Smarthome market to reach 222.9 billion USD in 2027
According to the latest data of market research company Statista, the global smarthome market revenue in 2022 will reach regarding 117.55 billion USD. The majority of the smart home market currently comes from the US ($31.45 billion), followed by China, the UK, Japan and Germany.
The smart home market is made up of smart home appliances, control devices, connectivity, security devices and services, energy management and home entertainment…
In the past year, two groups of products and services for household products and smart control/connection devices still accounted for the highest proportion in the smarthome market.
The household penetration rate of smart home products is currently 14.2% in 2022 and is expected to reach 28.8% in 2027. Number of households using smart home in the world world is expected to reach 672.6 million households by 2027.
According to Statista’s prediction, the global smart home market revenue will reach 222.9 billion USD in 2027 with a compound annual growth rate (CAGR 2022-2027) of 12.47%.
Although the overall revenue of the market has increased, the installation cost of each smart home is going in a decreasing direction. By 2027, the cost of a smart home is predicted to be only regarding 381.9 USD (equivalent to 8.9 million VND).
Vietnam has 3.2 million smart households
In Vietnam, the penetration rate of smart home products and services is currently at 11.9%. According to the results of the 2019 Population and Housing Census, the country currently has regarding 26.9 million households. This also means that there are currently regarding 3.2 million Vietnamese households using smarthome devices.
