Smart Home - Sweden

  • Sweden
  • Revenue in the Smart Home market is projected to reach €1.3bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.45%, resulting in a projected market volume of €1.9bn by 2029.
  • Household penetration will be 76.9% in 2024 and is expected to hit 95.7% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to €183.90.
  • A global comparison reveals that most revenue is generated United States (€35,610.0m in 2024).
 
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Analyst Opinion

Sweden is experiencing a surge in the Smart Home market, with an increasing number of households adopting smart technologies to enhance their living spaces.

Customer preferences:
Swedish consumers are showing a growing interest in smart home devices that offer convenience, energy efficiency, and security. The preference for connected devices that can be controlled remotely via smartphones aligns with the global trend towards interconnected homes. Additionally, there is a strong emphasis on sustainability in Sweden, driving the demand for smart solutions that help reduce energy consumption and promote eco-friendly living.

Trends in the market:
One notable trend in the Swedish Smart Home market is the integration of smart technology with home appliances and systems. From smart thermostats that regulate heating based on occupancy patterns to smart lighting systems that adjust brightness according to natural light levels, Swedish households are increasingly adopting these innovations to improve their quality of life. Another emerging trend is the rise of voice-controlled smart assistants, offering hands-free control over various devices and services within the home.

Local special circumstances:
Sweden's cold climate and high energy costs have contributed to the rapid adoption of smart heating solutions in the country. Smart thermostats and heating systems allow residents to optimize energy usage and reduce heating expenses, making them particularly appealing in this market. Moreover, Sweden's strong focus on innovation and technology has created a conducive environment for the development and adoption of smart home solutions, driving growth in the sector.

Underlying macroeconomic factors:
The stable economy and high disposable income levels in Sweden have enabled more households to invest in smart home technologies. As the cost of smart devices continues to decrease and awareness of their benefits grows, the market is expected to expand further. Additionally, government initiatives promoting energy efficiency and sustainability are encouraging the uptake of smart home solutions among Swedish consumers, shaping the future landscape of the Smart Home market 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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