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The Smart Home market in Montenegro is witnessing a steady growth trajectory, driven by increasing consumer demand for convenience, security, and energy efficiency in their homes.
Customer preferences: Montenegrin consumers are increasingly leaning towards smart home devices that offer convenience and efficiency. They are showing a preference for interconnected systems that can be controlled remotely through smartphone applications. Moreover, there is a growing interest in devices that enhance home security and provide energy-saving solutions.
Trends in the market: One notable trend in the Montenegrin Smart Home market is the adoption of smart thermostats and lighting systems. These devices allow users to regulate their home environment and lighting remotely, leading to increased energy efficiency. Additionally, smart security cameras and doorbell systems are gaining popularity among consumers looking to enhance the security of their homes.
Local special circumstances: Montenegro's unique geographical landscape, characterized by its coastal areas and mountainous regions, plays a role in shaping the Smart Home market trends in the country. The need for climate control solutions that cater to both coastal and mountainous environments is driving the demand for smart thermostats and climate control systems. Additionally, the desire for enhanced security systems is influenced by the country's tourism industry, as homeowners seek to protect their properties while they are away.
Underlying macroeconomic factors: The growth of the Smart Home market in Montenegro is also influenced by macroeconomic factors such as rising disposable incomes and technological advancements. As the economy continues to grow, more consumers have the purchasing power to invest in smart home devices. Furthermore, the availability of advanced technologies and the increasing connectivity infrastructure in the country are facilitating the adoption of smart home solutions among Montenegrin consumers.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)