Smart Home - Zimbabwe

  • Zimbabwe
  • Revenue in the Smart Home market is projected to reach US$20.6m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.83%, resulting in a projected market volume of US$37.6m by 2029.
  • Household penetration will be 26.9% in 2024 and is expected to hit 31.1% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$18.81.
  • 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 Zimbabwe has been steadily growing in recent years, driven by increasing consumer interest in connected devices and home automation technologies.

Customer preferences:
In Zimbabwe, customers are showing a growing preference for smart home devices that offer convenience, energy efficiency, and enhanced security. This trend is in line with global consumer preferences, where individuals are increasingly looking for ways to make their homes smarter and more connected.

Trends in the market:
One of the key trends in the Smart Home market in Zimbabwe is the adoption of smart security systems, including smart cameras, doorbell cameras, and smart locks. As safety and security concerns continue to be a top priority for homeowners, the demand for these devices is on the rise. Additionally, smart lighting and climate control systems are also gaining popularity among consumers in Zimbabwe, as they offer both convenience and energy savings.

Local special circumstances:
Zimbabwe's Smart Home market is also influenced by local special circumstances, such as the country's unreliable power supply. As a result, there is a growing interest in smart home devices that can help manage and optimize energy usage, allowing consumers to mitigate the impact of frequent power outages. This unique challenge has led to an increased demand for smart energy management solutions in the Zimbabwean market.

Underlying macroeconomic factors:
The growth of the Smart Home market in Zimbabwe is further supported by improving internet infrastructure and the increasing affordability of smart devices. As access to high-speed internet becomes more widespread across the country, more households are able to connect and control their smart home devices remotely. Additionally, the declining prices of smart home products are making these technologies more accessible to a larger segment of the population, further driving market growth.

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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