Smart Home - Ghana

  • Ghana
  • Revenue in the Smart Home market is projected to reach US$53.1m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.84%, resulting in a projected market volume of US$93.0m by 2029.
  • Household penetration will be 64.4% in 2024 and is expected to hit 64.5% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$6.68.
  • 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 Ghana is showing promising growth as more consumers are embracing the convenience and efficiency that smart home devices offer.

Customer preferences:
Ghanaians are increasingly drawn to smart home products that enhance security, energy efficiency, and overall convenience. The desire for a safer and more connected living environment is driving the demand for smart locks, security cameras, and smart lighting systems.

Trends in the market:
One notable trend in the Ghanaian Smart Home market is the adoption of voice-controlled smart devices. Consumers are gravitating towards smart speakers and voice assistants to control various aspects of their homes, reflecting a growing interest in hands-free and intuitive technology.

Local special circumstances:
Ghana's expanding middle class and improving internet infrastructure are key factors contributing to the growth of the Smart Home market. As more households gain access to reliable internet connectivity, the adoption of smart home devices is expected to increase further.

Underlying macroeconomic factors:
The stability of Ghana's economy and the government's efforts to promote digitalization are creating a conducive environment for the Smart Home market to thrive. With a growing urban population and increasing disposable incomes, more Ghanaians are investing in smart home solutions to modernize their living spaces.

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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