Smart Home - Thailand

  • Thailand
  • Revenue in the Smart Home market is projected to reach €216.3m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 14.43%, resulting in a projected market volume of €370.9m by 2028.
  • Household penetration will be 15.8% in 2024 and is expected to hit 23.8% by 2028.
  • The average revenue per installed Smart Home currently is expected to amount to €59.22.
  • A global comparison reveals that most revenue is generated United States (€35,980.0m in 2024).
 
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Analyst Opinion

Amidst the rapid technological advancements globally, the Smart Home market in Thailand is experiencing a notable surge in interest and adoption.

Customer preferences:
Customers in Thailand are increasingly leaning towards smart home devices that offer convenience, efficiency, and energy savings. The younger demographic, in particular, is driving the demand for connected home solutions that can be easily controlled through smartphones or voice assistants.

Trends in the market:
One key trend in the Thai Smart Home market is the growing popularity of smart security systems, including smart cameras, doorbell cameras, and smart locks. This trend is largely fueled by the rising concerns around home security and the desire for remote monitoring capabilities. Additionally, smart lighting and climate control systems are also gaining traction as they offer not only convenience but also energy efficiency benefits in a country where electricity consumption is a significant expense for many households.

Local special circumstances:
Thailand's unique blend of traditional culture and modernity is influencing the Smart Home market in interesting ways. While the market is expanding rapidly, there is still a preference for smart home devices that seamlessly blend into the aesthetics of traditional Thai homes. This has led to an increase in demand for smart home devices with sleek designs and customizable options to cater to the local preferences.

Underlying macroeconomic factors:
The overall economic growth in Thailand, coupled with the increasing urbanization and digitalization trends, is creating a conducive environment for the growth of the Smart Home market. As more Thai consumers become tech-savvy and prioritize convenience in their daily lives, the demand for smart home solutions is expected to continue on an upward trajectory. Additionally, government initiatives to promote digital transformation and sustainable living are further propelling the adoption of smart home technologies across 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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