Smart Home - Lithuania

  • Lithuania
  • Revenue in the Smart Home market is projected to reach US$69.6m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.65%, resulting in a projected market volume of US$126.2m by 2029.
  • Household penetration will be 51.9% in 2024 and is expected to hit 64.1% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$78.10.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

In Lithuania, the Smart Home market is experiencing a notable surge in interest and adoption among consumers.

Customer preferences:
Customers in Lithuania are increasingly drawn to Smart Home technologies due to their convenience, energy efficiency, and the ability to enhance overall home security. The desire for greater control and automation in daily tasks is a key driver for the growing demand for smart devices in households.

Trends in the market:
One prominent trend in the Lithuanian Smart Home market is the rising popularity of voice-controlled smart assistants and devices. Consumers are gravitating towards hands-free control options, leading to a higher demand for voice-activated features in smart home products. Additionally, the integration of smart home systems with mobile applications is becoming more prevalent, offering users seamless remote access and monitoring capabilities.

Local special circumstances:
Lithuania's focus on sustainable living and energy conservation is influencing the Smart Home market in unique ways. Consumers in the country are increasingly interested in smart devices that promote energy efficiency and help reduce utility costs. This eco-conscious mindset is driving the adoption of smart thermostats, lighting systems, and appliances that can be remotely controlled and programmed for optimal energy usage.

Underlying macroeconomic factors:
The growing tech-savvy population in Lithuania, coupled with increasing disposable incomes, is contributing to the expansion of the Smart Home market. As the country continues to embrace digitalization and technological advancements, the demand for smart home solutions is expected to further rise. Additionally, government initiatives promoting the use of smart technologies for sustainable living are creating a favorable environment for the growth of the Smart Home market in Lithuania.

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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