Smart Home - Czechia

  • Czechia
  • Revenue in the Smart Home market is projected to reach US$188.8m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.60%, resulting in a projected market volume of US$326.8m by 2029.
  • Household penetration will be 51.1% in 2024 and is expected to hit 68.8% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$61.43.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Czechia is experiencing a steady growth trajectory driven by increasing consumer interest in connected devices and automation technologies.

Customer preferences:
Consumers in Czechia are showing a growing preference for smart home solutions that offer convenience, energy efficiency, and enhanced security. The demand for smart thermostats, lighting systems, and security cameras is on the rise as more households seek to streamline their daily routines and improve overall quality of life.

Trends in the market:
One prominent trend in the Czech smart home market is the integration of voice control technology, allowing users to interact with their devices hands-free. This trend mirrors global patterns, where voice assistants like Amazon's Alexa and Google Assistant are becoming increasingly popular for controlling smart home devices. Additionally, there is a noticeable shift towards eco-friendly smart home products that help reduce energy consumption and promote sustainable living practices.

Local special circumstances:
Czechia's unique market characteristics, such as a high level of internet penetration and tech-savvy population, are contributing to the rapid adoption of smart home technologies. The country's strong infrastructure and favorable regulatory environment also play a crucial role in supporting the growth of the smart home market. Furthermore, the increasing availability of affordable smart home products from both local and international brands is making these technologies more accessible to a wider range of consumers in Czechia.

Underlying macroeconomic factors:
The overall economic stability and rising disposable incomes in Czechia are fueling the demand for smart home devices among consumers. As the standard of living improves and technology becomes more affordable, more households are investing in smart home solutions to modernize their living spaces and increase the efficiency of their homes. Additionally, the growing awareness of the benefits of smart home technologies, such as cost savings and enhanced convenience, is driving further market expansion in Czechia.

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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