Smart Home - Bulgaria

  • Bulgaria
  • Revenue in the Smart Home market is projected to reach €62.1m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.87%, resulting in a projected market volume of €113.8m by 2029.
  • Household penetration will be 47.7% in 2024 and is expected to hit 64.6% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to €34.53.
  • A global comparison reveals that most revenue is generated United States (€35,610.0m in 2024).
 
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Analyst Opinion

Amidst the rising trend of smart home technology adoption globally, Bulgaria is also witnessing a significant growth in its Smart Home market.

Customer preferences:
Customers in Bulgaria are increasingly gravitating towards smart home solutions that offer convenience, energy efficiency, and enhanced security. The demand for connected devices that can be controlled remotely via smartphones or voice assistants is on the rise as consumers seek to modernize their living spaces.

Trends in the market:
One notable trend in the Bulgarian Smart Home market is the growing popularity of integrated smart home systems that offer seamless connectivity between various devices. Home automation solutions that can synchronize lighting, heating, security cameras, and entertainment systems are gaining traction among tech-savvy consumers in the country. Additionally, there is a noticeable shift towards eco-friendly smart home products that help reduce energy consumption and promote sustainable living.

Local special circumstances:
Bulgaria's relatively affordable cost of living compared to other European countries is contributing to the increasing adoption of smart home technology. As more affordable smart devices enter the market, Bulgarian consumers are finding it easier to invest in upgrading their homes with connected solutions. Furthermore, the government's initiatives to promote digitalization and innovation are creating a conducive environment for the growth of the Smart Home market in Bulgaria.

Underlying macroeconomic factors:
The steady economic growth and increasing disposable income levels in Bulgaria are playing a crucial role in driving the Smart Home market forward. As consumers become more financially stable, they are more willing to invest in smart home technologies to improve their quality of life. Additionally, the growing awareness of the benefits of smart home solutions, such as cost savings and enhanced security, is further fueling the market expansion in the country.

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.

Visión general

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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