Smart Home - North Macedonia

  • North Macedonia
  • Revenue in the Smart Home market is projected to reach US$6.8m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.73%, resulting in a projected market volume of US$12.4m by 2029.
  • Household penetration will be 57.2% in 2024 and is expected to hit 71.2% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$15.28.
  • 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 North Macedonia is showing promising signs of growth and development.

Customer preferences:
Customers in North Macedonia are increasingly drawn to smart home technology due to the convenience and efficiency it offers in managing household tasks and enhancing overall quality of life. The desire for greater energy efficiency, security, and comfort are key drivers behind the growing adoption of smart home devices in the country.

Trends in the market:
One notable trend in the Smart Home market in North Macedonia is the increasing availability and affordability of smart home devices and systems. As technology becomes more accessible to a wider range of consumers, the market is experiencing a surge in demand for smart home solutions. Additionally, the trend towards interconnected devices and home automation is gaining traction, allowing users to control various aspects of their homes remotely.

Local special circumstances:
North Macedonia's unique position as a developing market in the Balkan region influences the Smart Home market in distinct ways. The country's relatively smaller size and emerging economy contribute to a more gradual but steady growth of the market. Additionally, cultural factors and lifestyle preferences play a role in shaping the adoption of smart home technology in North Macedonia.

Underlying macroeconomic factors:
Factors such as increasing urbanization, rising disposable incomes, and a growing awareness of the benefits of smart home technology are driving the expansion of the market in North Macedonia. As the country continues to modernize and integrate technology into various aspects of daily life, the Smart Home market is poised for further advancement in the coming years.

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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