Smart Home - Peru

  • Peru
  • Revenue in the Smart Home market is projected to reach €105.9m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.27%, resulting in a projected market volume of €180.6m by 2029.
  • Household penetration will be 61.9% in 2024 and is expected to hit 84.1% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to €15.27.
  • A global comparison reveals that most revenue is generated United States (€35,610.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Peru is experiencing a steady growth trajectory driven by increasing consumer awareness and adoption of smart technologies within households.

Customer preferences:
Peruvian consumers are showing a growing interest in smart home devices that offer convenience, energy efficiency, and security. This trend mirrors the global shift towards connected homes, where individuals seek to streamline daily tasks and enhance overall quality of life through automation and remote control capabilities.

Trends in the market:
In Peru, there is a notable uptick in the sales of smart speakers, smart lighting systems, and smart security cameras. These products are becoming more accessible to a wider range of consumers, leading to a rise in smart home penetration across urban and suburban areas. Additionally, the integration of voice assistants and AI technologies into smart home devices is gaining traction among tech-savvy Peruvian households.

Local special circumstances:
One of the unique aspects influencing the Smart Home market in Peru is the country's rapid urbanization rate. As more people move to urban centers, there is a greater demand for solutions that can optimize living spaces and improve overall urban living standards. This shift towards urban living is propelling the adoption of smart home technologies as a means to create efficient and modern living environments.

Underlying macroeconomic factors:
The economic stability and steady growth of Peru's economy are contributing to the expansion of the Smart Home market. As disposable incomes rise and the middle class expands, more consumers have the purchasing power to invest in smart home devices. Furthermore, government initiatives to promote technological innovation and digital infrastructure development are creating a conducive environment for the growth of the smart home industry in Peru.

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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