Smart Home - Malaysia

Malaysia

The Smart Home market in Malaysia is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is projected to reach MYR US$353.8m by 2024.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 12.93% (CAGR 2024-2028), resulting in a projected market volume of MYR US$575.5m by 2028.
This growth is driven by the increasing number of active households, which is expected to reach [users_currentlayer_yearend] by 2028.
In terms of household penetration, the Smart Home market is expected to have a penetration rate of 17.8% in 2024, which is projected to increase to 29.5% by 2028.
This indicates a growing adoption of Smart Home market technology among Malaysian households.
Currently, the average revenue per installed Smart Home market in Malaysia is expected to be MYR US$239.30.
This figure reflects the revenue generated per Smart Home market installation in the country.
In a global comparison, it is worth noting that United States leads in terms of revenue generated in the Smart Home market.
In 2024, United States is projected to generate revenue of US$38,800.0m.
This highlights the significant market presence and consumer demand for Smart Home market products and services United States.
The demand for smart home devices in Malaysia is growing rapidly, driven by the increasing urbanization and tech-savvy 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.