Smart Home - Latvia

Latvia

The projected revenue for the Smart Home market in Latvia is set to reach US$25.5m in 2024.
With an expected annual growth rate (CAGR 2024-2028) of 9.89%, the market volume is projected to reach US$37.2m by 2028.
Additionally, the number of active households in the Smart Home market is expected to reach [users_currentlayer_yearend] by 2028.
The household penetration rate, which measures the percentage of households with Smart Home market devices, is anticipated to be 10.9% in 2024.
However, it is estimated to increase to 17.0% by 2028, indicating a growing adoption of Smart Home market technology among Latvian households.
Currently, the average revenue per installed Smart Home market in Latvia is expected to be US$276.20.
It is important to note that when compared globally, United States generates the highest revenue in the Smart Home market, amounting to US$38,800.0m in 2024.
The smart home market in Latvia is experiencing a surge in demand, driven by the country's focus on environmental sustainability and energy efficiency.

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

Market

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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.