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 Northern Europe is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Customers in Northern Europe are increasingly seeking convenience, efficiency, and sustainability in their homes. The demand for smart home devices that offer energy savings, security enhancements, and remote monitoring capabilities is on the rise. Additionally, the tech-savvy population in this region is embracing the latest innovations in home automation to simplify their daily routines.
Trends in the market: In countries like Sweden and Norway, the adoption of smart home technology is being driven by government initiatives promoting energy efficiency and environmental sustainability. Consumers are investing in smart thermostats, lighting systems, and appliances to reduce their carbon footprint and lower utility costs. In Denmark and Finland, the focus is more on home security solutions, with smart cameras and alarm systems gaining popularity.
Local special circumstances: Northern Europe's harsh weather conditions, particularly during the long winter months, are influencing the smart home market trends in the region. Homeowners are turning to smart heating systems and insulation solutions to optimize energy usage and maintain comfortable indoor temperatures. The emphasis on privacy and data security is also shaping the development of smart home products, with a strong focus on encryption and user control.
Underlying macroeconomic factors: The overall affluence and high standard of living in Northern Europe are supporting the growth of the smart home market. Disposable incomes are relatively high, allowing consumers to invest in premium smart home products and services. Moreover, the region's well-established infrastructure and reliable internet connectivity create a conducive environment for the adoption of connected devices. The competitive landscape with local and global players also fosters innovation and drives market expansion.
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