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 Western Africa is experiencing a notable shift towards automation and connectivity, reflecting a global trend towards tech-savvy solutions in households.
Customer preferences: Customers in Western Africa are increasingly seeking smart home devices that offer convenience, energy efficiency, and enhanced security. The desire for seamless integration with smartphones and voice assistants is driving the demand for smart home products in the region.
Trends in the market: In Nigeria, the largest economy in Western Africa, the smart home market is witnessing a surge in demand for home automation systems. This trend is fueled by the growing middle-class population and the need for efficient energy management solutions. In Ghana, smart lighting systems are gaining popularity among consumers looking to reduce energy consumption and create ambiance in their homes. The adoption of smart thermostats and security cameras is also on the rise in countries like Senegal and Ivory Coast, as homeowners prioritize safety and comfort.
Local special circumstances: One of the key factors influencing the smart home market in Western Africa is the rapid urbanization taking place across the region. As more people move to cities, there is a greater need for innovative solutions to manage household tasks remotely and ensure the safety of property. Additionally, the increasing awareness of environmental issues is prompting consumers to invest in smart home technologies that promote sustainability and energy conservation.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in Western Africa are playing a significant role in driving the smart home market forward. As more households have the purchasing power to invest in smart devices, the market is expected to expand further. Furthermore, advancements in technology and the availability of affordable smart home products are making it easier for consumers to upgrade their living spaces with modern amenities.
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