Smart Home - Central America

Central America

The Smart Home market in Central America is forecasted to achieve a revenue of €179.2m by the year 2024.
This will be followed by an annual growth rate of 12.47% (CAGR 2024-2028), resulting in a projected market volume of €286.7m by 2028.
Within the Smart Home market, the number of active households is expected to reach [users_currentlayer_yearend] by 2028.
The household penetration rate is predicted to increase from 6.1% in 2024 to 10.1% by 2028.
Currently, the average revenue per installed Smart Home market is estimated to be €213.90.
When compared globally, it is worth noting that United States generates the highest revenue in the Smart Home market, amounting to €35,470.0m in 2024.
In Central America, the smart home market is gradually gaining traction as consumers in countries like Costa Rica and Panama are embracing IoT technology for home automation.

Key regions: United States, United Kingdom, Germany, Europe, Norway

Mercado

Región

Comparación de regiones

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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 segment. 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 digital products and services 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 twice a year in case market dynamics change.