Smart Home - Lithuania

Lithuania

The projected revenue for Lithuania in the Smart Home market is estimated to reach US$69.6m by 2024.
This represents a significant growth opportunity for the country.
The market is expected to continue expanding with a compound annual growth rate (CAGR) of 13.41% from 2024 to 2028, resulting in a projected market volume of US$115.1m by 2028.
As the market grows, the number of active households in Lithuania is also expected to increase, reaching [users_currentlayer_yearend] by 2028.
This indicates a growing interest and adoption of Smart Home market technology among the population.
Household penetration, which measures the percentage of households with Smart Home market devices, is projected to rise from 16.2% in 2024 to 23.5% by 2028.
The average revenue per installed Smart Home market in Lithuania is currently estimated to be US$324.80.
This figure demonstrates the potential for revenue generation within the Smart Home market.
When comparing in Lithuania to other countries globally, it is worth noting that United States generates the highest revenue, with US$38,800.0m in 2024.
This highlights the significant market size and potential United States.
However, Lithuania's growing market and increasing revenue indicate a promising future for the country in the Smart Home market industry.
Lithuania is experiencing a surge in demand for smart home technology, with homeowners investing in innovative solutions to enhance their living spaces.

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.