well as connected remote controls and streaming devices (e.g. Amazon Fire TV stick, Google Chromecast). General, freely programmable buttons and switches (see Control & Connectivity) or light bulbs for different lighting scenarios (see Comfort & Lighting) are not included. Smart TVs are also not considered here because their functions are, in most cases, not directly controlled via the Internet but networking is primarily used for the retrieval of media content.
The Energy Management market covers the sale of products and services for the control and reduction of energy consumption (e.g. automated heating control and timers) as well as connected sensors (e.g. temperature, sunlight, and precipitation sensors). Networked light bulbs (see Comfort & Lighting) and smart sockets/plugs (see Control & Connectivity) are not included. Unlike in previous releases, smart plugs are no longer part of this segment but can now be found in the Control & Connectivity segment. Smart Meters are not part of our Smart Home market.
Smart Appliances includes connected versions of all kinds of household appliances. This includes large appliances (fridges, washing machines, ovens etc.) as well as small appliances (microwaves, coffee machines, vacuum and mowing robots etc.), provided they are connected to the internet. An indirect connection via a local network is also possible, as long as the remote access and control of the respective appliances via the connection is given.
Comfort & Lighting includes devices for the improvement of the living atmosphere. These are devices such as sensors and actuators (e.g. door and window sensors, shutters) as well as connected and remote controllable light sources (smart bulbs) or garage door controls.
Programmable or controllable power sockets are not included (see Control & Connectivity).

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Samsung, LG, Amazon, Google, Ring, and Bosch, renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The adoption of Smart Home technology in Bhutan is on the rise, driven by increasing awareness and demand for convenience and energy efficiency in households.

Customer preferences: Bhutanese consumers are increasingly looking for ways to make their homes more efficient, convenient, and secure. This has led to a growing interest in Smart Home devices that can automate tasks, enhance security, and save energy. With the younger population becoming more tech-savvy, there is a rising demand for smart gadgets that can be controlled remotely via smartphones or voice assistants.

Trends in the market: One noticeable trend in the Smart Home market in Bhutan is the gradual integration of smart devices into traditional Bhutanese architecture. Homeowners are finding ways to incorporate modern technology seamlessly into their traditional homes, blending the convenience of Smart Home devices with the cultural aesthetics of Bhutanese architecture. Additionally, there is a growing trend towards sustainable living, with consumers opting for energy-efficient smart appliances to reduce their carbon footprint.

Local special circumstances: Bhutan's unique geography and focus on Gross National Happiness have influenced the Smart Home market in the country. The government's emphasis on environmental conservation and sustainability has encouraged the adoption of Smart Home technology that promotes energy efficiency and reduces waste. Furthermore, the limited availability of certain resources in Bhutan has led to a greater appreciation for Smart Home devices that optimize resource usage.

Underlying macroeconomic factors: The gradual economic development in Bhutan has resulted in an increase in disposable income among the population. This has allowed more households to invest in Smart Home technology as a way to enhance their quality of life. Additionally, the government's initiatives to promote digital literacy and technological innovation have created a conducive environment for the growth of the Smart Home market in Bhutan.

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.