Smart Home - Croatia

  • Croatia
  • Revenue in the Smart Home market is projected to reach US$53.0m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.30%, resulting in a projected market volume of US$94.6m by 2029.
  • Household penetration will be 61.4% in 2024 and is expected to hit 73.7% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$40.74.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

In Croatia, the Smart Home market is experiencing a steady growth driven by increasing consumer demand for convenience, energy efficiency, and security in their homes.

Customer preferences:
Consumers in Croatia are increasingly opting for smart home solutions that offer convenience and efficiency. With the rise of smart devices and IoT technology, there is a growing interest in products that can be controlled remotely via smartphones or voice assistants. Homeowners are looking for ways to streamline daily tasks and enhance their quality of life through automation and connectivity.

Trends in the market:
One of the notable trends in the Smart Home market in Croatia is the adoption of smart security systems. As safety and security concerns become more prominent, homeowners are investing in smart cameras, alarms, and door locks to monitor their properties remotely. This trend is driven by the desire for peace of mind and the ability to keep an eye on their homes even when they are away. Another trend shaping the Smart Home market in Croatia is the focus on energy efficiency. With the increasing awareness of environmental issues and rising energy costs, consumers are turning to smart thermostats, lighting systems, and appliances to reduce their energy consumption. The ability to monitor and control energy usage in real-time is appealing to environmentally conscious consumers looking to lower their carbon footprint and save on utility bills.

Local special circumstances:
Croatia's unique geographical and cultural factors play a role in shaping the Smart Home market. As a country known for its beautiful coastline and tourism industry, there is a growing demand for smart home solutions in vacation rentals and second homes. Homeowners are looking for ways to remotely manage their properties, enhance the guest experience, and improve security measures, driving the adoption of smart technologies in the hospitality sector. Furthermore, Croatia's aging population is also influencing the Smart Home market, with a focus on solutions that cater to the needs of elderly individuals who wish to age in place independently. Smart home devices such as fall detection sensors, medical alert systems, and automated lighting are becoming increasingly popular among older demographics seeking to maintain their autonomy and safety at home.

Underlying macroeconomic factors:
The growing middle class, improving standard of living, and increasing urbanization in Croatia are contributing to the expansion of the Smart Home market. As disposable incomes rise and urban dwellings become more prevalent, there is a greater willingness to invest in smart home technologies that offer convenience, security, and energy savings. Additionally, government initiatives promoting sustainable living and energy-efficient practices are driving the adoption of smart home solutions across the country.

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.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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