Smart Home - Philippines

  • Philippines
  • Revenue in the Smart Home market is projected to reach €280.1m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.72%, resulting in a projected market volume of €436.3m by 2028.
  • Household penetration will be 12.2% in 2024 and is expected to hit 22.8% by 2028.
  • The average revenue per installed Smart Home currently is expected to amount to €97.53.
  • A global comparison reveals that most revenue is generated United States (€35,470.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Philippines is experiencing a surge in demand as consumers increasingly seek convenience, efficiency, and security in their homes.

Customer preferences:
Filipino consumers are showing a growing interest in smart home devices that offer convenience and energy efficiency. They are drawn to products that can be controlled remotely via smartphones or voice assistants, allowing them to manage their homes even when they are away. Additionally, the desire for enhanced security features is driving the adoption of smart cameras, doorbells, and locks among Filipino homeowners.

Trends in the market:
One notable trend in the Smart Home market in Philippines is the increasing availability and affordability of smart home devices. As more manufacturers enter the market and competition grows, prices are becoming more accessible to a wider range of consumers. This trend is contributing to the democratization of smart home technology in the country, making it more accessible to the masses.

Local special circumstances:
The unique infrastructure and housing landscape in Philippines are influencing the Smart Home market in the country. With a significant portion of the population living in urban areas and condominiums, there is a growing demand for smart home solutions that cater to smaller living spaces. This has led to the popularity of compact and multifunctional smart devices that are suitable for urban living.

Underlying macroeconomic factors:
The growing middle-class population in Philippines, coupled with increasing disposable incomes, is driving the growth of the Smart Home market. As more consumers have the purchasing power to invest in smart home devices, the market is expanding rapidly. Additionally, the government's initiatives to promote digitalization and technological advancement are creating a favorable environment for the adoption of smart home technology 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.

Vue d’ensemble

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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