Smart Home - G7

The projected revenue in the Smart Home market in the G7 countries is expected to reach US$75.9bn in 2024.
This forecast indicates a strong growth potential for the Smart Home market, with an estimated annual growth rate (CAGR 2024-2028) of 10.10%.
As a result, the market volume is projected to amount to US$111.5bn by 2028.
In terms of the number of active households, it is anticipated that there will be approximately [users_currentlayer_yearend] households in the G7 countries by 2028.
This signifies a significant increase in household adoption of Smart Home market technology.
The household penetration rate, which measures the proportion of households using Smart Home market devices, is projected to be 44.5% in 2024.
However, this is expected to rise to 76.2% by 2028, indicating a growing interest and adoption of Smart Home market technology among households in the G7 countries.
Currently, the average revenue per installed Smart Home market is estimated to be US$506.20.
This figure reflects the average amount of revenue generated from each Smart Home market installation in the G7 countries.
A global comparison reveals that United States is the leading market in terms of revenue generation in the Smart Home market industry.
In 2024, it is projected that United States will generate US$38,800.0m in revenue from the Smart Home market.
This highlights the dominant position of the United States in this market segment.
Overall, the Smart Home market in the G7 countries is poised for significant growth, with increasing revenue, household adoption, and market penetration.
The United States stands out as the primary revenue generator in this market segment.
In Japan, the smart home market is thriving with innovative and technologically advanced solutions that cater to the needs of the aging population.

Key regions: United States, United Kingdom, Germany, Europe, Norway

Market

Region

Region comparison

Currency

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.