Smart Home - Iran

  • Iran
  • Revenue in the Smart Home market is projected to reach US$338.0m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.17%, resulting in a projected market volume of US$600.1m by 2029.
  • Household penetration will be 67.2% 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$16.77.
  • 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 Iran is experiencing a gradual but steady growth, driven by increasing customer interest in home automation and connected devices.

Customer preferences:
Iranian consumers are increasingly looking for ways to make their homes more convenient, efficient, and secure. This has led to a growing demand for smart home devices that can be controlled remotely via smartphones or voice assistants. Customers in Iran are showing a preference for smart security systems, energy management devices, and smart appliances that offer convenience and energy savings.

Trends in the market:
One notable trend in the Smart Home market in Iran is the adoption of smart security systems, including smart cameras, doorbell cameras, and smart locks. With rising concerns about home security, Iranian consumers are turning to these smart solutions to enhance the safety of their homes. Another trend is the increasing popularity of smart lighting and energy management devices, as consumers look for ways to reduce energy consumption and lower utility bills. Additionally, the market is seeing a rise in demand for smart kitchen appliances that offer advanced features and connectivity.

Local special circumstances:
Iran's Smart Home market is influenced by factors such as the country's young population, urbanization trends, and increasing internet penetration. The young population in Iran is tech-savvy and open to adopting new technologies, making them more receptive to smart home solutions. Rapid urbanization in major cities like Tehran is driving the need for efficient and automated home systems. Moreover, the growing internet penetration in Iran is enabling more households to connect their devices and embrace smart technologies.

Underlying macroeconomic factors:
The Smart Home market in Iran is also influenced by macroeconomic factors such as disposable income levels, housing market trends, and government policies. As disposable incomes rise, more Iranian households have the financial capability to invest in smart home devices. The evolving housing market in Iran, with a shift towards modern apartment living, is creating opportunities for the integration of smart home technologies. Additionally, government initiatives to promote technology adoption and digital infrastructure development are supporting the growth of the Smart Home market in 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
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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