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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
The Smart Home market in Laos is experiencing a gradual but steady growth, driven by increasing urbanization and a rising middle-class population in the country.
Customer preferences: In Laos, customers are showing a growing interest in smart home technology as they seek convenience, security, and energy efficiency in their homes. The convenience of controlling various devices remotely through smartphones or voice commands is particularly appealing to the tech-savvy population in urban areas.
Trends in the market: One notable trend in the Smart Home market in Laos is the adoption of smart security systems, including smart cameras and smart locks, to enhance home security. As urbanization continues and crime rates may be a concern, the demand for such security solutions is expected to rise. Additionally, the integration of smart lighting and climate control systems for energy efficiency purposes is becoming more popular among environmentally conscious consumers.
Local special circumstances: Laos, being a developing country with a growing economy, presents unique challenges and opportunities for the Smart Home market. The market is still in its nascent stage, with awareness and affordability being key barriers to widespread adoption. However, the government's efforts to improve infrastructure and technology access across the country are expected to drive the growth of the Smart Home market in the coming years.
Underlying macroeconomic factors: The macroeconomic factors influencing the Smart Home market in Laos include the country's GDP growth, disposable income levels, and technological advancements. As the economy continues to grow and disposable incomes rise, more households will have the purchasing power to invest in smart home devices. Furthermore, advancements in technology and increasing internet penetration are making smart home solutions more accessible to the general population.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights