Smart Home - Togo

  • Togo
  • Revenue in the Smart Home market is projected to reach US$8.7m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.46%, resulting in a projected market volume of US$15.6m by 2029.
  • Household penetration will be 36.8% in 2024 and is expected to hit 39.1% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$10.67.
  • 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 Togo is experiencing a gradual but steady growth, driven by increasing consumer awareness and adoption of smart technologies in households.

Customer preferences:
Customers in Togo are showing a growing preference for smart home devices that offer convenience, energy efficiency, and enhanced security. This aligns with global trends where consumers are increasingly seeking connected solutions to simplify their daily lives.

Trends in the market:
One noticeable trend in the Smart Home market in Togo is the rising demand for smart lighting systems that can be controlled remotely via smartphones. This trend is in line with the growing interest in energy-efficient solutions that can help reduce electricity consumption in households. Additionally, there is a noticeable uptake of smart security systems among Togolese consumers, reflecting a heightened focus on home safety and security.

Local special circumstances:
In Togo, the availability of reliable internet connectivity and the proliferation of affordable smart devices are contributing to the growth of the Smart Home market. The increasing urbanization and rising disposable incomes in the country are also driving the adoption of smart home technologies among urban dwellers.

Underlying macroeconomic factors:
The gradual improvement in Togo's economy, coupled with the government's efforts to promote digitalization, is creating a conducive environment for the growth of the Smart Home market. As more households gain access to basic amenities and technology infrastructure, the demand for smart home solutions is expected to continue on an upward trajectory.

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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