Smart Home - Southern Asia

  • Southern Asia
  • Revenue in the Smart Home market is projected to reach US$7.2bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.79%, resulting in a projected market volume of US$11.0bn by 2029.
  • Household penetration will be 71.0% in 2024 and is expected to hit 82.6% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$17.16.
  • 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 Southern Asia has been experiencing significant growth and development in recent years.

Customer preferences:
Customers in Southern Asia are increasingly seeking convenience, efficiency, and connectivity in their homes. The desire for smart home technology that can simplify daily tasks, enhance security, and save energy is driving the demand for these products in the region.

Trends in the market:
In India, the Smart Home market is witnessing a surge in demand for voice-controlled devices and home automation systems. Consumers are increasingly adopting smart speakers and connected appliances to create a seamless and integrated living environment. Additionally, the growing middle-class population in countries like Bangladesh and Pakistan is fueling the adoption of smart home solutions, with a focus on affordability and functionality.

Local special circumstances:
One of the key factors influencing the Smart Home market in Southern Asia is the rapid urbanization taking place in major cities across the region. As more people move to urban areas, there is a greater need for solutions that can enhance the quality of life in smaller living spaces. This trend is driving the adoption of smart home technology, as consumers look for ways to make their homes more comfortable and convenient.

Underlying macroeconomic factors:
The increasing disposable income levels in countries like Sri Lanka and Nepal are contributing to the growth of the Smart Home market in Southern Asia. As people have more purchasing power, they are more willing to invest in smart home devices and systems to improve their quality of life. Additionally, advancements in technology and the availability of affordable smart home products are making it easier for consumers to upgrade their homes with the latest innovations.

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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