Smart Home - Mongolia

  • Mongolia
  • Revenue in the Smart Home market is projected to reach US$9.4m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.32%, resulting in a projected market volume of US$15.4m by 2029.
  • Household penetration will be 59.2% in 2024 and is expected to hit 75.0% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$14.81.
  • 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 Mongolia is experiencing steady growth as more consumers are embracing technology to enhance their living spaces.

Customer preferences:
In Mongolia, there is a growing demand for smart home devices that offer convenience, security, and energy efficiency. Consumers are increasingly looking for products that can be controlled remotely via smartphone apps, allowing them to monitor and manage their homes even when they are away. Additionally, there is a preference for smart devices that can help reduce energy consumption and lower utility bills.

Trends in the market:
One notable trend in the Mongolian Smart Home market is the increasing popularity of smart lighting systems that offer customizable options for different settings and moods. Consumers are also showing interest in smart security cameras and doorbell cameras to enhance home security. Another emerging trend is the adoption of smart thermostats that can regulate indoor temperatures efficiently.

Local special circumstances:
Mongolia's harsh climate, characterized by long and cold winters, plays a significant role in shaping the Smart Home market trends in the country. The need for efficient heating solutions and energy-saving devices is particularly important for Mongolian consumers. As a result, smart heating systems and energy management tools are gaining traction in the market.

Underlying macroeconomic factors:
The growing middle-class population in Mongolia, coupled with increasing urbanization and disposable income, is driving the demand for Smart Home products in the country. As more households seek modern solutions to improve their quality of life, the Smart Home market is expected to continue its upward trajectory. Additionally, government initiatives promoting sustainable living and energy efficiency are also influencing consumer behavior towards adopting smart technologies for their homes.

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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