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 NAFTA is experiencing significant growth and innovation driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in the NAFTA region are increasingly seeking convenience, efficiency, and connectivity in their homes. The demand for smart home devices that can be controlled remotely through smartphones or voice assistants is on the rise. Consumers are also showing a growing interest in energy-saving solutions and home security systems that offer peace of mind.
Trends in the market: In the United States, the Smart Home market is witnessing a surge in adoption due to the proliferation of Internet of Things (IoT) devices and the increasing popularity of home automation. Smart thermostats, smart lighting, and home security systems are among the top-selling products in the country. Additionally, the integration of artificial intelligence and machine learning technologies is driving the development of more sophisticated smart home solutions. In Canada, the Smart Home market is expanding as more households look for ways to simplify their daily routines and enhance their overall quality of life. Smart appliances, such as refrigerators and washing machines, are gaining traction among Canadian consumers. The demand for smart home entertainment systems and connected audio devices is also on the rise. In Mexico, the Smart Home market is experiencing growth propelled by urbanization and the rising middle-class population. Mexican consumers are increasingly investing in smart home solutions to improve home security and optimize energy consumption. Smart irrigation systems and air quality monitors are becoming popular choices for homeowners in the country.
Local special circumstances: The regulatory environment and infrastructure development play a crucial role in shaping the Smart Home market in the NAFTA region. Each country has its own set of regulations and standards governing the deployment of smart home technologies. Additionally, the availability of reliable internet connectivity and the level of technological literacy among consumers can impact the adoption of smart home devices.
Underlying macroeconomic factors: Economic stability, disposable income levels, and housing market trends influence the growth of the Smart Home market in the NAFTA region. As the economy continues to recover from the impact of the pandemic, consumers are more willing to invest in smart home technologies that offer convenience and efficiency. Moreover, the increasing focus on sustainability and energy conservation is driving the demand for smart home solutions that help reduce carbon footprints and lower utility costs.
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