Control & Connectivity - Hungary

Hungary

Revenue in the Control & Connectivity market is projected to reach €36.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.16%, resulting in a projected market volume of €70.1m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 227.5k users by 2029.
Household penetration will be 2.3% in 2024 and is expected to hit 5.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €363.20.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Control & Connectivity market in Hungary is experiencing significant growth and development. Customer preferences in the Control & Connectivity market in Hungary are driven by the increasing demand for smart home solutions and the rising adoption of Internet of Things (IoT) devices.

Customers are seeking products that offer seamless connectivity, convenience, and enhanced control over their homes and devices. Additionally, there is a growing interest in energy-efficient solutions that can help reduce utility costs and promote sustainability. Trends in the market include the integration of voice control technologies, such as Amazon Alexa and Google Assistant, into Control & Connectivity devices.

This allows users to control their smart home devices through voice commands, providing a more intuitive and hands-free experience. Another trend is the development of advanced home automation systems that offer centralized control over various aspects of the home, including lighting, security, and temperature. These systems provide users with greater convenience and efficiency in managing their homes.

Local special circumstances in Hungary contribute to the development of the Control & Connectivity market. The country has a high internet penetration rate, with a large portion of the population having access to broadband connections. This widespread connectivity enables the adoption of Control & Connectivity solutions, as users can easily connect and control their devices remotely.

Additionally, Hungary has a strong technology sector, with numerous local companies specializing in the development of Control & Connectivity products. This local expertise and innovation contribute to the growth of the market. Underlying macroeconomic factors also play a role in the development of the Control & Connectivity market in Hungary.

The country has a stable economy and a growing middle class, which has led to increased purchasing power and consumer spending. As a result, more households are able to invest in Control & Connectivity solutions to enhance their homes and lifestyles. Furthermore, the government has been supportive of digitalization efforts, including the promotion of smart home technologies.

This favorable environment encourages the growth and adoption of Control & Connectivity products in the market. In conclusion, the Control & Connectivity market in Hungary is experiencing growth and development driven by customer preferences for smart home solutions, trends such as voice control integration and advanced home automation systems, local special circumstances including widespread connectivity and a strong technology sector, and underlying macroeconomic factors such as a stable economy and government support for digitalization efforts.

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.